Personal finance website GoBankingRates.com compiled a list of the best place in each U.S. state for retired workers to live. According to the website, the average Social Security benefit for retirees in 2017 was $1,369 a month, which adds up to $16,428 in annual benefits for single people and $32,856 for couples. That’s around $25,000 less than the median U.S. household income.
“Living on a fixed income basically means you’re solely or almost entirely dependent on funds like Social Security, pensions and inheritance — with little to no flexibility in the amount you’re paid each month,” reports GoBankingRates’ Gabrielle Olya. Unstable costs, including a volatile housing market, can be especially challenging to deal with on a fixed income, she added.
If you rely mostly — or only — on a fixed income, here are the best cities, towns and rural spots across the country for you:
• Alabama: Decatur
• Alaska: Palmer
• Arizona: Sierra Vista