16 East Coast Cities to Retire on $3000 a Month or Less

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This article takes a look at the 16 East Coast cities to retire on $3000 a month or less. If you wish to skip our detailed analysis on navigating the Peak 65 generation, you may go to 5 East Coast Cities to Retire on $3000 a Month or Less.

Navigating the Peak 65 Generation

Is the United States of America prepared to handle the Peak 65 generation? Whether it is or it isn’t, "Peak 65" is what encapsulates the essence of 2024. Referring to the fact that more than 12,000 Americans are expected to retire each day this year, retirement in the US is, believe it or not, on the brink of a profound transformation. Concerns about retirement planning systems, social security welfare, and even Medicare may put many individuals back in the workforce even after they hit the retirement age. According to a study by Allianz Life, 22% of Americans surveyed state that they are likely to retire in 2024. Up from 17% in 2022, this demographic shift raises concerns as a substantial number of individuals may face challenges in sustaining their retirement lifestyle solely through trivial savings and social security.

Unlike the 22% who are planning on retiring, 12% who have already retired in recent years are now contemplating re-entering the workforce. Many of these individuals have been citing reasons such as inadequate preparation for retirement, needing money to pay off debt, and even boredom as reasons for coming back to work. After all, working longer is a surefire way to ensure you don’t outlive your savings. Unfortunately, the Economic Benefit Research Institute Retirement Confidence Survey notes that 46% of individuals surveyed in 2023 retired earlier than planned due to reasons such as health conditions, implying that retiring late or even coming back to work isn’t a strategy that can be counted on.

For these reasons, Merrill, a Bank of America Corporation (NYSE:BAC) company, advises that individuals must consider numerous financial factors that can help them prepare for their future. For instance, individuals must start contributing to their employee-sponsored plans as soon as they become eligible for them. Additional tax-advantaged accounts must specifically be used to save money, such as traditional and Roth IRAs, Health Savings Accounts, and more. Those individuals who have crossed their 50s with little to no savings may even use catch-up contributions to save as much as they can for retirement.

Retirees are also flocking to other parts of the country to stretch their retirement savings. According to a report by Redfin Corporation (NASDAQ:RDFN), a technology-powered real estate brokerage firm, 25.8% of home buyers have been looking to move to a new part of the country. One of the most popular relocation destinations for these home buyers, according to Redfin Corporation (NASDAQ:RDFN), is an East Coast city called Myrtle Beach in South Carolina. The median price of a home in the city is around $400,000; a lucrative buy for many coming from states such as Washington and New York. Median home values in the latter states cost $605,000 and $800,000 respectively, something that the average retired individual cannot afford to buy.