Yahoo Finance shared a list of the “best places in Missouri for a couple to live on only a Social Security check. While the list contains some useful information, we’re not so sure about the affordability of living on Social Security alone. More on that in a minute. First, let’s take a look at a few of their picks.
Webb City
- Average rent: $897
- Average total monthly cost of living: $2,297
Webb City has the lowest average monthly rent and cost of living in the Yahoo list. They suggest that a retired couple living on just Social Security could cover basic expenses and still have about $1,500 left over each month. Webb City and its roughly 13,000 residents in the southeast corner of the state.
Branson
- Average rent: $1,222
- Average total monthly cost of living: $2,600
Branson is a popular destination for tourists. Home to an array of live music and attractions like 76 Country Boulevard entertainment district, Silver Dollar City, Dolly Parton’s Stampede, the Titanic Museum, and fishing on local lakes. The city’s population has doubled with its commercial growth now standing at nearly 13,000. While the attractions are nice, It would be hard for seniors on Social Security to enjoy most of them when their rent is over $1200 a month.
Ballwin
- Average rent: $1,824
- Average total monthly cost of living: $3,311
We’re going to be honest. With a higher cost of living and rent of almost $2,000 per month, we’re not sure why anyone would consider this a good, livable option for Americans living on Social Security. However, it is cheaper than many other comparable cities.
For anyone considering retirement in these towns, We recommend doing some math and determining individual expenses against Social Security income before making the move.
If you’re interested in retiring in Missouri, read the full Yahoo list here.
Sadly, living on Social Security alone is not a reality for most people. That’s because the system is flawed. We believe the Elder Relief Act is the best path forward to fix this problem for retirees over age 82. Learn about this important bill here.