In this article, we will discuss the 15 best places in Wisconsin for a couple to live on only social security. You may skip our detailed discussion on retirement savings & social security and see the 5 Best Places in Wisconsin for a Couple to Live on Only Social Security.
Navigating Retirement on Social Security
According to a 2023 report from the Nationwide Retirement Institute, 20% of US adults aged 50 or over say they won’t have any retirement income outside of their benefits. Unfortunately, relying on benefits such as social security alone for retirement may require retirees to compromise on their standard of living significantly. According to AARP, social security payments are typically 40% of an individual’s working income, although this varies depending on retirement age and income levels. Consequently, even retirees with access to perpetual social security checks have to accept the fact that a significant portion of their retirement expenses may have to be financed from savings. Unfortunately, the reality of retirement in America is that many individuals approaching retirement are insufficiently prepared to finance even essential costs. In fact, according to a study performed by Bankrate last year, 56% of Americans in the workforce believe they’re behind where they should be with their retirement savings. On the other hand, only 16% of individuals feel they are ahead of what they need to be in terms of savings.
READ ALSO: 15 Safest Places to Retire Abroad for Less Than $2,000 a Month and 15 Best Places in Massachusetts For A Couple To Live On Only Social Security.
Competing Life Priorities
One reason that many Americans approaching retirement struggle to save adequately is due to competing life priorities. According to The Goldman Sachs Group, Inc. (NYSE: GS), competing life priorities are a major reason for failure to accumulate retirement savings and can reduce an average worker’s retirement savings by up to 37%. Competing life priorities can range from unforeseen medical expenses to housing payments. In fact, data from a Redfin Corporation (NASDAQ: RDFN) survey in February 2024 shows that half of homeowners and renters surveyed struggle to afford their housing payments. Out of individuals who struggle to afford housing, 17.6% had to make withdrawals from their retirement savings to make payments.
Redfin Corporation (NASDAQ: RDFN) is an American residential real estate brokerage that operates in over 100 markets in the US and Canada. On August 6th, the company released its quarterly financial results for Q2 2024. During the period, the company posted a revenue of $295.2 million, an increase of 7% compared to the second quarter of 2023. Although the company posted a gross profit of $109.6 million during the period, it generated a net loss of $27.9 million. The net loss is a consequence of unfavorable market conditions that have impacted the entire real estate market over the last 2 years. Rising interest rates have severely limited market activity throughout the industry. In 2023, Redfin Corporation (NASDAQ: RDFN) closed its RedfinNow segment, which was an iBuying operation that purchased homes directly from willing sellers and attempted to flip them for a profit. Since then, the company has chosen to focus on services such as brokering, mortgages, and closing.
Despite losses, the management believes that improved revenue and EPS in comparison to the same quarter last year is a sign of its ability to generate profits in the longer run.
“In a still-declining market, Redfin grew revenues, profits and market share. The restructuring of our brokerage sales force, and the integration of Rent and Redfin operations, cap a series of seismic changes to increase Redfin’s profitability….. Our adjusted EBITDA should be about break-even this year, and we plan to be significantly profitable in the years ahead.”
– Glenn Kelman, CEO, Redfin Corporation (NASDAQ: RDFN)
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Retiring on a Fixed Income
In the absence of sufficient savings, one method of making ends meet is to reduce your retirement expenses significantly. Generally, retirees can expect to annually spend around 75% to 80% of their pre-retirement income to maintain their standard of living in retirement. However, it is extremely likely that those relying on fixed-income benefits such as pensions and social security only will not be able to sustain their quality of life.
However, retirement expenses can be trimmed down considerably based on the location of your retirement. For example, in July 2024, the average benefit paid out to retired workers by the Social Security Administration was $1,919.40. In comparison, data from Forbes shows that the average monthly cost of living in the US can range anywhere from $1,347 in Mississippi to $2,312 in Hawaii. Thus, by picking an appropriate destination for retirement, it is entirely possible for retirees to live comfortably on Social Security alone whilst also maintaining a reasonable quality of life.
Our article on the 15 Best Midwest Cities for Retired Couples Living on Just Social Security reveals how many of America’s best places to retire on fixed income are located in states such as Indiana, Nebraska, and Iowa. In this article, we will take a look at Wisconsin, one of the least expensive states to live in for retirees. Our estimates show that the average monthly cost of living in the Badger State is 10.1% lower than the US average. Moreover, data from Zillow Group, Inc. (NASDAQ: Z) shows that the median rent in Wisconsin is $1,299, nearly 39% lower than the national median rent. Thus, if you’re looking to find out about some of the best places to retire on Social Security only, join us as we look at the best places in Wisconsin for a couple to live on only Social Security.
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Methodology
To develop our list of best places in Wisconsin for a couple to live on only social security, we initially picked out the most recommended places in Wisconsin for a couple to live on only social security on the internet. We used 10+ sources including our article on 15 Best Midwest Cities for Retired Couples Living on Just Social Security and 20 Best Cities to Retire for 2024 to develop a shortlist. Further research was narrowed down to these places only. Among these best places in Wisconsin, for a couple to live on only social security, we developed a scorecard using metrics such as livability scores, cost of living, and average rent. Livability scores were sourced from Area Vibes while average rent was obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen as the best places in Wisconsin for a couple to live on only social security.
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Here are the 15 Best Places in Wisconsin for a Couple to Live on only Social Security:
15. Rhinelander
Insider Monkey Score: 10.45
Livability Score: 78
Median Rent: $1,095
IM Cost of Living: 84.2
Rhinelander is located in northern Wisconsin, in a region surrounded by a myriad of lakes and incredible landscapes. Apart from its stunning natural beauty, it features a quaint downtown and a close-knit community that any retiree can comfortably settle into.
14. Kimberly
Insider Monkey Score: 10.53
Livability Score: 87
Median Rent: $1,500
IM Cost of Living: 88.1
Kimberly is a small, yet vibrant, town on the banks of the Fox River. Although its median rent is the most expansive out of all the destinations on our list, it is still significantly lower than the national median of $2,115, per Zillow Group, Inc. (NASDAQ: Z).
13. Superior
Insider Monkey Score: 10.65
Livability Score: 85
Median Rent: $1,250
IM Cost of Living: 88.9
The city of Superior is located on the shores of Lake Superior, the largest freshwater lake in the world by surface area. Housing expenses and cost of living in Superior are both more affordable than the city of Duluth Minnesota, which lies just a few miles to its north.
12. Sheboygan
Insider Monkey Score: 10.71
Livability Score: 77
Median Rent: $975
IM Cost of Living: 83.2
Sheboygan lies in eastern Wisconsin, on the shores of Lake Michigan. Both Green Bay and Milwaukee lie just an hour’s drive from the city via Highway 43, making it extremely convenient for retirees who prefer the tranquility of a small town with regular access to big city amenities.
11. Marinette
Insider Monkey Score: 10.9
Livability Score: 75
Median Rent: $975
IM Cost of Living: 79.6
Marinette is the county seat of Marinette County, which is known as the waterfall capital of Wisconsin. Apart from activities such as hiking, biking, and paddling, residents can enjoy other fun excursions such as a trip to The Marinette County Historical Society Museum or Klema’s Seguins House of Cheese.
10. Burlington
Insider Monkey Score: 10.99
Livability Score: 82
Median Rent: $1,050
IM Cost of Living: 86.2
Burlington is often referred to as the chocolate city, as it is home to the Nestle Chocolate Plant. The cost of living in Burlington is 13.8% lower than the national average, making it one of the best places in Wisconsin for a couple to live on only social security.
9. Tomah
Insider Monkey Score: 11.03
Livability Score: 79
Median Rent: $1,050
IM Cost of Living: 82.4
Tomah is an industrial city that offers features plenty of parks, museums, and eateries. It is home to Lake Tomah, a popular picnic and day trip spot among locals. Moreover, it lies just a short distance from the Necedah National Wildlife Refuge, a 44,000-acre refuge that is home to more than 230 bird species, black bears, gray wolves, American badgers, Boghaunter dragonflies, and Blanding’s turtles.
8. Shawano
Insider Monkey Score: 11.03
Livability Score: 71
Median Rent: $725
IM Cost of Living: 77.8
In terms of rent, Shawano is the most affordable destination on our list. It is home to the picturesque Lake Shawano, as well as a number of beautiful parks.
7. Appleton
Insider Monkey Score: 11.04
Livability Score: 86
Median Rent: $1,250
IM Cost of Living: 87.6
Appleton is located on the banks of Fox River and is one of the most vibrant places in Wisconsin for a couple to live on only social security. It hosts the annual Mile of Music festival, a four-day event that draws over seventy thousand music fans each year.
6. Eau Claire
Insider Monkey Score: 11.14
Livability Score: 88
Median Rent: $1,150
IM Cost of Living: 90.8
In terms of cost of living, Eau Claire has the highest cost of living on our list. However, retirees who wish to immerse themselves in a bustling city would find it to be one of the best places in Wisconsin for a couple to live on only social security. It features plenty of restaurants, music events, and incredible waterfront real estate on the banks of the Chippewa River.
5. Antigo
Insider Monkey Score: 11.44
Livability Score: 73
Median Rent: $895
IM Cost of Living: 74.9
Antigo is located in eastern Wisconsin and is one of the least expensive places to live on social security. It has a cost of living that is 25.1% lower than the national average. In addition to affordability, it also offers a rich history as a lumber town and access to beautiful spots such as the Chequamegon-Nicolet National Forest.
4. Merrill
Insider Monkey Score: 11.58
Livability Score: 76
Median Rent: $850
IM Cost of Living: 78.3
Merrill is located on the Wisconsin River, just 30 miles west of Antigo. Considered as one of the Best Midwest Cities for Retired Couples Living on Just Social Security, it features a historic home district and plenty of serene spots to enjoy activities such as hiking and kayaking.
3. Little Chute
Insider Monkey Score: 11.75
Livability Score: 87
Median Rent: $995
IM Cost of Living: 88.1
Little Chute is a small town on the banks of the Fox River. While the town itself offers a lack of recreation in comparison to larger cities, it lies within 5 miles of both Kimberly and Wisconsin. Moreover, with one of the highest livability scores on our list, it is one of the best places in Wisconsin for a couple to live on only social security.
2. Kaukauna
Insider Monkey Score: 12.21
Livability Score: 89
Median Rent: $1,024
IM Cost of Living: 87.1
Kaukauna is another riverside city that offers access to some of Wisconsin’s most scenic destinations. It is home to the 1000 Islands Environmental Center where residents can access over seven miles of trails that loop through 350 acres of Conservancy Zone land.
1. Wausau
Insider Monkey Score: 13.28
Livability Score: 90
Median Rent: $895
IM Cost of Living: 83.4
Wausau is home to Aspirus Hospital, one of the best medical institutions in the state. In addition, it features a thriving arts scene and plenty of natural attractions to keep retirees entertained all the year. The Leigh Yawkey Woodson Art Museum and Rib Mountain State Park are just two of the many recreational attractions that residents have access to. In addition, housing in the city is extremely affordable, with a median rent of just $895, making it the best place in Wisconsin for a couple to live on only social security.
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Disclosure: None. 15 Best Places in Wisconsin for a Couple to Live on Only Social Security is originally published on Insider Monkey.