Have you ever thought about how much money it would take each month for you to live comfortably in retirement? It's no secret that your wallet would likely agree more with a smaller town – where things are cheaper – than a big city. But where?
A recent report from GoBankingRates.com shows what it deems to be the best places where you can retire on $2,300 per month or less.
Where Can I Retire on $2,300 a Month?
To come up with the study, GoBankingRates used June 2022 rent data from ApartmentList, cost-of-living information from Sperling's Best Places and the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey.
GoBankingRates also added expenses like groceries, health care and monthly housing for those 65 and older.
To make the list, the locales had to be:
- Small towns with populations of less than 30,000
- Areas with 2022 monthly rent of $1,250 or less for a one-bedroom apartment
- Cities with livability scores of 65 or higher as sourced from AreaVibes
Let’s get into the list of places where you can live for $2,300 or less.
|Cities||Average Rent for 1-Bedroom||Monthly Expenditures|
|Parma Heights, Ohio||$889||$1,983|
|Willoughby Hills, Ohio||$953||$2,055|
|Maryland Heights, Missouri||$999||$2,148|
|Auburn Hills, Michigan||$1,058||$2,157|
|Universal City, Texas||$1,106||$2,253|
#tablepress-723 from cache
No matter where you live, money expert Clark Howard wants you to be financially prepared for retirement.
He says enrolling in your employer’s retirement plan can be a key contributor to your retirement.
"If you set up with your employer's 401(k) or equivalent plan to put money in every pay period, it happens on automatic pilot," he says.
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