This article takes a look at the 15 best places in Rhode Island for a couple to live on only Social Security.
Preparing for Retirement
According to a survey from Prudential Financial, Inc. (NYSE:PRU), more and more Americans will need financial help once they retire. The generation of “Silver Squatters” may already be amongst us, and it’s about time they discussed this with their families to soften the blow. According to the survey, 55-year-old Americans have less than $50,000 in median retirement savings, and almost 24% of them will need financial support from their family during their retirement period. This is twice as much as the support needed by 65-and 75-year-olds. On a not-so-surprising note, 21% will also need help in terms of housing, compared to 12% and 9% of 65-year-olds and 75-year-olds respectively.
Evidently, it appears that the 55-year-old generation is the most vulnerable out of all seniors. They are the least satisfied with their lives, they lack financial security, and are also “significantly more likely” to struggle with mental health issues. Nevertheless, retirement is at least 10 years away for this generation, which means they can still do something about it. There are quite a number of ways 50-year-olds with no retirement savings can start saving up for their golden years, such as taking advantage of catch-up contributions, considering stocks and bonds, and controlling spending.
Seniors like their generation can also consider moving to affordable parts of the country. There are many of the best states to live on Social Security alone, such as Iowa, Wyoming, and Mississippi. Another untapped opportunity that they can make use of is that of annuities. Used as part of a retirement strategy, annuities help ensure a steady flow of income in one’s retirement years. Despite their use, Prudential Financial, Inc. (NYSE:PRU) highlights that only 6% of 55-year-olds plan to use them in retirement, compared to 11% and 20% of 65-year-olds and 75-year-olds respectively.
Prudential Financial, Inc. (NYSE:PRU) is an American Fortune Global 500 and Fortune 500 company offering insurance, retirement planning, investment management, and other products and services to customers throughout the United States and in over 40 other countries. Prudential Financial, Inc. recently made it to our list of 10 Best FTSE Dividend Stocks To Buy Now and 17 Best Insurance Dividend Stocks To Invest In Right Now. The company has been a frontrunner in the PRT market, aiding companies in mitigating risks associated with pension liabilities. The company has recently announced its selection for a PRT transaction from Verizon Communications Inc. This move is considered positive for its Retirement Strategies business which is expected to grow over time. The company is also involved in numerous strategic initiatives that put it in line for long-term growth. The company has also been increasing its dividend for the past 15 years. Over the past five years, it has seen its dividends increase at a CAGR of 6.42%. Moreover, its dividend yield of 4.7% stands out positively against the industry average of 2.6%, making it a favourable buy for retirees who need a steady flow of income in their retirement years.
While we at Insider Monkey recognise the potential of Prudential Financial Inc stock and its ability to generate superior returns in comparison to its competitors, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than Prudential Financial Inc. but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
For many retirees who don’t have enough savings, moving to another state seems like a wise choice. However, not everyone has the heart or resources to move states due to family or other reasons. One state that may prove to be expensive for retirees is Rhode Island. The cost of living and taxes in the state is one of the worst, as highlighted by our study on the worst states to retire for the cost of living and taxes. The cost of living in the state is 12.5% higher than the national average, and the state also has a high overall tax burden. For retirees who live in the state, we have compiled a list of affordable places in the state to help them make better choices.
Methodology
To compile the list of the best places in Rhode Island for a couple to live on only Social Security, we employed a consensus approach. This involved utilising our proprietary lists, such as the best places to retire in Rhode Island, and incorporating external sources like Redfin and New Home Source. Additionally, we gathered opinions from retirees residing in Rhode Island regarding the most budget-friendly places to live. We then ranked these locations based on factors including cost of living, median home prices, rental rates, and livability scores. Finally, the places were ranked in ascending order according to their overall Insider Monkey Score.
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Here are the best places in Rhode Island for a couple to live on only Social Security:
15. Bristol
Insider Monkey Score: 7
IM Cost of Living: 113.4
Median Home Price: $549,900
Average Rent (2-bedroom): $1,735
Livability Score: 65
Places in Rhode Island generally have a cost of living higher than the national average. However, the state also receives one of the highest social security checks on average. One place retirees can manage living on Social Security is Bristol. Bristol is a quintessential New England town located on the Narragansett bay. This beautiful seaside community is a beauty to live in, boasting a lively downtown, abundant amenities, and numerous historical sites.
14. Johnston
Insider Monkey Score: 12
IM Cost of Living: 109.9
Median Home Price: $450,000
Average Rent (2-bedroom):$1,986
Livability Score: 62
Next on our list of best places in Rhode Island for a couple to live on Only Social Security is Johnston. Situated in Providence County, Johnston is famous for its vibrant mix of agricultural community vibe and modern amenities. Retirees also appreciate it for its scenic beauty, quiet suburban lifestyle, and a strong sense of community. A two-bedroom apartment can be rented for $2,000 a month, which leaves them more than $1,500 to spend on groceries and other expenses given that they receive the average Social Security check.
13. Cumberland
Insider Monkey Score: 13
IM Cost of Living: 112.4
Median Home Price: $509,900
Average Rent (2-bedroom): $2,130
Livability Score: 72
Another quiet retirement community to consider for one’s golden years is Cumberland. Boasting a rich history and a charming New England atmosphere, Cumberland reserves its quiet suburban lifestyle while located close to Providence, offering access to additional amenities. There are abundant parks, lakes, and trails that offer outdoor recreational opportunities. Retirees can take a leisurely walk along the Blackstone River Bikeway, explore the historic village of Arnold Hills, or check out cultural performances and events in town to spend the day.
12. Smithfield
Insider Monkey Score: 13
IM Cost of Living: 109
Median Home Price: $500,000
Average Rent (2-bedroom): $1,766
Livability Score: 64
A town in Providence County, Smithfield is another New England treasure worth exploring for one’s golden years. This town is embraced by picturesque parks and walking trails, such as Deerfield Park and the Stillwater Scenic Trail. Not only do seniors get a chance to live amidst beauty and fresh air, but they also have Bryant University located in this town. The university gives the town an intellectual vibe and offers seniors the opportunity to engage in lifelong learning. There’s a Senior Center here, many cultural and educational events, and lots to do to keep busy.
11. Lincoln
Insider Monkey Score: 21
IM Cost of Living: 107.9
Median Home Price: $447,500
Average Rent (2-bedroom): $1,729
Livability Score: 65
The town of Lincoln is as close to perfect as it can get. Boasting serene natural landscapes and outdoor spaces, historical sites and cultural activities, and abundant shopping and dining options, seniors can find almost everything they need here to live a comfortable retirement. The cost of living is 7.9% higher than the national average, which makes it more affordable than many other places in the state. The city of Providence is also nearby, offering access to additional amenities.
10. Providence
Insider Monkey Score: 21
IM Cost of Living: 110
Median Home Price: $449,000
Average Rent (2-bedroom): $2,208
Livability Score: 82
Providence, the capital of Rhode Island, is home to many affluent neighbourhoods that may not make it seem that it’s very affordable. However, making smart living choices can make it entirely possible for seniors to live on their Social Security checks. Retired intellectuals love this place for being home to colleges such as the Ivy League Brown University and the world-famous Rhode Island School of Design. Not only does its presence lend it a distinct academic vibe, but it also offers abundant arts events, gallery nights, and numerous educational opportunities. The city is also known for its unique cafes and restaurants, mesmerising outdoor spaces, and plentiful recreation.
9. Central Falls
Insider Monkey Score: 23
IM Cost of Living: 106.4
Median Home Price: $444,400
Average Rent (2-bedroom): $1,551
Livability Score: 64
The small city of Central Falls in Rhode Island is another wise choice for someone trying to live off of Social Security. The cost of living here is 6.4% higher than the national average, whereas the median price of a home is lower than the national median. Besides affordability, Central Falls is also famous for its close-knit community atmosphere, rich history, and proximity to healthcare facilities. Historical landmarks such as the Central Falls Mill Historic District further add to the appeal of retiring here.
8. Pawtucket
Insider Monkey Score: 24
IM Cost of Living: 108.9
Median Home Price: $420,000
Average Rent (2-bedroom): $1,614
Livability Score: 69
Number eighth on our list of best places in Rhode Island for a couple to live on only Social Security is Pawtucket. A suburb of Providence, Pawtucket has that energetic yet charming small-town vibe that’s hard to ignore. Retirees consider it as an arts and culture centre, brimming with fun things to do all year long. The best of all is the annual Pawtucket Art Festival that hosts some amazing arts events in the month of September.
7. Woonsocket
Insider Monkey Score: 25
IM Cost of Living: 107.9
Median Home Price: $385,000
Average Rent (2-bedroom): $1,530
Livability Score: 63
One of the larger retirement destinations on our list, and also comparatively affordable, is Woonsocket. Located in Southern New England, Woonsocket offers seniors the chance to enjoy a vibrant city life amidst scenic spaces and modern amenities. As evident, home prices here are well below the national median, making it comparatively affordable to buy a home. The city’s rich historical heritage and abundant parks add to the beauty of retiring here.
6. East Providence
Insider Monkey Score: 25
IM Cost of Living: 111.9
Median Home Price: $407,500
Average Rent (2-bedroom): $2,054
Livability Score: 72
Situated between the Providence and Seekonk Rivers on the west and the Seekonk area of Massachusetts on the east, East Providence is another city that retirees can consider for their golden years. Housing prices are below the national median, while the overall cost of living is 11.9% higher than the national average.
5. Coventry
Insider Monkey Score: 32
IM Cost of Living: 105
Median Home Price: $410,000
Average Rent (2-bedroom): $1,791
Livability Score: 65
Situated in Kent County, Coventry is home to expansive forests, lakes, and trails. Outdoor enthusiasts are going to have the time of their lives here, enjoying their time fishing, hiking, and even bird-watching. Those looking to retire on Social Security will be pleased to know that living expenses here are lower than the state average. The median price of a home is also below the national median.