In this article, we will discuss the 5 cities where Social Security goes the farthest for retirees. You can read our detailed discussion on Longevity Risks in Retirement and see the 25 Cities Where Social Security Goes the Farthest for Retirees.
5. Springfield, Illinois
Insider Monkey Score: 20.22
Livability Score: 81
Median Rent: $1,150
IM Cost of Living: 82.2
Illinois is a decent option for retirees looking for a tax-friendly environment. The state has a flat income tax rate of 4.95% exempted on retirement income, including social security, pensions, and distributions.
4. Fort Wayne, Indiana
Insider Monkey Score: 20.36
Livability Score: 84
Median Rent: $1,100
IM Cost of Living: 84.5
Fort Wayne is the second largest city in Indiana. Despite its large population, it is significantly more affordable than other major cities in Indiana such as Carmel, Bloomington, and Indianapolis.
3. Grand Forks, North Dakota
Insider Monkey Score: 21.50
Livability Score: 79
Median Rent: $895
IM Cost of Living: 81.5
Grand Forks is located on the eastern border of North Dakota to Minnesota. Grand Forks features miles of incredibly beautiful riverfront real estate, courtesy of the Red River. It is also home to the University of North Dakota and the Grand Forks Air Force Base.
2. Hattiesburg, Mississippi
Insider Monkey Score: 21.80
Livability Score: 78
Median Rent: $910
IM Cost of Living: 79.7
Hattiesburg is a bustling city in southeastern Mississippi. In terms of rent, Hattiesburg is the most affordable destination on our list. In addition, the cost of living in the city is 20% lower than the national average. From a vibrant culinary scene to public art and an impactful civil rights history, Hattiesburg offers well-rounded entertainment, making it one of the cities where Social Security goes the farthest for retirees.
1. Hays, Kansas
Insider Monkey Score: 22.75
Livability Score: 78
Median Rent: $750
IM Cost of Living: 79.6
Although Kansas is one of the states that continues to tax social security, seniors with an adjusted gross income of $75,000 or less are exempted from these taxes. Hays is the largest city in northwestern Kansas. In terms of rent, it is the most affordable city on our list. The city is home to the historic Fort Hays, a landmark that attracts tourists from across the country. Well-maintained, friendly, and affordable, Hays is one of the top cities where Social Security goes the farthest for retirees.
To learn about other cities where Social Security goes the farthest for retirees, you can check out our detailed report on the 25 Cities Where Social Security Goes the Farthest for Retirees.
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