In this article, we will discuss the 15 best places in New Mexico for a couple to live on only social security. You may skip our detailed discussion on Delaying Retirement and see the 5 Best Places in New Mexico for a Couple to Live on Only Social Security.
On Delaying Retirement
According to the National Institute on Retirement Security, 79% of Americans believe that the nation faces a retirement crisis. While retirement is a concern for all generations, research from Prudential Financial, Inc. (NYSE: PRU) suggests that Americans set to retire in 10 years may be critically underprepared for retirement. According to a Prudential Financial, Inc. (NYSE: PRU) survey, the median savings for a 55-year-old American are about $47,950. In addition, Prudential Financial, Inc. (NYSE: PRU) warns that they might be the first generation to confront retirement without full societal security benefits.
Concerns regarding social security checks stem from the fact that Social Security funds are projected to be depleted by 2035. In such a case, beneficiaries will be able to receive only 83% of their benefits. This would prove to be a major setback for retirees relying on Social Security income, and especially for those without a significant nest egg to fall back on. Consequently, many Americans approaching retirement are beginning to consider the possibility of delaying their retirement, according to F&G Annuities & Life, Inc. (NYSE: FG).
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Delaying Retirement
Although Social Security beneficiaries are eligible to claim benefits once they turn 62, it is quite common for beneficiaries to delay the date on which they begin claiming benefits. Delaying retirement benefits enables retirees to collect a higher monthly income once they retire. Even retirees who are ineligible for Social Security benefits can improve their chances of a comfortable life by delaying their retirement. By continuing to work beyond the conventional retirement age, individuals can amass a larger nest egg whilst also reducing the number of years they would be spending in retirement.
F&G Annuities & Life, Inc. (NYSE: FG) reports that approximately 51% of pre-retirees over 50 and retired Americans are considering delaying or coming out of retirement. Retirement concerns are especially rife among Gen Xers. According to F&G Annuities & Life, Inc. (NYSE: FG), 71% of Gen X respondents are considering or have pushed back their planned retirement date.
F&G Annuities & Life, Inc. (NYSE: FG) is a leading provider of insurance solutions in America. In August, the company released its quarterly financial results for Q2 2024. During the period, the company delivered an adjusted net EPS of $1.10 against analyst estimates of $0.98. This was a 75% increase from Q2 2023. This substantial increase in earnings was primarily on account of investment income from alternative investments, which increased to $167 million in comparison to $89 million in the prior year. Following its impressive financial performance, the company declared a quarterly cash dividend of $0.21 per common share which will be paid out on September 30th.
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Longevity Risks in Retirement
According to a poll by Jackson Financial Inc. (NYSE: JXN), 32% of retirement investors might be underpredicting the duration of their retirement. Unfortunately, this can result in retirees running out of savings during the latter years of their retirement, which can be extremely detrimental to both their health and quality of life. Such longevity risks might be even more dire for women in comparison to men. Research published by Dr. Robert H. Shmerling for the Harvard Health Blog in 2020 revealed that 57% of all people aged 65 or over were women. Furthermore, among individuals aged 85 or older, 67% were women. Despite having a longer projected lifespan than men, women retirees tend to be at greater risk of financial insecurity than men. Our article on the Best Places in New Hampshire for a Couple to Live on Only Social Security reveals how families maintained by women earners are twice as likely to be living below the poverty level than families maintained by men.
While delaying retirement is one way of mitigating risks associated with retirement longevity, another way is to cut down on expenses in order to stretch out your nest egg. Our research shows that New Mexico is one of the best states to live on Social Security alone. Although it is one of the States That Tax Social Security in 2024, all single filers with income under $100,000 and couples with income under $150,000 are exempted from Social Security taxes. The cost of living in New Mexico is 11% below the national average. Join us as we look at some of the best places to retire in New Mexico on a budget.
15 Best Places in New Mexico For A Couple to Live on Only Social Security
Methodology
To develop our list of best places in New Mexico for a couple to live on only social security, we initially picked out the most recommended places in New Mexico for a couple to live on only social security on the internet. We used 10+ sources, including our list of the Best Places to Retire in New Mexico, 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 Mexico for a couple to live on only social security.
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Here are the 15 Best Places in New Mexico for a Couple to Live on only Social Security.
15. Las Vegas
Insider Monkey Score: 6.23
Livability Score: 66
Median Rent: $925
IM Cost of Living: 87.3
Las Vegas NM is located about an hour east of Santa Fe, the state capital. Unlike its namesake in Nevada, this city offers a much more tranquil way of life. Although the cost of living is the highest on our list, it is still 12.7% lower than the national average.
14. Lovington
Insider Monkey Score: 6.32
Livability Score: 66
Median Rent: $1,000
IM Cost of Living: 85.7
Lovington is located in southeastern New Mexico. Lovington is a great fit for retirees who require access to great healthcare without being burdened with the day-to-day expenses of larger cities. It is home to the Nor-Lea Hospital District.
13. Hobbs
Insider Monkey Score: 6.42
Livability Score: 65
Median Rent: $1,034
IM Cost of Living: 84.2
Just 20 miles from Lovington lies Hobbs, one of the best places in New Mexico for a couple to live on only social security. It is a comparatively larger city, thus offering access to a wider range of amenities and essentials. Hobbs is home to many attractions that capture the cultural roots of the region, such as the Western Heritage Museum and the Lea County Cowboy Hall of Fame.
12. Alamogordo
Insider Monkey Score: 6.98
Livability Score: 71
Median Rent: $1,550
IM Cost of Living: 77.6
Alamogordo is surrounded by several state parks and monuments. The city is famous for being the site of the Trinity Test in 1945. Apart from its historical significance, it is an incredibly beautiful destination to spend your golden years as it offers access to the White Sands National Park, the Oliver Lee Memorial State Park, and the Chihuahuan Desert.
11. Roswell
Insider Monkey Score: 7.87
Livability Score: 74
Median Rent: $1,350
IM Cost of Living: 79.1
Roswell offers a combination of natural beauty and artistic flavor that makes it one of the best places to retire in New Mexico. It is home to the Roswell Symphony Orchestra and the Bone Springs Art Space.
10. Tularosa
Insider Monkey Score: 8.01
Livability Score: 62
Median Rent: $1,100
IM Cost of Living: 75.2
Tularosa is a small town which lies just north of Alamogordo. In comparison to Alamogordo, which has a median rent of $1,550, Tularosa is much more affordable, with a median rent of just $1,100.
9. Deming
Insider Monkey Score: 8.10
Livability Score: 63
Median Rent: $950
IM Cost of Living: 77.8
Deming is located just 35 miles from the Mexican border. It is very well connected with cities such as Silver City and Las Cruces due to the position of key highways such as I-10 and Route 180.
8. Socorro
Insider Monkey Score: 8.52
Livability Score: 63
Median Rent: $900
IM Cost of Living: 77.0
Socorro provides the perfect backdrop for a budget-friendly retirement. It is quite affordable as the cost of living in the city is 23% lower than the national average. At the same time, there are plenty of activities to ensure you don’t get bored, such as visiting the Bosque del Apache National Wildlife Refuge.
7. Raton
Insider Monkey Score: 8.55
Livability Score: 71
Median Rent: $1,200
IM Cost of Living: 77.0
In northern New Mexico, amongst the Sangre de Cristo mountains, lies Raton. In contrast to the other areas of the state, Raton offers very different weather, with warm summers and freezing winters. Thus, for retirees used to colder climates, it is one of the best places in New Mexico for a couple to live on only social security.
6. Truth or Consequences
Insider Monkey Score: 8.90
Livability Score: 70
Median Rent: $1,311
IM Cost of Living: 73.3
Truth or Consequences is a famous attraction amongst tourists. This is because it is home to many mineral-rich thermal pools. In addition to its spas, hot springs, and parks, it is one of the most affordable destinations in terms of cost of living, thus making it the perfect retirement destination.
5. Bayard
Insider Monkey Score: 9.11
Livability Score: 65
Median Rent: $950
IM Cost of Living: 75
Bayard is a small town in Grant County just 11 miles east of Silver City. The town is located in the foothills of the Gila and Mogollon Mountains. Although it is a small town which lacks the contemporary attractions of modern metropolitans, it is quite affordable. The cost of living in the town is 25% lower than the national average. In addition, it is surrounded by several beautiful sights, such as Fort Bayard and the City of Rocks State Park is just a short drive away.
4. Grants
Insider Monkey Score: 9.21
Livability Score: 62
Median Rent: $745
IM Cost of Living: 76.1
In western New Mexico lies the city of Grants. It is famous for attractions such as the El Malpais National Conservation Area, which is home to iconic rock formations and expansive lava fields. Grants is also home to many restaurants and museums. In addition, it is one of the best places in New Mexico for a couple to live on only social security. Median rent in Grants is just $745, making it one of the most budget-friendly cities to live in.
3. Silver City
Insider Monkey Score: 9.36
Livability Score: 76
Median Rent: $900
IM Cost of Living: 81.6
Silver City is located approximately 50 miles east of the Arizona – New Mexico state border, and approximately 70 miles north of the US – Mexico national border. If you’re interested in a city that offers access to endless recreational activities, Silver City is the ideal retirement destination. Its town center features several art galleries and museums, meaning there is an abundance of excursions to enrich your golden years. Moreover, the Gila National Forest creates the perfect backdrop for residents to immerse themselves amidst lakes, springs, and wildlife.
2. Tucumcari
Insider Monkey Score: 10.30
Livability Score: 63
Median Rent: $725
IM Cost of Living: 72.8
Tucumcari features attractions such as the Mesalands Dinosaur Museum and the New Mexico Route 66 Museum. The historic Route 66 is one of the oldest highways in the country and is often referred to as the Mother Road. In addition, Tucumcari is the most affordable destination on our list in terms of rent. Its affordability, combined with its rich cultural heritage, makes it one of the best places in New Mexico for a couple to live on only social security.
1. Portales
Insider Monkey Score: 10.43
Livability Score: 66
Median Rent: $850
IM Cost of Living: 72.2
Portales is located in eastern New Mexico, just a half hour away from the state border with Texas. In terms of attractions, the city lies just south of the Oasis State Park, a famous fishing and wildlife viewing area. It is also home to the Eastern New Mexico University. For retirees looking to survive on only social security, it is the number one place to live in New Mexico. The cost of living in Portales is almost 28% lower than the national average.
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Disclosure: None. 15 Best Places in New Mexico for a Couple to Live on Only Social Security is originally published on Insider Monkey.
