Great places to retire on $1,000 a month

5 months ago Comments Off on Great places to retire on $1,000 a month

Retiring well is not easy. Sure, we would all like to discover the way to save $1 million or more for retirement. Alas, most retirees are not sitting atop a Fort Knox-sized nest egg.

In fact, a 2015 report by the Government Accountability Office found that about half of households led by people ages 55 and older have no retirement savings at all. Among households with retirement savings, the median amount of those savings is just $104,000 for households ages 55-64, and $148,000 for households ages 65-74.

Such modest savings make it difficult to keep up with expenses during retirement. Americans 65 years of age or older average nearly $44,686 in annual expenses, according to the Bureau of Labor Statistics.

However, you do not have to put your retirement on ice even if your net worth does not quite approach that of King Midas. GOBankingRates ranked U.S. cities to find great places to retire on $1,000 a month. The ranking considered several local factors, including:

Housing — rental prices for a one-bedroom apartment, rounded to nearest dollar.

Percentage of retirees — in the local population as of April 1, 2010.

Walkability — scores ranging from 20 for Augusta, Ga., to 65 for Allentown, Pa.

Safety factors — scores ranging from 6 for Rochester, N.Y., and Louisville, Ky., to 30 for Boise, Idaho.

Each city was given a weighting for each of the criterion and was ranked based on the overall score. Avoid making a big mistake during your golden years and instead consider one of the following 25 great places to retire.

Great places to retire on $1,000 a month