In this article, we will discuss the 15 best places in New Hampshire for a couple to live on only social security. You may skip our detailed discussion on inflationary pressures for women in the US and see the 5 Best Places in New Hampshire for a Couple to Live on Only Social Security.
According to Gallup’s annual Economy and Personal Finance Poll this year, 41% of Americans believe inflation or the high cost of living is the most important financial problem facing their family. This marks the third year in a row that inflation concerns have hit a record high among respondents. For context, during the economic crisis of 2008, the percentage of Americans who believed inflation to be their most important financial concern was 18%.
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Inflationary Pressures on Women
While inflationary pressures impact all Americans, studies show that such pressures can be particularly troublesome for certain demographics. For example, according to data from the Bureau of Labor Statistics, in 2022, 4.4% of all women in the labor force were likely to be among the working poor in comparison to 3.7% of men. Alarmingly, 13.1% of families maintained by women earners were likely to be living below the poverty level. In contrast, 6.5% of families maintained by male earners were likely to be living below the poverty level.
The reasons women tend to be more susceptible to the risks of inflation tend to revolve around factors such as gender pay gaps, barriers in access to education & professional opportunities, and a lack of financial literacy. While households relying on women workers are the ones most significantly impacted by such dynamics, research from Voya Financial, Inc. (NYSE: VOYA) suggests that it may also impact the economy in general. According to Voya Financial, Inc. (NYSE: VOYA), closing the U.S. gender gap in labor force participation could boost the country’s GDP by an impressive 5%.
Voya Financial, Inc. (NYSE: VOYA) is one of the 50 largest institutional asset managers globally. In the last year, the company has managed to surpass analysts’ expectations for earnings in 3 separate quarters. On August 1st, the company released its Q2 2024 financial results in which it achieved a revenue of $2.03 billion. Adjusted operating EPS for the period were $2.27 which managed to surpass analyst expectations by 3.5%. The management credited its impressive earnings performance to strong fee-based revenues in the Wealth and Investment Management segments, which allowed it to offset its aggregate loss ratios in its Health segment.
Apart from achieving consistent growth in revenue and earnings, the company has improved its dividend payouts considerably over the last 2 years. During the first 2 quarters of 2024, Voya Financial, Inc. (NYSE: VOYA) paid out common stock dividends of $0.4 per share. Last month, the company declared a 12.5% increase in its common stock dividend, increasing it to $0.45 per share. With its impressive financial performance and stable outlook, Voya Financial, Inc. (NYSE: VOYA) looks to be one of the best dividend stocks in its industry.
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Retiring in New Hampshire
Results from Gallup’s Economy and Personal Finance Poll this year show that the second biggest financial concern for retirees is housing costs. 14% of respondents believe that the cost of owning or renting a home is their single biggest financial concern. Our article on the Best Places in Wisconsin for a Couple to Live on Only Social Security shows how households struggling to afford housing often have to compromise on their long-term savings in order to make ends meet in the short term. In such circumstances, individuals are compelled to withdraw funds from their retirement accounts, putting them at risk of being financially insecure in retirement.
For individuals retiring in states such as New Hampshire, these risks are amplified by the fact that it is quite an expensive state to retire in. In fact, according to Zillow Group, Inc. (NASDAQ: Z), the average home price in the state is currently $485,943. In comparison to the rest of the country, Zillow Group, Inc. (NASDAQ: Z) reports that the average home price in New Hampshire is 34% more expensive.
However, one advantage of retiring in the Granite State is that it has no state income tax. Thus, individuals looking to retire on social security alone will be glad to know that the state does not tax social security or other forms of retirement income. In addition, while some of the best places to retire in New Hampshire are quite expensive, there are numerous lesser-known locations that are among the cheapest.
Join us as we take a look at the best places in New Hampshire for a couple to live on only social security.
15 Best Places in New Hampshire for a Couple to Live on Only Social Security
Methodology
To develop our list of best places in New Hampshire for a couple to live on only social security, we initially picked out the most recommended places in New Hampshire for a couple to live on only social security on the internet. We used 10+ sources including Movoto, Smart Asset, and World Atlas to develop a shortlist. Further research was narrowed down to these places only.
Among these best places, we developed a scorecard using metrics such as livability scores, cost of living, and average rent. Livability scores were sourced from Area Vibes while average rent was obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen for our list of best places in New Hampshire for a couple to live on only social security.
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Here are the 15 Best Places in New Hampshire for a Couple to Live on only Social Security.
15. Lincoln
Insider Monkey Score: 7.54
Livability Score: 64
Median Rent: $2,000
IM Cost of Living: 94.4
In terms of rent, Lincoln is the most expensive destination on our list. However, the cost of living in the city is 5.6% lower than the national average. Residents can enjoy excursions all year round, with opportunities for skiing & snowboarding in the winters and enjoying mountain biking adventures in the summers.
14. Franklin
Insider Monkey Score: 7.90
Livability Score: 66
Median Rent: $1,650
IM Cost of Living: 100.4
If you’re looking for small & affordable New England towns you should consider Franklin. It is located about 20 miles north of Concord, the state capital. With a median rent of just $1,650 and easy access to Concord’s amenities, Franklin is one of the best places in New Hampshire for a couple to live on only social security.
13. Derry
Insider Monkey Score: 7.98
Livability Score: 79
Median Rent: $1,752
IM Cost of Living: 117.0
Just southeast of Manchester lies Derry. Derry offers an excellent blend of culture, history, and natural beauty. One downside of retiring to Derry is that in terms of cost of living, it is the most expensive destination on our list.
12. North Conway
Insider Monkey Score: 8.15
Livability Score: 74
Median Rent: $1,913
IM Cost of Living: 105.4
North Conway is a popular tourist destination located in the Mount Washington Valley. However, it is also one of the best places in New Hampshire for a couple to live on only social security. It is bustling with activities and excursions all around the year, ranging from ski slopes to indoor water parks and even railroad tours.
11. Littleton
Insider Monkey Score: 8.58
Livability Score: 64
Median Rent: $1,500
IM Cost of Living: 94.4
Located near the Connecticut and Ammonoosuc Rivers, Littleton is a small town surrounded by a myriad of natural attractions. Apart from hiking trails and state parks, it is also home to attractions such as the Littleton Historical Museum and the Littleton Opera House. Since the town is located on the interstate highway 93, it also offers plenty of opportunities for road trips across the region.
10. Conway
Insider Monkey Score: 8.65
Livability Score: 73
Median Rent: $1,588
IM Cost of Living: 105.4
A few miles south of North Conway lies the town of Conway. While the cost of living in both places is similar, housing costs in Conway are much more affordable than in North Conway. Residents in Conway can enjoy access to the sights and sounds of the Echo Lake State Park, engaging in activities such as swimming, hiking, non-motorized boating, and fishing.
9. Manchester
Insider Monkey Score: 8.73
Livability Score: 80
Median Rent: $1,875
IM Cost of Living: 109.9
Manchester is the largest city in New Hampshire. It is the perfect destination for retirees who wish to have access to big city amenities and lifestyles. It is particularly appealing to art lovers as it is home to the Currier Museum of Art and several galleries and theatres.
8. Laconia
Insider Monkey Score: 8.97
Livability Score: 76
Median Rent: $1,900
IM Cost of Living: 101.6
Laconia is located on the shores of two stunning lakes Lake Winnipesaukee and Winnisquam Lake. It is an excellent retirement destination for sports enthusiasts due to its array of watersports. It is also home to the New Hampshire Fighting Spirit hockey team and the Winnipesaukee Muskrats baseball team.
7. Somersworth
Insider Monkey Score: 9.27
Livability Score: 79
Median Rent: $1,900
IM Cost of Living: 103.4
Somersworth lies in eastern New Hampshire, just a few miles from Maine. Whilst being a small and suburban city itself, it lies in close proximity to other more populated centers such as Dover.
6. Rochester
Insider Monkey Score: 9.53
Livability Score: 80
Median Rent: $1,800
IM Cost of Living: 104.4
Just 7 miles from Somersworth lies Rochester. The city offers an incredible balance of nature and culture, making it one of the best places in New Hampshire for a couple to live on only social security.
5. Newport
Insider Monkey Score: 10.76
Livability Score: 73
Median Rent: $1,500
IM Cost of Living: 89.1
In terms of both rent and cost of living, Newport is one of the most affordable places to retire in New Hampshire. It is the perfect destination for retirees looking to explore natural beauty during their golden years. It is home to attractions such as the Pollard Mill Falls, an incredible cascading waterfall feature that draws tourists from all over New England.
4. Concord
Insider Monkey Score: 10.89
Livability Score: 88
Median Rent: $1,850
IM Cost of Living: 103.7
Concord is the state capital of New Hampshire. It is one of the places that offers a perfect blend of vibrant city life along with access to plenty of serene natural wonders. In terms of affordability, the cost of living in Concord is 3.7% higher than the national average, however, its median rent is $1850, which is significantly lower than the national median.
3. Berlin
Insider Monkey Score: 10.18
Livability Score: 65
Median Rent: $1,300
IM Cost of Living: 85.8
In terms of affordability, Berlin is the best place in New Hampshire for a couple to live on only social security. Its median rent is $1,300 while its cost of living is 14.2% lower than the national average. Both these scores are the lowest out of all the destinations on our list.
2. Keene
Insider Monkey Score: 11.53
Livability Score: 86
Median Rent: $1,700
IM Cost of Living: 98.1
Keene is located in southern New Hampshire. It lies close to several natural attractions, such as the Horatio Colony Nature Preserve and the Green Mountain National Forest. It also hosts the Keene Music Festival every summer, which is one of the largest music festivals in New England.
1. Claremont
Insider Monkey Score: 12.85
Livability Score: 88
Median Rent: $1,600
IM Cost of Living: 91.6
Claremont is located in western New Hampshire, just 10 miles from the state border with Vermont. Whilst it is a small city, this close-knit community is the best place in New Hampshire for a couple to live on only social security. It is quite affordable in terms of both housing and cost of living. In addition, it is surrounded by acres of stunning forests and parks.
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Disclosure: None. 15 Best Places in New Hampshire for a Couple to Live on Only Social Security is originally published on Insider Monkey.