In this article, we will discuss the 15 best places in Indiana for a couple to live on only social security. You may skip our detailed discussion on senior living communities and see the 5 Best Places in Indiana for a Couple to Live on Only Social Security.
On Navigating Retirement
While there is no consensus on the ideal nest egg for a comfortable retirement, The Charles Schwab Corporation (NYSE: SCHW) recommends that the generic rule should be to retire with 25 times your annual withdrawal for the first year of retirement. In addition, The Charles Schwab Corporation (NYSE: SCHW) states that the average retiree can expect to spend 75% to 80% of their pre-retirement income to maintain their standard of living.
Unfortunately for many Americans approaching retirement, this figure might seem unattainable. According to data by the Federal Reserve Survey of Consumer Finances (SCF), US adults have a median of just $87,000 in retirement savings. Furthermore, among those looking to retire in the next 10 years (currently aged between 55-64), the median savings are $185,000. While this does not take into account retirement annuities, public & private pensions, and retirement assets, it highlights how upcoming generations might be less financially prepared for retirement than their predecessors.
Furthermore, Social Security Administration’s annual trustees report reveals that Social Security’s combined funds paying retirement, disability, and family funds will be able to pay benefits in full up to 2035. The program is expected to pay 80% of scheduled benefits after. Thus, those looking to rely on social security checks might only be able to claim a fraction of their benefits once the program’s funds are depleted.
READ ALSO: 11 Best Places to Retire in Los Angeles and 10 Best Undervalued UK Stocks To Buy Now.
Senior Living: A Solution to Affordable Retirement
While every retiree dreams of owning their own home, the reality is that buying a house has become extremely expensive due to rising costs and interest rates. Thus, many retirees will instead have to rely on affordable rental accommodations during their retirement. In recent years, senior living communities have become an extremely popular choice among retirees looking to find their forever homes.
The popularity of senior living communities can be assessed based on research by Mordor Intelligence which reveals that currently, the senior living market size in the US is estimated to be $112.93 billion. Furthermore, the market is expected to grow at a CAGR of 5.86% to $150.42 billion by 2029. The population size of individuals over 80 years is expected to grow by 50% in the next 10 years, thus driving demand for senior living facilities even further.
Although some senior living facilities can be expensive in comparison to conventional rental accommodations, there are a wide range of affordable senior living facilities to cater to individuals based on their financial position. Facilities such as Brookdale Senior Living Inc. (NYSE: BKD) allow residents to personalize their pricing structure based on their needs which can be used to make living more affordable.
Currently, Mordor Intelligence states that Brookdale Senior Living Inc. (NYSE: BKD) is the market leader in the Senior Living Communities market. The company operates in 41 different states and has over 700 different communities. Its communities range from both luxury and wellness-oriented communities to some of the cheapest senior living communities in the USA. This week, the company released its Q2 2024 financial results in which the company achieved a net loss of $0.17 per share (a total loss of $37.7 million). The company had posted a net loss of $0.02 in the same quarter in 2023 and revealed that the increase in net loss was primarily due to an increase in the fair value of interest rate derivatives in the prior period.
The company is expected to continue generating losses in the forthcoming quarter. However, its management is hopeful that its Revenue per Occupant and weighted average occupancy rates will continue to swell, signaling an increase in future revenue and operating income. Since the release of its Q2 2024 results, Brookdale Senior Living Inc. (NYSE: BKD) stock fell from $7.24 on Thursday morning to $6.81 on Friday evening.
While we acknowledge the potential of BKD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BKD but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Retiring in Indiana
Although many retirees prefer to move to southern states such as Texas or Florida for their retirement, factors such as housing costs, cost of living, and proximity to loved ones can make it difficult for individuals to retire in the Sun Belt. However, there are many underrated retirement destinations in other parts of the US that one might consider. Our article on the 15 Best Midwest Cities for Retired Couples Living on Just Social Security reveals many such destinations in states such as Nebraska, Iowa, and Kansas.
In addition to these places, many cities in the state of Indiana offer a balance of affordable housing and quality of living where retirees can live comfortably on social security alone. Thus, if you’re interested in finding out about the best state to live in when you’re on Social Security, join us as we look at the best places in Indiana for a couple to live on only Social Security.
15 Best Place in Indiana for a Couple to Live on Only Social Security
Methodology
To develop our list of best places in Indiana for a couple to live on only social security, we initially picked out the most recommended places in Indiana for a couple to live on only social security on the internet. We used 10+ sources including our article on 15 Best Midwest Cities for Retired Couples Living on Just Social Security and 20 Best Cities to Retire for 2024 to develop a shortlist. Further research was narrowed down to these places only.
Among these best places in Indiana for a couple to live on only social security, we developed a scorecard using metrics such as livability scores, cost of living, and average rent. Livability scores were sourced from Area Vibes while average rent was obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen as the best places in Indiana for a couple to live on only social security.
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Here are the 15 Best Places in Indiana for a Couple to Live on only Social Security.
15. Kokomo
Insider Monkey Score: 9.60
Livability Score: 68
Average Rent: $1,050
IM Cost of Living: 76.9
Kokomo is located in central Indiana about 50 miles east of Lafayette. It is home to multiple independent and assisted living facilities.
14. Marion
Insider Monkey Score: 9.90
Livability Score: 64
Average Rent: $950
IM Cost of Living: 72.7
Marion is located just east of Kokomo. Interstate Highway 69 passes by the city enabling residents to have convenient access to major cities such as Fort Wayne and Indianapolis. Marion is known as the “Queen City of Grant County” and offers a vibrant blend of culture and affordability, making it one of the best places in Indiana for a couple to live on only social security.
13. Washington
Insider Monkey Score: 9.97
Livability Score: 74
Average Rent: $1,050
IM Cost of Living: 80.7
Washington is a small town located in southwest Indiana. Washington is located approximately 50 miles west of Hoosier National Forest and the Marengo Cave, some of Indiana’s most popular natural attractions.
12. Connersville
Insider Monkey Score: 10.40
Livability Score: 65
Average Rent: $625
IM Cost of Living: 76.3
Connersville is one of Indiana’s oldest cities. In terms of average rent, Connersville is by far the most affordable destination on our list. In addition, the cost of living in the city is 23.7% lower than the US average, making it one of the best U.S. cities to retire on Social Security.
11. Fort Wayne
Insider Monkey Score: 10.56
Livability Score: 84
Average Rent: $1,200
IM Cost of Living: 84.5
Fort Wayne is the second largest city in Indiana. Despite its large population, it is significantly more affordable than other major cities such as Carmel, Bloomington, and Indianapolis. Moreover, it has the highest livability score out of all the places on our list, making it one of the best places in Indiana for a couple to live on only social security.
10. New Castle
Insider Monkey Score: 10.70
Livability Score: 71
Average Rent: $744
IM Cost of Living: 78.4
New Castle is located just under 50 miles east of Indianapolis, the state capital of Indiana. Just north of New Castle lies the Summit Lake State Park, a popular recreational site that offers activities such as fishing, paddle boating, and swimming.
9. Terre Haute
Insider Monkey Score: 10.80
Livability Score: 74
Average Rent: $821
IM Cost of Living: 79.5
Terre Haute is located along Interstate Highway 70, just 5 miles east from Indiana’s state border with Illinois. Due to the importance of its location, it has served as a major commercial and industrial center for the state.
8. Goshen
Insider Monkey Score: 11.00
Livability Score: 84
Average Rent: $1,000
IM Cost of Living: 85.3
Goshen is located just 15 miles south of Michigan state and is one of the best places in Indiana for a couple to live on only social security. It has the joint highest livability score out of all the places on our list. Although it is the most expensive destination in terms of cost of living, it is still 14.7% cheaper than the US average.
7. Bluffton
Insider Monkey Score: 11.07
Livability Score: 74
Average Rent: $700
IM Cost of Living: 79.9
Bluffton is a small town 30 miles outside of Fort Wayne. It lies next to the Ouabache State Park where residents can immerse themselves in many adventures and activities such as biking and kayaking.
6. Vincennes
Insider Monkey Score: 11.11
Livability Score: 71
Average Rent: $643
IM Cost of Living: 77.6
Vincennes is located in southwestern Indiana, on the state border with Illinois. It is home to some incredible waterfront communities, courtesy of the Wabash River. Apart from its incredible riverscapes, it is home to the George Rogers National Park.
5. Wabash
Insider Monkey Score: 11.60
Livability Score: 77
Average Rent: $698
IM Cost of Living: 79.7
Wabash is located along the Wabash River in central Indiana. It is an extremely affordable destination with an average rent of just $698 and cost of living over 20% lower than the national average, making it one of the best places in Indiana for a couple to live on only social security.
4. Muncie
Insider Monkey Score: 11.87
Livability Score: 81
Average Rent: $1,029
IM Cost of Living: 76.2
Despite being a relatively smaller city, Muncie is extremely well connected with urban centers such as Fort Wayne and Indianapolis due to its location. It is a historic town that is now home to the Ball State University. It offers a blend of small-town charm and culture that makes it an extremely pleasant retirement destination.
3. Logansport
Insider Monkey Score: 11.91
Livability Score: 77
Average Rent: $782
IM Cost of Living: 76.2
Logansport sits at the junction of the Eel and Wabash Rivers and is home to some of the most picturesque residential communities in the state. Apart from its natural appeal, it is also home to a wide range of eateries, museums, and parks, making it one of the best places in Indiana for a couple to live on only social security.
2. Peru
Insider Monkey Score: 12.28
Livability Score: 77
Average Rent: $650
IM Cost of Living: 76.2
Peru is one of the best places in Indiana for nature lovers to settle into. It lies close to both the Seven Pillars Nature Preserve and the Asherwood Nature Preserve, thus offering plenty of attractions for retirees to explore. Moreover, Peru offers a rich cultural heritage and is considered to be the Circus Capital of the World. The Circus Hall of Fame is a museum located in the city that commemorates the city’s affection for art and culture.
1. Richmond
Insider Monkey Score: 13.33
Livability Score: 82
Average Rent: $695
IM Cost of Living: 73.8
Located in far eastern Indiana, Richmond is a small town that offers access to two major urban centers. It lies just over an hour from both Indianapolis and Cincinnati, thus allowing residents to have frequent access to big city amenities. Richmond offers a youthful energy, courtesy of the fact that it is home to several colleges and educational institutions such as Earlham College and Indiana University East. In addition, its cost of living is 26.2% lower than the national average, while the average rental price is under $700. Thus, Richmond isn’t only one of the most enriching retirement destinations in the Midwest, but also the best place in Indiana for a couple to live on only social security.
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Disclosure: None. Disclosure: None. 15 Best Places in Indiana for a Couple to Live on Only Social Security is originally published on Insider Monkey.