In this article, we take a look at the 15 Best Places in Oklahoma for a Couple to Live on Only Social Security.
Preparing for Retirement
In less than a decade, Social Security is going to run out of cash. It’s true, unless Congress does something about it. The exhaustion of the program’s funds means sharp cuts for an estimated 60 million beneficiaries and their family members. These benefits could be cut by as much as 21%, something that is going to set back the senior population, many of whom only have these funds to depend on.
So why didn’t the Baby Boomer population save for retirement? They were the first ones with an access to a 401(k) retirement plan, which makes one wonder why they didn’t use it to its full potential. According to a study, one of the biggest reasons late boomers weren’t able to save much for retirement is the unemployment spike during the Great Recession. Obviously, the unemployed had little to contribute to retirement accounts, which meant smaller nest eggs at the time of retirement.
Having little to no retirement savings is a sad reality for many retirees today. A frequently asked question in these situations is, “How can I live on just Social Security?” While the answer isn’t that simple, many retirees today are making it work. A common way they are managing living on small checks is by moving to some of the best states to retire on Social Security. Some of these states include Mississippi, Wyoming, and West Virginia; offering the best balance between cost of living and tax-friendliness. However, not everyone has the heart or funds to retire to some of the best places to live on Social Security. Factors such as friends and family, sense of belonging, and other considerations may often keep one in states or cities where they’ve always been.
Case in Point: Oklahoma. Is Oklahoma a good place for seniors to live? Deemed one of the top tax-friendly states to retire to, Oklahoma offers an ideal balance between cost of living, scenic beauty, and welcoming atmosphere. This essentially makes it one of the best states to retire on just Social Security in the US. The cost of living in the state is an estimated 14% lower than the state average. The state doesn’t tax Social Security benefits, and there are deductions available on other types of retirement income. So yes, Oklahoma is a retiree friendly state. Sales taxes may be high here, but retirement taxes, cost of living, and lower-than-average property taxes make it up for retirees.
Building Your Nest Egg
For the retirees still on the path to saving up for retirement, exposure to stocks plays an important role in building up your nest egg. However, it also depends on what age you’re at in your journey in retirement. According to The Charles Schwab Corporation (NYSE:SCHW), investors may want to allocate more to stocks in the early years of retirement to guard against longevity risk, the risk of a retiree outliving their benefits.
“It’s all about striking the right balance between preservation and growth”.
-Rob Williams, managing director of financial planning, retirement income, and wealth management at the Schwab Center for Financial Research, The Charles Schwab Corporation (NYSE:SCHW)
However, The Charles Schwab Corporation (NYSE:SCHW) recommends considering a more moderate portfolio once individuals reach the age of 60. For those 80 and above, a conservative approach is the best for income generation as well as capital preservation.
As for those looking for some advice on retirement stocks, our article on the best retirement stocks according to the media reveal Johnson & Johnson (NYSE:JNJ) and The Coca-Cola Company (NYSE:KO) are the top two retirement stocks to buy.
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These two stocks hold potential for retirees who wish to build their retirement nest eggs, but our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock, check out our report about the cheapest AI stock.
Methodology
To compile this list of the 15 best places in Oklahoma for a couple to live on only Social Security, we consulted several sources including our lists on retiring to Oklahoma, as well as external sources such as Movoto, NewHomeSource, Niche, Unbiased, and WorldAtlas.
Once a list of places was compiled, we ranked them on their median figure for a two-bedroom rental, their livability scores, and their cost of living. For this article, rental prices were taken from Zillow Group, Inc. (NASDAQ:Z), livability scores were taken from Area Vibes, and the cost of living index was our own. To ensure that the recommended places held a high quality of living, we removed cities with a livability score below 60. A unique Insider Monkey score was then assigned to each place based on these factors, with the 15 highest-scoring places making our list of the 15 best places in Oklahoma for a couple to live on only social security. For cities that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order.
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Here are the 15 best places in Oklahoma for a couple to live on only Social Security:
15. Piedmont
Insider Monkey Score: 64
Livability Score: 78
IM Cost of Living: 93.5
Median Two-Bedroom Rental: $1,195
Starting off our list of the best places in Oklahoma for a couple to live on only Social Security is the Canadian County city of Piedmont. With a cost of living that is over 6% lower than the national average, Piedmont residents can make their Social Security checks last longer – helping them enjoy some of the nicer things in retirement. Residents can visit the Chester’s Party Barn & Farm and the Piedmont Community Park for a fun day out.
14. Owasso
Insider Monkey Score: 64
Livability Score: 78
IM Cost of Living: 87.4
Median Two-Bedroom Rental: $1,254
Our second pick is the dual-county city of Owasso. Located in the counties of Tulsa and Rogers, Owasso is a city with a population of just over 39,300 at the time of the last United States Census. It is also one of the best places to raise a family in Oklahoma, given the city’s relatively affordable cost of living and high livability score.
13. Guthrie
Insider Monkey Score: 66
Livability Score: 73
IM Cost of Living: 85
Median Two-Bedroom Rental: $1,250
Next up is our first Logan County pick – the city of Guthrie. With architecture dating from the 19th and 20th centuries, Guthrie is known as a historic landmark. Residents can find lots to do in the city, including visiting the Pollard Theatre and the Oklahoma Territorial Museum.
12. Midwest City
Insider Monkey Score: 71
Livability Score: 71
IM Cost of Living: 84.3
Median Two-Bedroom Rental: $995
Our next pick for the best places in Oklahoma for a couple to live on only Social Security is Midwest City. Located in Oklahoma County, the city carries a cost of living that is over 15% lower than the national average – perfect for senior citizens who are living off of a Social Security income or otherwise limited budget. Residents can busy themselves with a range if indoor and outdoor activities, including golfing and bowling.
11. Claremore
Insider Monkey Score: 72
Livability Score: 72
IM Cost of Living: 86.7
Median Two-Bedroom Rental: $895
Our second Rogers County pick, Claremore is set in northeastern Oklahoma. Senior citizens who decide to retire in Claremore will be able to avail benefits all around with a relatively affordable cost of living, a median rental figure that is below the $900 mark, and a respectable livability score of 72. With a population of almost 20,000 residents, the city offers a sparse suburban feel.
10. Moore
Insider Monkey Score: 73
Livability Score: 73
IM Cost of Living: 86.2
Median Two-Bedroom Rental: $970
Taking the tenth spot on our list of the best places in Oklahoma for a couple to live on only Social Security is the Cleveland County city of Moore. One of the largest cities on our list, Moore has a population of almost 63,000 residents as per the last United States Census. Senior citizens can visit the local cinema and bingo hall to keep themselves entertained, among much else.
9. Muskogee
Insider Monkey Score: 74
Livability Score: 61
IM Cost of Living: 77.7
Median Two-Bedroom Rental: $900
The city of Muskogee is one of the best places to live on Social Security, and it also takes the ninth spot on our list. With a cost of living that is 22.3% lower than the national average, Muskogee retirees can revel in a relatively affordable lifestyle without compromising on any of the necessities. Combine this with the city’s range of leisure options, and senior citizens will find the city to be a peasant retirement spot.
8. Bartlesville
Insider Monkey Score: 77
Livability Score: 64
IM Cost of Living: 77.2
Median Two-Bedroom Rental: $969
The city of Bartlesville is our second dual-county city and a pick that makes Oklahoma a good place for seniors to live. Bartlesville retirees can experience the best of both worlds – a comparatively affordable cost of living and a reasonable livability score that indicates the city’s many amenities. Residents can visit the Prince Tower Arts Center museum and the Pointed Horse Bar & Grille for a day out and about.
7. McAlester
Insider Monkey Score: 78
Livability Score: 71
IM Cost of Living: 84.3
Median Two-Bedroom Rental: $850
Our first Pittsburg County pick, the city of McAlester is a college town by way of the Kiamichi Tech College as well as a local beauty school. With a population of less than 18,500 residents, McAlester is the ideal place for senior citizens who are looking for some peace and quiet during their retirement years.
6. Miami
Insider Monkey Score: 79
Livability Score: 61
IM Cost of Living: 76.1
Median Two-Bedroom Rental: $850
Next up is an Ottawa County pick in the form of the city of Miami. With one of the lowest cost of living figures on our list, Miami is the perfect retirement spot for senior citizens who are either struggling financially or are trying to save up towards a larger goal. Residents can visit the Dobson Museum, the Quapaw Casino, and the Otter Cove Diner.
5. Okmulgee
Insider Monkey Score: 80
Livability Score: 62
IM Cost of Living: 78.4
Median Two-Bedroom Rental: $800
Taking the fifth spot on our list is none other than the city of Okmulgee. Located in a county of the same name, the city is particularly beneficial to retired couples living off of a Social Security income as it carries a comparatively affordable cost of living. Residents can visit the Okmulgee Lake and Recreation Area and the Orpheum Movie Theatre.