Retirees Can Live On Social Security Alone In This Charming Ohio City Full Of Music And Art

With plenty of strife in the economic outlook gumming up the works for employees and retirees alike, there's a lot of question marks swirling around how to plan for the future. For those already in retirement, making key concessions may be necessary to outlast temporary difficulties. Those still working, on the other hand, may be looking at adjustments they can make to keep pace with their goals—or they might shift those targets.

One way that retirees can stretch their dollar a bit farther is through a strategic move. Many people move out of their homes when they give up working because they no longer need to live in a particular area that facilitates the commute. Others move in an effort to downsize and extract crucial capital value out of a home that doesn't serve their lifestyle needs in other ways. But there's another option when planning a move in retirement. Some people might decide to put down roots in a new community altogether, specifically one that helps expand their buying power by a huge margin. For retirees who haven't save as much as they'd like, moving into a community that allows them to live mostly or even solely on their Social Security checks can be an appealing option. Fortunately, one particular city in Ohio provides just the right blend of activity and cost effectiveness to warrant a serious look.

A commuter town at heart, Cleveland Heights was born in the early 1900s as a suburb of the larger city that casts its evening shadow toward the community. Cleveland Heights is just 20 minutes from the center of its big brother along the shores of Lake Erie. This makes it an ideal place to land for those who want a suburban, small town feel while retaining access to all the hallmarks of city life. Cleveland supports numerous professional sports teams and features plenty of concert venues that draw big name acts throughout the year.

Cleveland is home to the Rock & Roll Hall of Fame and it sports excellent nightlife options, great food, and all kinds of outdoor adventure settings. Living in or around the city provides the bones of an exciting, yet relaxing and fulfilling lifestyle. The traits that many retirees are looking for in a soft landing spot can be had easily in this suburban slice of the lakeside Ohio community. With all that being said, perhaps the best part remains to be seen: Cleveland and its surrounding suburbs offer immense buying power that consistently outpaces the national average across numerous categories.

Just about everything you might purchase can be found at a rate lower than the national average. Overall, the city's cost of living is 8% off the national average, and housing in particular stands at 18% lower than the national figure (and up to 23% lower, by other accounts). The average salary is notably also reduced, standing at a little over $52,000 compared to the national number of roughly $66,600. But retirees won't be looking for work. This means that they can take advantage of all the cost reductions that come along with a salary that's shrunk down without worrying about making their finances work on a smaller budget. In fact, the cost of living is so affordable in and around Cleveland, that many people with a typical Social Security check (the average in 2024 was a little under $2,000 per month) can live on this alone.

The ability to manage a balanced budget without having to tap into your own personal retirement savings can be a truly life changing turn of events. Balancing your finances is an important skill for young workers, and it remains critical for older Americans, too. If you can limit your drawdown or even avoid it altogether for a few years early on in your retirement, you can create a unique breathing room that will stand by you for years to come. Delaying withdrawals allows the full weight of your savings to continue accumulating value. Even without additional contributions, leaving these funds untouched will add serious length to the backend of your financial plan in retirement.