15 Best Places in Pennsylvania for a Couple to Live on Only Social Security

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This article takes a look at the 15 best places in Pennsylvania for a couple to live on only Social Security. If you wish to skip our detailed analysis on retirement in Pennsylvania, you may go to 5 Best Places in Pennsylvania for a Couple to Live on Only Social Security.

A Pennsylvania Retirement

Back in 2023, a study conducted by BlackRock, Inc. (NYSE:BLK) unveiled a growing sense of anxiety and pessimism among participants in US retirement plans regarding the state of their savings for their golden years. Of these retirement savers, nearly 30% of them plan to work for longer to secure their retirement. This isn’t all bad news, considering the growing level of awareness and pessimism among potential savers in the US is steadily translating into improved retirement savings. According to a Participant Pulse report by Bank of America Retirement and Personal Wealth Solutions, in partnership with Bank of America Institute, average 401(k) account balances rose 15% to $86,280 in 2023, rising from $75,045 at the end of 2022. The report by Bank of America Corporation (NYSE:BAC) reveals that nearly 18% of 401(k) plan participants increased their contribution rates in Q4 2023, up from 9% in Q3 2023.

"These insights offer signs that people are prioritizing their retirement savings, with more employees increasing their contribution rates and fewer taking hardship distributions”.

While an increase in retirement savings is a good sign as noted by Bank of America Corporation (NYSE:BAC), BlackRock, Inc. (NYSE:BLK) makes a shocking revelation regarding the same. BlackRock, Inc. (NYSE:BLK) research in conjunction with the Employee Benefit Research Institute (EBRI) has revealed that retirees are hardly touching their retirement savings. 20 years into retirement, they note that most retirees have spent only 20% of it. Among the responses provided by respondents, the study identified several key themes. For starters, retirees overwhelmingly expressed the belief that retirement is not a period for lavish spending but rather a time to prioritize financial security. Additionally, there is a prevalent apprehension among these retirees regarding potential financial or medical emergencies that could deplete their savings. The study further highlights that there were variations in spending habits and overall financial confidence between retirees with defined benefit pension income and those lacking such traditional pension benefits. Specifically, only 25% of retirees with pension income were likely to utilize their saved assets to cover expenses, compared to 55% of non-pension retirees. The takeaway? Retirees with pension incomes are less likely to use their assets to cover retirement expenses.