This article looks at 20 best places in the South to live on only Social Security.
Social Security Struggles Amid Looming Cuts and Rising Costs
The Social Security Cost of Living Adjustment (COLA) increased 3.2% for more than 71 million Americans this year- that’s $50 on average per check. Unfortunately, a survey by Atticus reveals how an overwhelming majority of seniors relying on these checks aren’t satisfied with the amount that they are receiving. Another survey by The Senior Citizens League (TSCL) 2024 Senior Survey presents similar findings: 71% of individuals report that their household costs grew by more than 3.2% in 2023, the year that was used to determine the COLA. 53% of the survey respondents revealed how they had spent their emergency savings, while 43% noted their household expenses increased by more than $185 a month in year 2023.
For those who consider this a major blow, 2035 has much worse in store for them if things don’t change for the better. Social Security beneficiaries are going to be facing an automatic benefits cut starting 2035-one year later than predicted previously. Unfortunately, this is only a decade away, an alarming news for those who are reliant on their Social Security checks only. Once funds are depleted, beneficiaries will be able to receive only 83% of benefits. No wonder everyone is worried about the trust funds’ insolvency. Retirees who don’t have nest eggs to depend on are barely making ends meet on these checks, and ten years down the road it’s only going to get worse for them. Considering these circumstances, many individuals have been delaying their retirements, while many others have been retiring because of unavoidable reasons.
2024, in particular, has welcomed more than 4 million potential new retirees, earning it titles such as “Silver Tsunami” and “Peak 65”. While noting this trend, MetLife, Inc. (NYSE:MET) 2024 Qualifying Longevity Annuity Contract Poll reveals how 91% of plan sponsors are worried that future retirees are going to run out of money in retirement. The poll states that 83% of plan sponsors believe that more than 1 in 4 retirees are going to deplete their savings “prematurely”. 54% of the plan sponsors also believe that inflation is the greatest risk in retirement, while 23% consider longevity to be the greatest risk.
“While inflation can have a significant negative impact on retirees’ ability to rely on their savings, longevity risk should not be ignored. During retirement, individuals face a number of risks, including inflation, investment and interest rate risk. But the impact of these risks can be exacerbated the longer an individual lives in retirement”.
– Roberta Rafaloff, vice president and head of Institutional Income Annuities at MetLife, Inc. (NYSE:MET).
MetLife, Inc. (NYSE:MET) is one of the largest global providers of insurance, annuities, and employee benefit programs. The life insurance company serves more than 90 million customers in over 60 countries. In Q1 2024, the company reported a net income of $800 million, or $1.10 per share. This is a significant increase from $14 million in net income, or $0.02 per share, in the same quarter of the previous year. Adjusted earnings also surpassed analyst expectations with a 20% increase to $1.83 per share. The company will be presenting its second quarter results on July 31st. Wall Street analysts expect that the company will release earnings per share of $2.10. At Insider Monkey, our conviction lies in the belief that some 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 that is more promising than MetLife, Inc. (NYSE:MET) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
With depleting retirement savings and smaller SS checks, it is only but wise for retirees to go for geographic arbitrage. As such, some of the best states to live in on Social Security are Mississippi, Wyoming, and Iowa. For those considering areas particularly in the South, our list of best places in the South to live on only Social Security has them covered.
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Methodology
To compile the list of best places in the South to live on only Social Security, we conducted a comprehensive analysis of various cities and towns in the region. Our methodology included evaluating places with high livability scores, abundant amenities, low cost of living, and affordable rental rates. We scored these places individually and calculated a unique Insider Monkey score. Livability scores have been sourced from Area Vibes, rents are from Zillow, Apartments.com, and Zumper, while cost of living is based on our own index.
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Here are the best places in the South to live on only Social Security:
20. Martinez, Georgia
Insider Monkey Score: 10
Livability Score: 75
IM Cost of Living: 93.7
Average Rent (1-bedroom): $1,219
Nestled in the heart of Columbia County, Martinez is one of the best places to retire in Georgia. It’s a charming small town offering a wide range of dining and shopping options, abundant recreational activities, and a good quality of life. Outdoor lovers will be pleased to know that it is home to Savannah Rapids Park, offering plenty to do amidst offering spectacular views of the Savannah.
19. Brandon, Mississippi
Insider Monkey Score: 19
Livability Score: 81
IM Cost of Living: 88.3
Average Rent (1-bedroom): $1,164
Mississippi is hands-down one of the best states to live on only Social Security, with a cost of living 13% lower than the national average. Being a Certified Retirement Community, Brandon is a good choice for retirees in the state managing on their Social Security checks. It offers all the things a retiree wants in the place they live: quality medical care, safe neighborhoods, and an overall good quality of life.
18. Waco, Texas
Insider Monkey Score: 20
Livability Score: 73
IM Cost of Living: 86.2
Average Rent (1-bedroom): $1,107
No list of best places to retire on Social Security is complete without a Texas state, and this time it’s Waco who made the list. The cost of living in this Texas city is 13.8% lower than the national average, and the quality of life that it offers is also quite good. The friendly city is home to numerous parks and recreation sites, historical places, and numerous other tourist attractions.
17. Elon, North Carolina
Insider Monkey Score: 24
Livability Score: 81
IM Cost of Living: 86.9
Average Rent (1-bedroom): $1,117
For those who only have their Social Security checks to rely on, Elon in North Carolina is another good choice in the South. Bearing beautiful landscapes, conveniently located parks, and abundant cultural attractions, Elon is a good option for retirees to settle down into. The best thing about this town is that it’s the third safest city in the state, as noted by Elon University. The university itself is a plus point of living in this town, offering a lifelong education program for those over fifty.
16. Bryant, Arkansas
Insider Monkey Score: 25
Livability Score: 72
IM Cost of Living: 86.3
Average Rent (1-bedroom): $968
Arkansas doesn’t tax Social Security benefits, so living here on SS checks may seem like a good option for many. Bryant, in particular, is a choice many retirees make for its enticing blend of affordable living and high quality of life. This suburb of Little Rock has all the amenities a retiree would need to live a satisfying life, rents are pretty affordable too, and there is a fairly moderate senior population as well.
15. Tallahassee, Florida
Insider Monkey Score: 26
Livability Score: 85
IM Cost of Living: 93.1
Average Rent (1-bedroom): $1,140
Retirees who still have their hearts set at retiring to the Sunshine State may choose to do so in Tallahassee, Florida. Even though it’s the state capital, Tallahassee comes bearing a small-town vibe, affordable housing, quality healthcare, and year-round warm weather. The people here are generally friendly, and there is a good craft beer scene as well.
14. Metairie, Louisiana
Insider Monkey Score: 29
Livability Score: 85
IM Cost of Living: 97.8
Average Rent (1-bedroom) $1,050
Fine dining, amazing shopping, and plentiful attractions make the census-designated place of Metairie another best place in the south to live on Social Security. Those retirees who wish to have some fun can spend their time at Fat City, a part of town known for its amazing nightlife. Rent for a one-bedroom is a bit higher than the $1,000 mark, leaving just enough to spend on groceries, utilities, and maybe some entertainment.
13. Maumelle, Arkansas
Insider Monkey Score: 31
Livability Score: 75
IM Cost of Living: 84.2
Average Rent (1-bedroom): $985
Lake Willastein and Lake Valencia, the two lakes that have blessed the city of Maumelle, are also what define it best. Retirees love to walk around the paths, go fishing, or simply relish the views that they offer. Besides lakes, Maumelle is also home to walking and biking trails, Rolling Oaks Soccer Complex, and other sports complexes that give retirees a chance to stay active.
12. Henderson, Texas
Insider Monkey Score: 31
Livability Score: 69
IM Cost of Living: 84.1
Average Rent (1-bedroom): $919
Another Texas city, Henderson isn’t just known for its affordable cost of living, but also for its small-town charm and friendly community atmosphere. Retirees especially love it for the Syrup Festival that the town puts on, held on the second Saturday of November. There’s plenty of outdoor activities, healthcare facilities, and essential amenities to enjoy a comfortable retirement.
11. Kilgore, Texas
Insider Monkey Score: 31
Livability Score: 72
IM Cost of Living: 85
Average Rent (1-bedroom): $790
Texas is brimming with affordable places to retire on Social Security, and Kilgore is another option for seniors to explore. Offering the best of Southern hospitality and Texas spirit, Kilgore flaunts a vibrant local culture, a close-knit community, and abundant outdoor activities to explore.
10. Clarksville, Tennessee
Insider Monkey Score: 32
Livability Score: 83
IM Cost of Living: 92.1
Average Rent (1-bedroom): $979
Dubbed as one of the best cities to retire in by numerous publications, Clarksville is a vibrant city situated in the north of Tennessee. The cost of living is 8% lower than the national average, and average rents are below the $1,000 mark. Downtown is brimming with abundant shopping, summer concerts, and year-round activities. There is stunning historic architecture, urban trails, and a beautiful river that it borders.
9. Huntsville, Alabama
Insider Monkey Score: 36
Livability Score: 83
IM Cost of Living: 84.5
Average Rent (1-bedroom): $1,075
Huntsville in Alabama has made it to plenty of our lists, such as the one on best places to retire on a budget of $1,800 or less. The average Social Security check is a bit higher than this, which means retirees can get by in this town on these checks. The cost of living is 15% lower than the national average, but there’s more to this city than its affordable cost of living. Lying amidst the scenic beauty of the Appalachian foothills, Huntsville is revered for its scenic beauty, moderate climate, and abundant cultural attractions.
8. Thibodaux, Louisiana
Insider Monkey Score: 37
Livability Score: 81
IM Cost of Living: 83.5
Average Rent (1-bedroom): $1,054
Known as a retiree-friendly city, Thibodaux in Louisiana is known for its charming historic architecture, vibrant cultural heritage, and friendly community atmosphere. The cost of living is 16.5% lower than the national average, and the livability score is a solid 81, implying that it offers a good quality of life for its residents.
7. Ocean Springs, Mississippi
Insider Monkey Score: 37
Livability Score: 84
IM Cost of Living: 87.8
Average Rent (1-bedroom): $971
Besides its charming coastal lifestyle, Ocean Springs is revered for its affordable living, vibrant arts scene, and historic architecture. The cost of living here is 12% lower than the national average, and the livability score is a solid 84.
6. Thomasville, North Carolina
Insider Monkey Score: 41
Livability Score: 79
IM Cost of Living: 83.9
Average Rent (1-bedroom): $909
Another budget-friendly town and one of the best places in the South to live on only Social Security is Thomasville, North Carolina. There’s Lake Thom-A-Lex Park for unwinding, The Thomasville Emporium, and numerous other notable attractions for retirees.
5. Lynchburg, Virginia
Insider Monkey Score: 42
Livability Score: 91
IM Cost of Living: 86
Average Rent (1-bedroom): $1,034
Lynchburg in Virginia is home to leafy neighborhoods, a small downtown, and beautiful natural landscapes. The relatively affordable cost of living and wide range of amenities further add to the appeal of retiring here.