This article takes a look at the best place in Rhode Island for a couple to live on only Social Security. Check out the full list of 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 front-runner 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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1. North Providence

Insider Monkey Score: 36       

IM Cost of Living: 108.5            

Median Home Price: $356,278             

Average Rent (2-bedroom): $1,917

Livability Score: 80

Based on our methodology, North Providence is one of the best places in Rhode Island for a couple to live on only Social Security. A combination of a good livability score, affordable housing, and rent, as well as living expenses, helped it rank at the top. This town in Providence County is known to be a suburban haven offering lots of community charm, amenities, as well as urban attractions.  Seniors also appreciate it for its climate, boasting an average of 201 sunny days a year. Healthcare services, grocery stores shopping facilities, and recreational opportunities are all conveniently available here, making it a convenient retirement destination.

Check out the full list of Best Places in Rhode Island For A Couple To Live On Only Social Security.

At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire to the best MBA programs; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published on Insider Monkey.