While $1 million has long been considered a good retirement savings goal (although you probably actually need more), many Americans are falling short of this. A recent GOBankingRates survey found that 96% of Americans have less than $1 million saved for retirement, and more than half have less than $20,000 saved. That means that many Americans will be retiring on a strict budget.
If you’re in this boat, there are still ways you can live well throughout your golden years. Check out GOBankingRates’ best advice for retiring on a budget.
Tips for Retiring on a Budget
Whether you have just a little bit saved for retirement or will be living off Social Security alone, here’s how you can make the most of the resources available to you:
Where To Retire on a Budget of $3,000 a Month or Less
Whether you want to retire in a big city or a small town, you can live comfortably in some places for $3,000 a month or less.
Where To Retire on a Budget of $2,000 a Month or Less
Although it’s more difficult to retire on a smaller budget, there are still places where you can cover living expenses for $2,000 a month or less. Here are some of your options:
Where To Retire on Social Security Alone
If Social Security is your only source of retirement income, you should aim to live somewhere with low living costs. These are the best options for where to live on just a Social Security check:
More From GOBankingRates
This article originally appeared on GOBankingRates.com: The Complete Guide To Retiring on $3K a Month, $2K a Month or on Social Security Alone