GoBankingRates.com has released its list of the best cities in America to retire on a budget of $1,500 a month or less. As it turns out, one Michigan town has been named one of the top six best cities in the US to retire on a budget of $1,500 a month.
In the article, GoBankingRates.com states, “Finding space in your budget to save and invest isn’t easy for everyone. In fact, a recent GoBankingRates survey found that 40% of Americans have less than $300 in savings. As such, plenty of Americans are facing a retirement where their only source of funds is a monthly check from the Social Security Administration. Still, living on a fixed income doesn’t mean you have to miss out on a satisfying retirement. In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself. To help you find such a place, a GOBankingRates study identified American cities where you can realistically retire on a budget of $1,500 a month.”
As for methodology, GoBanking Rates used the cost-of-living index from Sperling’s Best Places and applied it to customer expenditure data from the Bureau of Labor Statistics to find the average cost of living in that city. The average rent for a one-bedroom apartment was from ApartmentList.
Lansing, Michigan, is the city that’s considered one of the best to live on a budget of $1,500 or less a month, with total monthly expenditures of $1,485.48 and a livability score of 65. The average monthly rent in Lansing is $701, the study states, and the average monthly cost of groceries is $308.45. View the full study here.