Retire on the beach for less than $ 1,500 a month – The Fool Motley

If you're like most Americans, your retirement savings are probably a little sparse. Only a quarter of baby boomers think they are saving enough for retirement, according to a report by the Insured Retirement Institute, and 42% of baby boomers have nothing hidden for the future.

As a result, more people end up relying on social security to allow them to retire. But when the average social security check does not exceed $ 1,300 a month, you do not have much to do.

While relying on Social Security to make ends meet is not ideal, it does not mean that you have to give up on your retirement dreams. If you've always thought of spending your retirement relaxing on the beach sipping a cold drink, this could still be a reality even if your savings are insufficient. If you are ready to pack and move, you could be sitting at the seaside for less than $ 1,500 a month in these cities.

1. Pensacola, Florida

Pensacola is more than just a tourist destination. With its many restaurants, museums and, of course, miles of white sand beaches, it is a retreat haven for those looking for a relaxing place while exploring. The best part, however, is the relatively low cost of living in the city.

The median value of the house is only $ 145,000, and the average tenant pays about $ 950 a month. According to Zillow's forecasts, the value of homes is rising rapidly, so if you're thinking of buying a house in Pensacola, now is the time. And if the value of homes continues to rise, you may be able to make a good profit if you decide to sell later, further increasing your retirement income.

Living here also presents a major tax advantage: Florida residents are not subject to income tax, which also applies to retirement income. If your savings are already overcharged, saving money on income tax can help you save every dollar.

2. Corpus Christi, Texas

Located away from the Gulf of Mexico, Corpus Christi offers both a peaceful beach retreat and vibrant city life with many activities.

From the Texas State Aquarium to the South Texas Art Museum through the bustling restaurants, the city has something to offer everyone. The state park of Mustang Island is a short drive away and offers nearly 4,000 acres of beachfront land. Padre Island National Seashore is another popular destination for beach lovers, with its 70 km of coastline, its meadows and dunes multifaceted.

Texas residents are also exempt from income tax, making it another great retreat place for people on a budget. The median value of the house is around $ 150,000 and the average rent around $ 975 a month.

3. Bay St. Louis, Mississippi

Bay St. Louis is a picturesque town with about 13,000 inhabitants and a lot of charm for small towns. It also has Buccaneer State Park, located off the Gulf, which suits all beach and nature lovers. As a bonus, it is also about an hour's drive from New Orleans.

The median value of homes in Bay St. Louis is about $ 155,000 and you can find apartments right next to the beach for under $ 1,000 a month. Mississippi is also tax-efficient for retirees and you will not have to pay taxes on any type of retirement income.

The city also offers warmer temperatures than some of the other seaside towns, with average temperatures in the hottest parts of the year hovering around the 1980s, while the coldest months show average temperatures in the 50s and 60s.

Before you start packing …

Do you think you're ready to pack and move to the beach? Make sure to take your decision into account beforehand, as choosing a destination for retirement is not just a price. Think about the type of environment you are looking for. If you dream of spending your evenings in different restaurants, theaters and concerts, a quiet little town can make you unhappy – even if it fits your budget. On the other hand, if you just want to relax on the beach, the hustle and bustle of a bustling city can be a source of added stress.

Do not forget factors such as health care, visits to family and friends, and the potential for part-time work. If you have significant health problems, it's a good idea to look for a destination with quality hospitals. If you are moving away from home and plan to fly to visit friends and family, living close to an airport can save you time and money. # 39; money. And for those who want to work part-time during retirement, check out the job market of your potential new city before moving to see what options are available.

There is no need to be a millionaire to enjoy a sunny retreat on the beach. Even though most of your retirement income comes from Social Security benefits, if you are strategic, you can still live life at the beach you dream of.