Yes, you can afford to retire by the beach on Social Security in 2022. You can even afford to buy a house. The low cost of living on the Mississippi Gulf Coast is the reason why you can afford to live on Social Security alone. Your social security income can pay the median rent, and cover living expenses so you can live a comfortable life. Mild winters and warm summers along with healthcare services attract people from the largest cities.
Our calculations are based on two Social Security incomes. One at the average monthly benefit of about $1,450 per month and another at $2,400 per month. These amounts are typical for full retirement age benefits. The lower cost of living on the Mississippi Gulf Coast permits Social Security retirees to enjoy their golden years.
Mississippi is one of the best states for retirees regardless of their source of income. If you have retirement savings to supplement, don’t worry about the State taking it in taxes.
Mississippi is among a few tax-friendly states where none of your retirement income is taxed by the state. This includes your Social Security check 401k withdrawals, pensions, etc. Let’s get back to the topic which is how you can afford to live in one of the best cities for less.
You have choices along the Mississippi Gulf Coast. You can rent or buy. Housing prices and rents are among the lowest in the nation. The Mississippi Gulf Coast is far removed from the high cost of for example Los Angeles or other big cities. Our cost of living is lower than that metropolitan area you want to move from.
Starting with your monthly budget, we will explore what a monthly rent payment and utility bills would look like. Great news, almost all medical facilities accept medicare and offer good healthcare in exchange. Doctors in some larger cities and metro areas no longer accept Medicare so the fact that healthcare providers in this area do is good news.
In this example, you would qualify for a loan assuming your credit scores were adequate. This is the type of information that you can get from your loan broker. There are several articles on this website that can help you with your decision. A few of those articles are outlined below. Follow the links provided for additional articles that can help you make the right decision. Educate yourself.
Using the budget tool, you should consider all possible expenses. Read the article about the budget tool before you use it. Be sure to download it so you can save it. I am sure you will go back to it on occasion.
If you can save before retirement, do so. Living on Social Security alone can be done with two incomes. Even with one income, a single person can make it work as long as the amount is sufficient.
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Check out our website RetireCoast.com. Read the entire blog article with the same title on our website by clicking here As mentioned, there are a few articles below that you may be interested in, just click on them.
Why I decided to retire in Ocean Springs, Mississippi
