Location, location, location isn’t just important in real estate. It’s also important when you’re living off just your Social Security.
While this program was designed to supplement retirement, some seniors use it as their sole income source. This is challenging, but possible with the right planning. To make it work, you’ll have to choose where you live carefully.
Some states make it difficult. While the shores of California and the glamour of New York are both alluring for retirees, they come with high price tags. Even Florida, despite being a supposed haven for retired seniors, is tough to live in thanks to its high rent costs.
Of course, that’s not to say retiring in these locations is impossible. If you opt for a smaller neighborhood rather than one of the more upscale locales, you can live affordably and still be in close proximity to your dream destination.
Where do you plan to retire? Share your thoughts with us in the comments, and don’t forget to bookmark the Council for Retirement Security.