Latest news with #affordableLiving
Yahoo
3 days ago
- Business
- Yahoo
10 Best Places in the South To Retire With $500K in Savings
Half a million dollars might not sound like a fortune these days, but in the South it can go a surprisingly long way. Retirees can stretch their dollars much further thanks to a lower cost of living, but without compromising on a nice quality of life. Whether you're dreaming of coastal breezes, scenic views or outdoor adventures, there are affordable options. Also See: Learn More: To help narrow down the search, GOBankingRates analyzed U.S. cities with data from the 2023 5-year U.S. Census American Community Survey and compiled a list of places to retire in the South with a nest egg of half a million dollars. Here are the 10 best spots. Sebastian, Florida Livability: 83 Annual cost of living: $48,010 Cost of 20 years of retirement (after Social Security): $481,635 Find Out: See More: Cape Canaveral, Florida Livability: 83 Annual cost of living: $48, 831 Cost of 20 years of retirement (after Social Security): $469,038 Discover More: Kerrville, Texas Livability: 81 Annual cost of living: $47,281 Cost of 20 years of retirement (after Social Security): $465,037 New Port Richey, Florida Livability: 80 Annual cost of living: $45,582 Cost of 20 years of retirement (after Social Security): $431,056 Cold Spring, Kentucky Livability: 78 Annual cost of living: $46,023 Cost of 20 years of retirement (after Social Security): $439,896 Explore More: North Port, Florida Livability: 76 Annual cost of living: $45,617 Cost of 20 years of retirement (after Social Security): $431,771 Tavares, Florida Livability: 76 Annual cost of living: $46,079 Cost of 20 years of retirement (after Social Security): $441,014 Orange Park, Florida Livability: 76 Annual cost of living: $46,106 Cost of 20 years of retirement (after Social Security): $441,551 Read More: South Boston, Virginia Livability: 75 Annual cost of living: $30,813 Cost of 20 years of retirement (after Social Security): $135,695 North Fort Myers, Florida Livability: 74 Annual cost of living: $46,377 Cost of 20 years of retirement (after Social Security): $446,976 Methodology: For this study, GOBankingRates analyzed cities cities across the United States to find the best places to retire with $500,000 in savings. Using the 2023 5-year Census American Community Survey, cities with at least 1,000 residents ages 65 and over were identified. Cost of living was determined using Sperling's BestPlaces and the Bureau of Labor Statistics Consumer Expenditure Survey. The average Social Security income was sourced from the Social Security Administration's Monthly Statistical Snapshot. The livability was sourced from AreaVibes and is used to determine the overall quality of life, representing the 'best' places. Cities with 20-year cost of retirement under $500,000 were sorted to show the highest quality of life, representing the best places you can retire with $500,000 in savings. All data was collected on and is up to date as of June 16, 2025. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 10 Best Places in the South To Retire With $500K in Savings
Daily Mail
07-07-2025
- Lifestyle
- Daily Mail
I live on a cruise 24/7... it's way cheaper than living on land: Meet the retired teacher, 77, who became a full time 'ocean person' - and how much it costs her
A retired teacher has shared why she decided to live full time on a cruise ship and people might be shocked by how affordable the lifestyle can be. Sharon Lane, 77, left her home in Orange County, California, to move onto a Villa Vie cruise ship. Speaking to NBC Los Angeles, Sharon describes herself as an 'ocean person' and shows off the sea views from the ship. The retiree explains: 'Every month I have a maintenance fee to pay and that is less than I was paying for rent [on land].' While Sharon didn't reveal exactly how much she'd spent to live at sea, interior cabins on Villa Vie cost $129,999/£95,470. Residents then pay $3,000/£2,200 a month for all their expenses, including meals, beer, wine, WIFI, laundry, activities and access to all the facilities. And there's another benefit for retirees like Sharon. She reveals: 'All the chores that you have to do in life - done. If you put your to-do list on a piece of paper of paper and you cross off anything that wasn't a fun activity, then you end up with the life that we have now.' The retiree explains: 'Every month I have a maintenance fee to pay and that is less than I was paying for rent [on land]' Sharon's exciting itinerary includes stops in Vancouver, Japan and Taiwan. Interior cabins are the cheapest option on Villa Vie with a villa suite the most expensive choice. The villa suite costs $439,999/£323,134 as a one-time fee while retirees will pay $9,999/£7,343 a month in fees if travelling solo. Residents can also choose to rent a villa if they're not ready to commit to purchasing a home at sea. Villa Vie says: 'A typical day on Villa Vie Odyssey is a blend of relaxation, exploration, and community engagement. 'Start your day with a sunrise yoga session on deck, followed by a leisurely breakfast. Spend your morning participating in onboard activities or exploring the port of call. 'Afternoons offer time for relaxation or attending workshops and social events. Evenings bring opportunities for fine dining, cultural events, or simply enjoying the tranquility of the sea.'
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Travel + Leisure
07-07-2025
- Business
- Travel + Leisure
This Is One of the Best Places to Retire in the U.S. for Low Taxes, Mental Health, and Quality of Life
The best place to live in retirement should tick a lot of boxes, but, above all, it should be affordable. In 2023, the average retired household spent approximately $5,000 per month on living expenses, including housing and health care, according to data from the Consumer Expenditure Surveys. So if you're looking for an affordable retirement destination in the U.S., WalletHub has a few suggestions. "Living in the right place after you retire can make your money go a lot further. That's important considering the fact that 66 percent of non-retired adults say their retirement savings aren't on track," WalletHub reported in its list of the top spots to retire in the U.S. for 2025. The company compared all 50 states across 46 metrics, which it said act as "indicators of retirement-friendliness," including retirement tax rates, cost of living, access to health care, and the number of daily recreational activities. After analyzing the data, WalletHub named Colorado the No. 3 best place for retirement this year. Colorado won high praise thanks to its "taxpayer-friendly conditions with no estate or inheritance taxes. In addition, it has the seventh-lowest poverty rate for residents ages 65+ and the 10th-lowest percentage of seniors who have faced hunger in the past 12 months." WalletHub added that the Centennial State is a fantastic spot for retirees looking to stay in great physical and mental health. "It has one of the lowest rates of social isolation for seniors, and it boasts the 10th-best geriatric hospitals in the country," it noted. "It also has the fourth-highest percentage of seniors who are in good health and the third-highest percentage who are physically active." And beyond all this, Colorado is ideal for those who want to stay socially engaged, as it has the sixth-most volunteer opportunities in the nation, as well as the ninth-most scenic byways and the 11th-most theaters per capita. Joining Colorado at the top of the list is Minnesota, which secured second place due to its high number of healthcare facilities, good quality of life, and favorable financial outlook for seniors. WalletHub noted that "Minnesota has the 10th-lowest share of residents ages 65+ who are in poverty and the fifth-lowest percentage who went hungry in the last 12 months." However, Florida, the gold standard for retirement destinations, outranked them all, coming in first thanks to its low taxes for retirees, including no estate, inheritance, or income taxes, as well as available funding from the Older Americans Act, which funds transportation, homemaker assistance, and nutrition programs for seniors across the state. "Florida provides an ideal environment for retirees. It has the second-most shoreline miles of any state, allowing for plenty of relaxing at the beach. It also has the second-most adult volunteer activities, the fifth-most theater companies, and the seventh-most golf courses and country clubs," WalletHub added. "There are plenty of ways for seniors to stay healthy and happy, which is reflected in the fact that Florida has the third-lowest death rate in the country for people ages 65+." See the full rankings and where your state stands at
Yahoo
03-07-2025
- Business
- Yahoo
5 U.S. Cities for Retirees That Are as Cheap as Mexico, Portugal and Costa Rica
You may know friends or family who've moved to places like Mexico, Portugal or Costa Rica to live more frugally to live out the retirement of their dreams. However, if you're looking to stay in the United States for your retirement, there are plenty of affordable options available with similar tropical climates. Read Next: For You: Recently, the U.S. News & World Report compared the top 150 U.S. cities to discover which are the best for retirement. Taking those that scored highly, GOBankingRates narrowed down that list further by looking for cities that not only had affordable housing, but that also had beautiful and warm environments. For those interested in cheaper living costs and sunshine that rivals popular areas abroad, here are the top five American cities for retirees. Median home value: $376,063 Median monthly rent: $1,406 Though it may not technically be a tropical location, it does serve some beautiful weather and waterfront vistas. Creating a community is important in retirement, and Virginia Beach has an overall population of 456,053, 17% of which are retirees and seniors over the age of 65. Median home value: $302,616 Median monthly rent: $1,241 Jacksonville may not be the first city you think of in Florida when it comes to living out your golden years. Still, it's a popular destination for retirees due to its affordability and warm weather, not to mention it's easy access to great healthcare and outdoor activities. Discover More: Median home value: $302,276 Median monthly rent: $883 Though often an underestimated gem when it comes to retirement destinations, Huntsville can provide a high quality of life without the hefty price tag of other big cities. If you are looking for your perfect place to retire, but don't want to commit to a big real estate investment just yet, you can find a ton of options where your monthly rent will be under $1,000. Median home value: $397,862 Median monthly rent: $1,339 About 11% of Charlotte's 920,072 population is over age 65, so you'll already have a built-in retirement community that also moved there for a lower cost of living and warmer weather. It offers a blend of urban amenities and small-town living with options for active adults and those seeking a more relaxed pace. The city's tax-friendly policies, particularly the exemption of Social Security benefits from state income tax, also make it attractive for retirees. Median home value: $296,312 Median monthly rent: $1,013 To round out the list of cheap places to live that are similar to Mexico or Costa Rica when it comes to affordable housing and a warmer climate, Pensacola is the Floridian recipe for retiring in style, with an added pinch of fiscal responsibility. It is often highly ranked on retirement destination and cheap places to live lists thanks to its beautiful beaches, relaxing atmosphere and affordable cost of living. Chris Adam contributed to the reporting for this article. More From GOBankingRates Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on 5 U.S. Cities for Retirees That Are as Cheap as Mexico, Portugal and Costa Rica
Yahoo
27-06-2025
- Business
- Yahoo
'Warm, toasty' housing development for seniors opens in North Sydney
A Cape Breton housing project that was imagined by a community group as a way to help struggling seniors has officially opened. Members of a local food bank, who had been hearing from retirees having trouble keeping up with their bills, including high rent and food costs, came up with the idea about six years ago following the closure of Seton Elementary School in North Sydney. The organization led the charge to take ownership of the building and transform it into a multi-use hub. Jimmy MacKinnon and his wife Debbie, among the facility's new tenants, had been finding it increasingly challenging to maintain their rural home. The couple lived in Frenchvale, N.S., for 45 years and regularly cut wood to heat their home. "I couldn't do it anymore for health reasons," said MacKinnon. "We were lucky, like I said, to get this. Just the burden of looking after your own place, the upkeep. It was hard and it got harder as we got older." The MacKinnons moved into the complex a couple of months ago. They have since made the space feel like home by decorating the outside of their apartment with wooden signs and colourful flowers. The former school is home to 19 one- and two-bedroom units. Rental fees, with heat and lights included, range from $625 to $800 per month — well below the market rate for similar apartments in the community. The building also contains a community kitchen, food pantry and hair salon. On the grounds are several garden boxes for seasonal vegetables. "[This] is a fully incorporated and encompassed type of facility that the community can celebrate and be part of," said Cecil Clarke, mayor of the Cape Breton Regional Municipality, at an event Thursday to unveil the project. It was built with $1.7 million from the federal government through the Affordable Housing Fund and $1.6 million from Nova Scotia's Department of Growth and Development. Liberal MP Mike Kelloway said housing affordability is an issue his government is trying to address, with the help of organizations like the North Sydney Food Bank Society. "You're the solution," he said. "You're the idea makers, you're the people who are in the foxhole every single day." Lawrence Shebib, co-chair of the food bank society, said there were four times more applicants who were in search of housing than there were available apartments. "So there's a real need in the community for more," he said. MacKinnon said he and his wife have made new friends since moving into the complex and he recommends the style of living to anyone who has reached an age where maintaining their home has become difficult. "There's no stress, there's absolutely none. It is free and easy and warm, toasty," said MacKinnon. "This used to be a classroom, believe it or not. And the job these guys did, the tradesmen, it's unreal." MORE TOP STORIES
