For those thinking about retirement, it might seem daunting to live with a strict budget from month to month. However, there are several factors to consider that can make the budgeting process less intimidating and allow people entering retirement to feel more prepared.
When choosing a city to retire in, it's important to consider cost of housing, groceries, healthcare and overall livability. In order to streamline the process, GoBankingRates has compiled a list of the 11 best cities to retire with a budget of $2,500 a month.
11. Omaha, Nebraska
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Monthly expenditures: $2,126.22
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Livability: 72
Omaha's rent falls in the middle range: A one-bedroom apartment averages $1,166. What ranks Omaha lower on the list, however, is the steep monthly healthcare cost of $562 and the hefty monthly grocery average of $398. Despite those sizable expenses, the livability in Omaha (72) is quite high.
10. Milwaukee, Wisconsin
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Monthly expenditures: $2,061
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Livability: 61
Milwaukee falls at No. 10 on this list, with monthly rent at $1,231 and groceries among the most affordable on the list, at $383. While Milwaukee offers monthly living for under $2,000, the city ranks the lowest on the livability scale, at 61.
9. Buffalo, New York
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Monthly expenditures: $2,040
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Livability: 63
Buffalo is the No. 3 most expensive city on this list, thanks to the second-highest rent ($1,215) and grocery costs ($406) each month. But the healthcare expenses ($419 per month) fall in the middle of the pack. All things considered, living in New York state is going to be expensive, but Buffalo is a cheap alternative to New York City.
8. Des Moines, Iowa
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Monthly expenditures: $2,029
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Liability: 75
Des Moines may not be the best place to settle for social people as only 14% of the city's population is over 65. Monthly rent for a one-bedroom in this city ranks highest on this list, at $1,138, and the city features the second-highest monthly healthcare costs, at $495. Living in Des Moines, however, could be worth it, as the livability score is 75.
7. Scranton, Pennsylvania
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Monthly expenditures: $2,015.15
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Livability: 63
Scranton features a monthly rent of $1,174 and a lively retired community as 20% of the city is 65 or older. The city does showcase pricier monthly grocery costs, at $398.
6. Sebring, Florida
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Monthly expenditures: $2,009
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Livability: 65
Sebring offers amazing opportunities for residents looking for a vibrant social life as 36% of the city's population is over 65. The rent for Sebring falls at $1,148 for one bedroom, and the city's grocery costs are the highest on this list, at $417.