People simply cannot afford to retire, which is one of the country’s biggest financial crises. 36 per cent of Americans said they will never have enough money to be able to afford retirement, according to 2021 data from the Natixis Global Retirement Index.
46 per cent of all Americans believe they will retire in debt, according to a different survey by MagnifyMoney.
Retirement may seem particularly bleak in renownedly desirable states like California, where the median home price can reach $884,890. However, “The Golden State” itself has some reasonably priced nooks and crannies.
Based on a Social Security budget for two, GOBankingRates identified the four best cities in California where a couple could live.
The average monthly Social Security benefit of $1,619.67 has doubled, leaving you with just $3,239.34 in monthly income—no savings, no assets.
Let’s take a look at where you and your partner can retire in California and get the most for your money.
Riverside
65 and older population percentage: 14.8%
Purchasing Power Parity: 100.4
87.8 is the healthcare cost of living index.
59 for livability
Typical Rent: $1,569.20
$826.96 per couple per month for groceries
$757.57 per month for healthcare per couple
$3,153.73 in total expenses per month.
Along with the benefit of being relatively close to the busy centre of Los Angeles — which is about 60 miles away — Riverside also has a strong citrus industry, hiking trails (you can even find volcanoes there), and a strong state university.
For those who are leaving Los Angeles in search of areas with lower rents, this makes it a good option. Unfortunately, the city’s low livability rating of 59 is due to both a high unemployment rate and a comparatively high crime rate.
Pomona
Population 65 and older as a percentage: 11.5%
Living Expenses Index for Groceries: 100.5
The score for Living with Healthcare Costs: 89.4
53 for livability
$1,511.40 is the average rent.
$827.79 per month for groceries for a couple
$771.37 monthly for healthcare per couple
$3,110.56 was spent overall for the month.
Pomona, another California city only 30 miles from Los Angeles, attracts many Angelenos looking for a more affordable lifestyle.
Although the city’s high diversity adds to its appeal, its livability rating is only average at best. The main problem in Pomona is the high crime rate.
Sacramento
13.3 per cent of the population is 65 and older.
Living Expenses Index for Groceries: 104.8
Medical Cost of Living Index: 96.7
62 for livability
$1,281.00 is the average rent.
$863.20 per month for groceries for a couple
Cost of healthcare per couple per month: $834.36
$2,978.56 in total expenses per month.
The City of Trees, as California’s capital is also known, gives you some idea of the verdant, lush landscape that can be found there.
With 1.5 million acres of farmland producing roughly 165 different types of produce, Sacramento boasts a thriving arts scene and the popular “Farm to Fork” movement.
Although it has the highest score for livability on this list, its 62 is still not very high. This is probably because, despite its picturesque qualities, the city also has a high crime rate.
Read more:-
- Is It Correct to Say That a Social Security Number is the Same Thing as an Individual Taxpayer Number?
- Should You Delay Claiming Social Security if You Put Off Retirement?
- The Results of This Check, Which Will Only Take You Five Minutes, Could Prevent You From Being Underpaid for Your Social Security Benefits.
Fresno
Population 65 and older as a percentage: 11.6%
Purchasing Power Parity: 99.2
Medical Cost of Living Index: 90.6
57 for livability
Typical Rent: $1,050.00
$817.08 per month for groceries for a couple
$781.73 per month for healthcare per couple
$2,648.80 in total expenses per month.
In the San Joaquin Valley, in the very centre of the Golden State, is Fresno. The city has a very diverse population, and this is reflected in the wide variety of cuisines available.
Fresno needs some work to become a more desirable location, even though you really can’t beat an average rent of $1,050 in California.
Fresno is plagued by bad air and a weak economy, earning it a less-than-impressive livability rating of 57.
