In this article, we will examine the 17 Best Southern Cities to Retire on a Budget. If you want to skip the detailed analysis, then visit 5 Best Southern Cities to Retire on a Budget.
Retirees can plan their budget efficiently and maintain a desired living standard by getting insight into low cost of living, better financial stability, preferable retirement savings preservation, and reduced healthcare costs. This article will give the older population vital information about the 17 Best Southern Cities to Retire on a Budget.
Proclamation on Older Americans
There are some southern American communities that provide a cheaper cost of living without sacrificing the quality of life for retirees on a budget. Due to the area’s moderate temperature, cultural variety, and reduced cost of living, when compared to certain other sections of the USA, retiring in the South can be an enticing option for many people.
When President John F. Kennedy made the inaugural proclamation honoring elderly citizens, over half of the seniors lacked health insurance, and about a third lived in poverty. The USA banded together to address the situation, creating Medicare to provide seniors with inexpensive, high-quality healthcare, bolstering social security, the cornerstone of American retirement, and finally lifting a great number of seniors out of poverty.
The government gave Americans who had worked diligently their entire lives a chance to live longer and a vital amount of breathing room. Still, more work has to be done in order to guarantee that no senior wakes up at night worrying about how they are going to pay for life-saving medications, put food on the table, or assist their children and grandkids.
For instance, retired teacher struggles to survive on around $3,000 a month in pension and Social Security income since rent, food, and utilities are all rising in price.
Retirement Savings
According to CBS News, 27% of those 59 and older do not have any retirement savings. Yes, that is the same percentage as the general population, but considering that boomers are currently between the ages of 59 and 77, they have a shorter duration to save for retirement.
The results are released while politicians debate the state of the Social Security program, whose trust fund is expected to run out in 2033. As a result, payments would be drastically reduced, with the 67 million retirees who rely on the program getting just 77 cents for each dollar in benefits. This decrease would disproportionately affect the poorest Americans, including those who have no retirement savings.
Uncertain Economic Conditions for Retirees
Over the past ten years, no one had truly worried about inflation—until this year. Particularly during the COVID-19 epidemic, rents increased rapidly, increasing 18% between 2020 and 2021, according to the apartment listing website Apartment List. Even though the rate of increase was slower last year, rents increased by 3.8 percent from January to December 2022. While J.P. Morgan advises creating a new line item of rising expenses of healthcare, with an increment of 6% annual growth rate, other expenditure categories may only see yearly increases of 1.5% to 2%. Stifel (Chief Economist), says:
“The risk of recession is rapidly rising.”
Overall, housing is the single highest expenditure for households with members 75 years of age and older. Additionally, this expense is mostly shielded (with the exception of renovation) from the impacts of inflation because the majority of seniors own their houses. With the exception of property taxes, maintenance fees, and utility expenses, housing expenditures are partially protected from inflation if you have a fixed-rate mortgage or own a property outright.
Copyright: auremar / 123RF Stock Photo
Methodology
To choose the 17 Best Southern Cities to Retire on a Budget, we selected the cities from three different sources, including CNBC, US News, and Southern Living, and generated our own ranking of them in descending order based on their cost of living. The cost of living index comes from the Best Places. The lower a city’s score, the cheaper it is to live in.
So, without further delay, let’s head towards 17 Best Southern Cities to Retire on a Budget.
17. Huntsville, Alabama
Cost of Living Index: 90.7
Huntsville has a variety of cultural and recreational opportunities for retirees while being a relatively small city. The “U.S. Space and Rocket Center,” as well as a number of museums, galleries, and performance theaters are located in the city. The Monte Sano State Park, the Tennessee River, and the surrounding Appalachian Mountains are just a few of the stunning natural landscapes that surround Huntsville. The population aged 65 or above living in this city is approx. 16.2% of the state’s total population.
16. Morgantown, West Virginia
Cost of Living Index: 90.3
In Morgantown, apart from enjoying the breathtaking Appalachian Mountains, retirees have the options to visit Cheat Lake (10 miles away), and Coopers Rock State Forest (13 miles far). West Virginia University (WVU), which is located in the city, contributes to its lively and energetic atmosphere. The university’s artistic and educational activities, including performances, exhibits, and lifelong learning opportunities, can be an edge for retirees.
15. San Antonio, Texas
Cost of Living Index: 89.8
Due to its history and the blending of Spanish, Mexican, and Western cultures, San Antonio has a rich and diversified cultural legacy, which means that retires from a diversified race and language can easily settle there. The city’s thriving arts scene, historic landmarks like the Alamo, and cultural events offer year-round activities for retirees. In addition, the city has 50+ retirement neighborhoods and communities tailored exclusively to retirees’ wants and interests. In order to establish a feeling of community and give chances for social contact, these communities frequently offer facilities, including fitness centers, golf courses, and social events.
14. Greenville, South Carolina
Cost of Living Index: 88.7
The Prisma Health system, which offers complete medical services, is one of the highly rated medical institutions in Greenville. The city ensures retirees have access to dependable healthcare resources by providing superior medical care and specialized treatment alternatives. The city also includes a number of parks and hiking trails that are geared toward outdoor enthusiasts, such as the Swamp Rabbit track, a well-known multi-use track.
13. Lakeland, Florida
Cost of Living Index: 88.3
Having approx. 21.8% of the state’s population aged 65 and above gives an edge for the retirees to enjoy the community. Florida’s renowned attractions are conveniently accessible from Lakeland, thanks to its central position. These include Universal Orlando Resort, Walt Disney World, and Busch Gardens Tampa Bay. Retirees may benefit from this factor by experiencing different entertainment and cultural events at these 3 popular sites.
12. Athens, Georgia
Cost of Living Index: 87.5
Retirees may consider settling in Athens, Georgia, due to its excellent medical facilities, vibrant collegiate atmosphere, robust senior programs, and stately architecture. Athens, also known as the “Classic City,” is the center of this region’s culture and healthcare. It has a well-preserved 19th-century cityscape. The Medical Center, Bus service to the library, UGA, Supercenter Walmart, and several other retail destinations are offered by the large Athens Transit System. Sixty-five years of age or older passengers can ride free. The Lift, an on-demand curb-to-curb service, helps those who are incapable of walking to a bus stop due to a disability or other challenges.
11. Pensacola, Florida
Cost of Living Index: 87.2
Military or government retirees can find Pensacola particularly appealing since they may locate similar people and government services for shopping, entertainment, and medical requirements. Pensacola Beach, which was named Florida’s Best Beach in a USA Today poll, will appeal to anyone seeking a laid-back, beach-oriented lifestyle with excellent boating and fishing activities.
10. Daytona Beach, Florida
Cost of Living Index: 86.7
Despite not having a state income tax, Daytona Beach has a sales tax that is 6.5%, which is slightly less than other places in the US, where citizens must pay between 7% and 8% in sales tax. Retirees have a variety of housing options in places like Port Orange.
9. Chattanooga, Tennessee
Cost of Living Index: 86.5
A few of the factors that make Chattanooga such a desirable retirement location are the climate, healthcare, the absence of income tax, and the city’s culture and natural beauty. The city is surrounded by highway spokes like a hub of a wheel, making it possible for retirees to drive in a few hours to larger towns like Knoxville, Nashville, Atlanta, or Birmingham.
8. Corpus Christi, Texas
Cost of Living Index: 83.7
Corpus Christi is a terrific destination to savor fresh seafood due to its location on the Gulf of Mexico. One of the biggest tourist destinations in the Corpus Christi region is Padre Island National Seashore. More than 380 different bird species live in this protected region, along with sea turtles, dolphins, and other animals. In the city, retirees may thus go camping, hiking, fishing, and beachcombing.
7. Greensboro, North Carolina
Cost of Living Index: 82.7
Greensboro is popular with retirees owing to its centralized location and mid-sized metropolitan atmosphere. Cone Health and Moses H. Cone Memorial Hospital are two notable healthcare facilities located in Greensboro. Additionally, the city’s ideal position in the middle of North Carolina can give access to big cities like Durham, Raleigh, and Charlotte simple to reach. Retirement residents might benefit from nearby retail malls, specialist medical facilities, and other cultural attractions.
6. Oxford, Mississippi
Cost of Living Index: 82.7
Oxford’s historical districts provide visitors with a glimpse of the past. Retirement-age buyers can invest in a historic property in this area or purchase a home in one of the several more recent communities aimed at active people, such as Wellsgate, Grand Oaks, or St. Charles Place. According to CBN, a retiree may purchase a home in Oxford for, on average, 20% less than one in Miami, Florida.
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Disclosure: None. 17 Best Southern Cities to Retire on a Budget is originally published on Insider Monkey.