Women face different challenges in retirement than men, and many involve money. Across all age groups, women have less than one-third the median retirement savings as men, according to research from Prudential Financial. Women are three times more likely to delay retirement due to caregiver duties, and those who depend heavily on Social Security in retirement get much smaller payments than men.
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According to the Social Security Administration, the median Social Security benefit for a woman in 2024 is $1,623 a month. That compares to $2,080 for men. Much of the difference has to do with the fact that women earn less than men in the workplace, which means they contribute less to Social Security. Women also are much more likely to leave the workforce to care for family, which also cuts into their Social Security benefits.
Trying to get by on Social Security alone is nearly impossible in the United States when your monthly benefit is only $1,623. The average rent for an apartment in the U.S. was $1,739 a month as of July 2024, according to data from RentCafe. You can find much cheaper rents in certain places, but they might not be suitable for retirees in general or women in particular.
Safety is an important consideration for any retiree, but especially for women. You want to retire in a place with low crime rates. Retiring in a place with easy access to healthcare and senior social activities is also helpful.
A recent study from GOBankingRates ranked the safest and most affordable places to retire based on an analysis of data from the FBI, Sperling’s Best Places, the U.S. Bureau of Labor Statistics and the U.S. Census Bureau.
Based on that and other studies, here are 10 of the best places for women to live on Social Security, listed in alphabetical order:
Also check out the changes coming to social security next year.
Anacortes, Washington
- Violent Crime Rate Score: 0.971
- Property Crime Rate Score: 0.833
- Annual Cost of Living: $85,882
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Dubuque, Iowa
- Violent Crime Rate Score: 0.853
- Property Crime Rate Score: 0.914
- Annual Cost of Living: $61,949
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Fergus Falls, Minnesota
- Violent Crime Rate Score: 0.930
- Property Crime Rate Score: 0.887
- Annual Cost of Living: $64,065
Jonesborough, Tennessee
- Violent Crime Rate Score: 0.973
- Property Crime Rate Score: 0.925
- Annual Cost of Living: $61,730
Keene, New Hampshire
- Violent Crime Rate Score: 0.945
- Property Crime Rate Score: 0.894
- Annual Cost of Living: $67,203
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Kettering, Ohio
- Violent Crime Rate Score: 0.984
- Property Crime Rate Score: 0.933
- Annual Cost of Living: $58,228
Oxford, Mississippi
- Violent Crime Rate Score: 0.916
- Property Crime Rate Score: 0.884
- Annual Cost of Living: $60,490
Pinehurst, North Carolina
- Violent Crime Rate Score: 0.989
- Property Crime Rate Score: 0.983
- Annual Cost of Living: $68,516
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Rochester, Minnesota
- Violent Crime Rate Score: 0.929
- Property Crime Rate Score: 0.908
- Annual Cost of Living: $68,735
Wauwatosa, Wisconsin
- Violent Crime Rate Score: 0.939
- Property Crime Rate Score: 0.878
- Annual Cost of Living: $64,211
Other Data To Consider
In terms of the best states for women retirees, you’ll get different answers from different sources. An Insider Monkey analysis ranked these five states as the best for female retirees:
- Delaware
- Washington
- Minnesota
- Colorado
- Florida
A separate analysis from Provise Management Group rated these five states as the best for female retirees:
- Hawaii
- New Hampshire
- Tennessee
- Oregon
- Arizona
While these states all rank high as retirement destinations for women, they might not be a good fit for those who lean heavily on Social Security benefits (Hawaii is expensive no matter where you live).
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This article originally appeared on GOBankingRates.com: 10 Best Places for Women To Live on Only a Social Security Check
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