Fifty-five percent of Americans are unable to carve out enough money from their budget to save and invest for retirement, according to a survey by GOBankingRates, and many others make a plan but fall short for reasons beyond their control.
As a result, many Americans can expect to spend their retirement years with a monthly check from the Social Security Administration as their only source of income. The average Social Security benefit in 2020 is $1,503 a month, according to AARP.
For people on a fixed income, finding the right place to retire without sacrificing a satisfying retirement is a high priority. In a new study, GOBankingRates identified American cities where it said a person could realistically retire on a budget of $1,500 a month.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
