South Dakota Is One of the Best Places to Live on Social Security
Retirement can be exciting and nerve-wracking at the same time.
Not having to punch a time clock provides you with a freedom you've been dreaming about for years, but without a job, making ends meet when you rely solely on Social Security can cause a considerable amount of anxiety.
In South Dakota though that monthly retirement check goes a lot further than in most other states.
According the GoBankingRates, the Mount Rushmore State is number four on their list of the 'Top States to Live on Just a Social Security Check'.
Factoring in the cost of a one-bedroom apartment and the overall cost of living, South Dakota checked in with an average rent of $744 and a cost-of-living index of 95.2, which is second best to only North Dakota among the top ten states.
TOP TEN STATES TO LIVE ON JUST A SOCIAL SECURITY CHECK
- Nebraska: 2022 Average Rent: $827, Overall Cost-of-Living Index: 91.8
- North Dakota: 2022 Average Rent: $672, Overall Cost-of-Living Index: 96.8
- Indiana: 2022 Average Rent: $835, Overall Cost-of-Living Index: 89.2
- South Dakota: 2022 Average Rent: $744, Overall Cost-of-Living Index: 95.2
- Wyoming: 2022 Average Rent: $742, Overall Cost-of-Living Index: 93.9
- Kentucky: 2022 Average Rent: $741, Overall Cost-of-Living Index: 93.6
- Michigan: 2022 Average Rent: $849, Overall Cost-of-Living Index: 89.9
- Ohio: 2022 Average Rent: $785, Overall Cost-of-Living Index: 90.8
- Missouri: 2022 Average Rent: $782, Overall Cost-of-Living Index: 90.5
- Oklahoma: 2022 Average Rent: $814, Overall Cost-of-Living Index: 84.8
When broken down by individual cities, one location in Iowa is among the best in America to survive on Social Security.
Davenport is eighth overall with an average rent of $731 for a one-bedroom apartment and a cost of living score of 81.7.
The article says it costs about 19% less to live in Davenport than the average American city.