In this article, we take a look at the best places in Utah for a couple to live on only social security. You may skip our full list by proceeding directly to The Best Place in Utah for a Couple to Live on Only Social Security.
The Senior Citizen’s League recently announced its COLA estimates for 2025, and to the disappointment of retirees around the US, it is projected at just 2.66%, the lowest adjustment since 2020. This comes as a blow to all retirees, but especially to those already at risk of running out of retirement savings. According to MetLife, Inc. (NYSE: MET), 91% of plan sponsors are concerned that future retirees will run out of money in retirement. Moreover, MetLife, Inc. (NYSE: MET) also reports that 71% of U.S. employees are concerned about outliving their retirement savings, up from 60% just two years ago. For those reliant on a mix of social security and savings, a lower COLA significantly compromises their ability to conserve savings whilst also maintaining their desired standard of living. To make matters worse, Social Security’s Annual Trust Fund Report 2024 shows that trust fund balances are projected to deplete by 2033. Furthermore, although any cuts to retirement and disability benefits have been pushed back by one year, there is still a significant probability that come 2035, social security benefits will be slashed significantly.
Retirement Annuities
In the face of such challenges, both retirees and pre-retirees might have to look elsewhere to ensure they do not run out of money in retirement. MetLife, Inc. (NYSE: MET) announced earlier this year that it will be offering a fixed immediate income annuity that would allow working individuals with different levels of savings to annuitize portions of their savings, thus ensuring a guaranteed stream of income during retirement. Similarly, BlackRock, Inc. (NYSE: BLK) has launched its LifePath Paycheck solution. This solution aims to offer guaranteed retirement income using an investment strategy that is tailored to a target retirement date.
“We believe LifePath Paycheck will one day be the default retirement investment strategy, providing access to a predictable, paycheck-like income stream that can help improve the quality of life for millions of Americans in retirement.”
-Larry Fink, CEO & Chairman, BlackRock, Inc. (NYSE: BLK)
Such solutions offered by MetLife, Inc. (NYSE: MET) and BlackRock, Inc. (NYSE: BLK) may be an effective method of ensuring you don’t overspend your savings during the adolescence of your retirement. However, some research shows that a lack of financial literacy may be holding back retirees from maximizing their social security benefits.
Lack of Social Security Literacy
According to Forbes, 96 percent of Americans lose an average of $111,000 in their Social Security income due to errors made while filing for benefits. The reason people lose out on such a vast sum of money is that there is a lack of understanding regarding social security. According to a report by MassMutual, nearly 80% of people nearing retirement don’t have a basic knowledge of Social Security retirement benefits.
Furthermore, there have been studies by The American College of Financial Services that revealed that financial literacy can be linked to retirement wellness. Thus, familiarizing retirees and near-retirees regarding social security can significantly improve their ability to obtain a comfortable retirement. Consequently, AARP Utah recently began offering classes to clear up social security questions, in the hopes of assisting citizens in the Beehive State. While social security education is vital for retirees in all states, it is particularly important for retirees in states like Utah, due to its high cost of living & housing, as well as its unfriendly tax structure.
Retirement in Utah
Although Utah is home to some of the best places to retire in the American West in terms of natural beauty and adventure, it is far from being the most affordable state for retirees. The average home price in Utah is $522,884, per Zillow Group, Inc. (NASDAQ: Z). In contrast, Zillow Group, Inc. (NASDAQ: Z) reports that the average national home price in April was 358,734. Furthermore, the cost of living in Utah is 3.2% higher than the US average. Utah also lacks a retirement-friendly tax structure. It remains as one of the states that continue to tax social security as well as 401Ks, while other forms of pension incomes are subject to partial taxes.
There are also no tax exemptions for withdrawals from retirement accounts. In terms of property taxes, as of 2021, Utah had a property tax paid as a percentage of owner-occupied housing value of 0.57%. However, for those who don’t claim the Social Security benefits credit, there is a retirement tax credit of $450 offered by the state. If you’re wondering if Utah is affordable for retirees or where is the best place to retire in Utah on social security, join us as we look at the best places to live in Utah on social security. Alternatively, you may look at the best states to retire in 2024, including nearby states like Idaho, Nevada, or Wyoming.
15 Best Places in Utah for a Couple to Live on Only Social Security
Methodology
To develop our list of best places in Utah for a couple to live on only social security, we initially picked out the most recommended places in Utah for a couple to live on only social security on the internet. We used 10+ sources including our article on Best Places to Retire in Utah, NASDAQ, and Movoto to develop a shortlist. Further research was narrowed down to these places only.
Among these best places in Utah for a couple to live on only social security, 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 as the best places in Utah for a couple to live on only social security.
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Here are the 15 Best Places in Utah for a Couple to Live on only Social Security.
15. Providence
Insider Monkey Score: 8.16
Livability Score: 78
Average Rent: $1,600
IM Cost of Living: 102.2
Providence is located close to Logan, where many of the town’s residents visit for excursions. Although the cost of living in the town is greater than the national average, its average rent is 24.7% lower than the US average.
14. Kanab
Insider Monkey Score: 8.28
Livability Score: 69
Average Rent: $1,675
IM Cost of Living: 91.2
Kanab is located in the Grand Circle and is surrounded by red rock formations and several national parks. Kanab has often been described as Little Hollywood since a number of classic Western films have been shot on the outskirts of the town. Although the livability score for Kanab is one of the lowest on our list, its cost of living is quite affordable, making it a worthy candidate for being one of the best places in Utah for a couple to live on only social security.
13. Spanish Fork
Insider Monkey Score: 8.39
Livability Score: 83
Average Rent: $1,775
IM Cost of Living: 102.6
Spanish Fork is located in the suburbs of Provo and is one of the best places in Utah for a couple to live on only social security. It is a cultural melting pot, hosting festivals and events to celebrate a wide array of Mexican, Hindu, and Icelandic traditions around the year. It is also home to the Spanish Oaks Reservoir, a popular day trip destination among the locals.
12. South Ogden
Insider Monkey Score: 8.99
Livability Score: 85
Average Rent: $1,750
IM Cost of Living: 101.1
South Ogden is located about half an hour east of the Great Salt Lake and is one of the best places in Utah for a couple to live on only social security. The area offers access to interstate highways 84 and 89, making it a very convenient destination for those looking to hit the road frequently. It is also close to the Ogden Regional Medical Center, one of the area’s best hospitals.
11. American Fork
Insider Monkey Score: 9.10
Livability Score: 87
Average Rent: $1,595
IM Cost of Living: 105.1
American Fork lies just 30 miles south of Salt Lake City and 15 miles north of Provo, offering small-town charm with access to big-city amenities. The area is adorned with immense beauty and endless opportunities for recreation. Residents can trek to the caves at Mount Timpanogos, drive through the Alpine Scenic Loops at the American Fork Canyon, or even visit the nearby Utah Lake for a boating adventure.
10. Springville
Insider Monkey Score: 9.29
Livability Score: 86
Average Rent: $1,495
IM Cost of Living: 104.6
Springville is famous for its arts scene, often being referred to as the “Art City”. It is home to the Springville Museum of Art and World Folkfest, the latter being renowned for featuring cultural shows from groups all over the world. The city is also home to the Fifth Water Hot Springs Trail, a popular hiking spot that culminates with a chance to soak in some of the most refreshing warm water pools in the world.
9. Provo
Insider Monkey Score: 9.31
Livability Score: 85
Average Rent: $1,400
IM Cost of Living: 105.1
Provo is a college town situated between Utah Lake and the Wasatch Mountains. In terms of rent, Provo is quite affordable, although the cost of living in the city is 5.1% higher than the national average. Provo features the Provo Canyon where you can find the Bridal Veil Falls and many scenic camping spots.
8. Brigham City
Insider Monkey Score: 9.59
Livability Score: 67
Average Rent: $945
IM Cost of Living: 93.4
Brigham City offers an abundance of scenery and culture. It hosts the annual Peach Days celebration which draws in visitors from all over the state. Apart from its scenic charm, it is also quite affordable in terms of both housing and cost of living, making it one of the best places in Utah for a couple to live on only social security.
7. Orem
Insider Monkey Score: 10.11
Livability Score: 89
Average Rent: $1,500
IM Cost of Living: 102.1
Just north of Provo lies Orem, it one of the best places in Utah for a couple to live on only social security. Orem features the highest livability score out of all the destinations on our list, which is a testament to its vibrancy. It is home to Utah Valley University, which draws students from all over the region and injects a youthful energy into Orem’s community.
6. Ogden
Insider Monkey Score: 10.20
Livability Score: 83
Average Rent: $1,300
IM Cost of Living: 99.1
The cost of living and rental prices in Ogden are both quite affordable and with an impressive livability score of 83, it is one of the best places in Utah for a couple to live on only social security. Ogden is located West of the Wasatch Mountain Range, where residents can escape to in the winter for ski trips or snowmobile adventures.
5. Vernal
Insider Monkey Score: 11.00
Livability Score: 76
Average Rent: $1,300
IM Cost of Living: 87.0
Vernal is located just 30 miles West of Colorado and under 50 miles from the Wyoming-Utah border. Apart from being quite affordable, Vernal is a gateway to some of Utah’s most spectacular attractions. These include the Dinosaur National Monument, Flaming Gorge Recreational Area, and the Uintah Mountain Range.