Baby Boomers can Lower their Cost of Living by Relocating to Places in the U.S. Where the Dollar Goes Further
One of the most effective steps Baby Boomers can take to live better on a fixed income is to relocate to an area where the cost of living is less. This can result in dramatic savings without sacrificing your quality of life. In fact, in most cases the quality of life significantly improves.
Many Baby Boomers live in relatively expensive areas, like San Diego, where home prices are dramatically higher than in the rest of the nation. Just selling your home and relocating to more affordable areas can allow you to buy a new home for cash and still retain a nice nest egg to supplement savings, investments and Social Security or pension income. And if the real estate market does not justify selling your residence now, you can always rent or lease it out until times are better.
Best Places in the U.S. for Baby Boomers on a Budget to Retire
Yes, there are still places right here in the U.S. that are excellent retirement locations for Baby Boomers who must live off Social Security or a pension and have an additional small nest egg (401K, investments, etc.). Obviously, you want to avoid areas with high housing costs or which are dependent upon expensive fuels for heating and traveling. U.S. News and World Report has profiles of places for retirement by criteria, and lists the following “Best Places to Retire” in a feature from 2011.
In recent articles, AARP offers a host of reports that can help Baby Boomers decide on the best place to retire for them:
Kiplinger also investigated this subject: 23 Cheap Places Where You Will Want to Retire.
Rural Areas Offer Home Financing for Low-Income Baby Boomers!
Rural Housing Direct Loans are loans funded directly by the government. They are available for low- and very-low income Baby Boomers to obtain home ownership.
You can get 100 percent financing. including repairs and renovations or to purchase a site and install water and sewage! Mortgage payments are based on the household’s adjusted income. To qualify, your income can be as high as 50-58 percent of the average median income for the area in question.
This is a good deal for Baby Boomers who have suffered financial setbacks or live solely on Social Security. Find out if you are eligible and learn more at the USDA Rural Development Website.