In this article, we take a look at the Best Place in Oklahoma for a Couple to Live on Only Social Security. Check out the complete list of 15 Best Places in Oklahoma for a Couple to Live on Only Social Security.
Preparing for Retirement
In less than a decade, Social Security is going to run out of cash. It’s true, unless Congress does something about it. The exhaustion of the program’s funds means sharp cuts for an estimated 60 million beneficiaries and their family members. These benefits could be cut by as much as 21%, something that is going to set back the senior population, many of whom only have these funds to depend on.
So why didn’t the Baby Boomer population save for retirement? They were the first ones with an access to a 401(k) retirement plan, which makes one wonder why they didn’t use it to its full potential. According to a study, one of the biggest reasons late boomers weren’t able to save much for retirement is the unemployment spike during the Great Recession. Obviously, the unemployed had little to contribute to retirement accounts, which meant smaller nest eggs at the time of retirement.
Having little to no retirement savings is a sad reality for many retirees today. A frequently asked question in these situations is, “How can I live on just Social Security?” While the answer isn’t that simple, many retirees today are making it work. A common way they are managing living on small checks is by moving to some of the best states to retire on Social Security. Some of these states include Mississippi, Wyoming, and West Virginia; offering the best balance between cost of living and tax-friendliness. However, not everyone has the heart or funds to retire to some of the best places to live on Social Security. Factors such as friends and family, sense of belonging, and other considerations may often keep one in states or cities where they’ve always been.
Case in Point: Oklahoma. Is Oklahoma a good place for seniors to live? Deemed one of the top tax-friendly states to retire to, Oklahoma offers an ideal balance between cost of living, scenic beauty, and welcoming atmosphere. This essentially makes it one of the best states to retire on just Social Security in the US. The cost of living in the state is an estimated 14% lower than the state average. The state doesn’t tax Social Security benefits, and there are deductions available on other types of retirement income. So yes, Oklahoma is a retiree friendly state. Sales taxes may be high here, but retirement taxes, cost of living, and lower-than-average property taxes make it up for retirees.
Building Your Nest Egg
For the retirees still on the path to saving up for retirement, exposure to stocks plays an important role in building up your nest egg. However, it also depends on what age you’re at in your journey in retirement. According to The Charles Schwab Corporation (NYSE:SCHW), investors may want to allocate more to stocks in the early years of retirement to guard against longevity risk, the risk of a retiree outliving their benefits.
“It’s all about striking the right balance between preservation and growth”.
-Rob Williams, managing director of financial planning, retirement income, and wealth management at the Schwab Center for Financial Research, The Charles Schwab Corporation (NYSE:SCHW)
However, The Charles Schwab Corporation (NYSE:SCHW) recommends considering a more moderate portfolio once individuals reach the age of 60. For those 80 and above, a conservative approach is the best for income generation as well as capital preservation.
As for those looking for some advice on retirement stocks, our article on the best retirement stocks according to the media reveal Johnson & Johnson (NYSE:JNJ) and The Coca-Cola Company (NYSE:KO) are the top two retirement stocks to buy.
The Coca-Cola Company (NYSE:KO) have been announcing annual dividend increases for the past 62 years without any breaks, crowning it as one of the safest dividend stocks in the market. Similar to The Coca-Cola Company (NYSE:KO), Johnson & Johnson (NYSE:JNJ) has also had its dividends increasing ever since 1963. According to Insider Monkey’s updated database for Q1 2024, 80 hedge funds held stakes in Johnson & Johnson (NYSE:JNJ) as of the end of March of this year.
These two stocks hold potential for retirees who wish to build their retirement nest eggs, but our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock, check out our report about the cheapest AI stock.
Methodology
To compile this list of the 15 best places in Oklahoma for a couple to live on only Social Security, we consulted several sources including our lists on retiring to Oklahoma, as well as external sources such as Movoto, NewHomeSource, Niche, Unbiased, and WorldAtlas.
Once a list of places was compiled, we ranked them on their median figure for a two-bedroom rental, their livability scores, and their cost of living. For this article, rental prices were taken from Zillow Group, Inc. (NASDAQ:Z), livability scores were taken from Area Vibes, and the cost of living index was our own. To ensure that the recommended places held a high quality of living, we removed cities with a livability score below 60. A unique Insider Monkey score was then assigned to each place based on these factors, with the 15 highest-scoring places making our list of the 15 best places in Oklahoma for a couple to live on only social security. For cities that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order.
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Here is the best place in Oklahoma for a couple to live on only Social Security:
1. Stillwater
Insider Monkey Score: 95
Livability Score: 82
IM Cost of Living: 83.3
Median Two-Bedroom Rental: $800
Based on our methodology, the best place in Oklahoma for a couple to live on only Social Security is Stillwater. Home to the Oklahoma State University, this small community can be a great place to retire for those looking to stretch their retirement incomes. The median two-bedroom rental here is less than a $1,000; while overall cost of living is an estimated 17% less than the national average.
The best thing about Stillwater is its convenient location within one hour both from Oklahoma City and Tulsa, offering access to additional amenities. Seniors can enjoy plenty of outdoor recreation here, including lakes, parks, and golf courses. Spend a day hiking or walking Walnut Creek State Park or the Boomer Lake Park, explore its historic downtown, or simply relish one of the friendliest and most affordable towns in America.
Looking for more places to retire in Oklahoma on Social Security? Check out our free full list at 15 Best Places in Oklahoma for a Couple to Live on Only Social Security.
At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire to retirement and investment strategies; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published on Insider Monkey.