It goes without saying that it's not the easiest thing in the world to retire well. Of course, everyone wants to know how to save a million dollars or more for retirement. The bad news is that most retirees aren't sitting on a nest egg the size of Fort Knox. In people that have saved for retirement, median savings for ages 55-64 is just $104,000 and for those aged 65-74 it's $148,000.
In those that have retired, it's hard to keep up with expenses using such modest savings. The Bureau of Labor Statistics states that there is an expenditure of almost $44,686 in yearly expenses in Americans 65 and older. However, you don't have to freeze your retirement money if your net worth is far from the one of King Midas.
We've put together a list of cheap places to retire well, spending just a thousand dollars each month. Several factors were considered before coming up with this ranking. Factors include safety, walkability, percentage of people sixty-five and older and the cost of a one-bedroom apartment. Each of the cities were considered with the criterion in mind and were ranked according to their score overall. For your own retirement, you might want to consider any of the places in this short list we put together.
Located right on the Naugatuck River, Waterbury is in New Haven Country. This makes it near New York City and Hartford at the same time. The homes reveal a colonial history. There are a lot of trees in the clean and green downtown. Great health care facilities and cultural art events are nearby. The average cost of housing each month is $700.
Cedar Rapids, Iowa
Within twenty five miles of Cedar Rapids, there are over ten assisted-living and retirement communities. It's thirty miles from Iowa City and is voted among the top ten places to retire by the website Livability. There are twelve neighborhoods in Cedar Rapids, which is located on Cedar River. Attractions include the National Czech and Slovak Museum and Library and even the Paramount Theatre.
Home to the Indiana University, Bloomington is on the south part of the state. There are symposiums, day trips and learning programs for retirees with a lot of concerts and sports events to compensate for colder winters. People aged 60 and older get a 50% tuition discount for up to 9 class credits each semester at the university. Any night of the week, you can sample the culinary scene and see world class orchestras. Your nest egg goes quite far here in Bloomington due to the low cost of living. It is just $691 a month for housing, for instance.
Lincoln is the state capital of Nebraska. It's a college town with a few suburbs. There's interesting architecture and various neighbourhoods including the historic Bungalow District. There are over a hundred parks. There's a low rate of unemployment and a low cost of living with the average cost of housing each month just $742. Aside from the University of Nebraska, there are other venues for culture including Douglas Theater, The Lied Center for Performing Arts and the Pershing Center. The attractions also include the Great Plains Art Museum and the Sunken Gardens.
Near lakes and mountains, Charlottesville is filled with cultural events and sports events as it is a college town. Many people from New York, Philadelphia and Washington DC retire in Charlottesville. In the winter, there are 2 feet of snow on average. There are four seasons with the season for growing that continues for two hundred days. There are lakes, golf courses and mountains nearby as well. There are specialized treatment for illnesses such as neurological disorders, digestive disorders, cancer and heart disease at the Medical Center of the university. The average housing cost each month is $922.
Champaign is a college town with opportunities for continuing education and tons of cultural events. Free events and lectures are everywhere. There is a reasonable cost of living and the town has a tranquil, serene feel. The cost of housing each month is $593.
Located not too far from Philadelphia, New York and Harrisburg, Allentown is located in east Pennsylvania. The area is both rural and urban at the same time and is known as the Lehigh Valley. In the spring, the climate is cool with highs in the low sixties and lows in the upper forties. The mild summers feature cooler nights. There are many facilities for elderly care. The city is considered both accessible and safe. The average cost of housing each month is $817.
Grand Rapids, Michigan
Just half an hour from Lake Michigan, Grand Rapids is located in west Michigan. Described by MLive as a top destination, the city features one of the nation's largest urban historic districts located in Heritage Hill Historic District. There is a lot of snow each year, around 72 inches a year. It is a pleasant 82 degrees every summer. There are botanical gardens, venues for performing arts and theatres. The cost of housing each month is about $745.
Near the Franklin Mountains and the Mexican Border is El Paso, Texas. There are state parks nearby and four private golfing courses. Unofficially known as the Mexican food capital, El Paso is also very safe. The city features the El Paso Holocaust Museum, museums of history and art, a historic theatre and a Triple-A baseball stadium. Its walkability score is 39 over 65 and the monthly cost of housing is $586. 11% of the are 65 and older and the safety level is quite high.
Found in the Pacific Northwest on the Oregon Trail, Boise features scenic canyons and local mountains. Those who love the outdoors will love Boise. There is low humidity and mild winters. Each spring, there is a jazz festival hosted by the Boise State University. There are various cultural events and museums as well. Boise has a downtown district called BODO which stands for Boise Downtown that has a European feel. There are various restaurants to enjoy any day of the week. The cost of housing each month on average is $678. There is an eleven percent population of people who are 65 and older. The score for walkability is 37 over 65 and Boise is considered one of the safest cities in the country.