This article takes a look at the 15 best places in Missouri for a couple to live on only Social Security. If you wish to skip our detailed analysis of how the COVID-19 pandemic has impacted retirement in the US, you may go to 5 Best Places in Missouri for a Couple to Live on Only Social Security.
A Pandemic Retirement
Today’s senior citizens will be able to say something few others will - they lived through a full-blown pandemic mere years before they were set to retire - and it switched up their retirement plans. While now pretty much a thing of history books, the COVID-19 pandemic was one of the most significant global events in modern times, and it has not settled without lasting impacts. One of these impacts was the mass layoffs that marred the pandemic years. Companies such as Berkshire Hathaway Inc. (NYSE:BRK-A), Walmart Inc. (NYSE:WMT), and Chevron Corporation (NYSE:CVX) were among the top companies, collectively laying off thousands of workers during the COVID-19 pandemic.
Post-pandemic, this has led to an unexpected happening. While labor market participation rates for different age groups have reversed to settle at or exceed their pre-pandemic measures, the 55 and above age group is an exception to this happening. Although CNBC’s All-America Workforce Survey reports that 57% of those who partook in pandemic-time retirement did so because they were laid off from their workplaces, the 55 and above population is now making a conscious choice to bid farewell to the workplace for good. So when the likes of Berkshire Hathaway Inc. (NYSE:BRK-A), Chevron Corporation (NYSE:CVX), and Walmart Inc. (NYSE:WMT) laid off workers, they unknowingly pushed the older of those laid off into an unplanned retirement. Moreover, demographics show that within this age group, it is mostly white individuals without college degrees who are staying retired.
According to the Federal Reserve Bank of San Francisco, the decision of the 55 and above age group to partake in early retirement has left the US labor force with a deficit of 2 million workers. This shockingly large number consists of individuals who would otherwise still be employed had the pandemic not occurred. So, what exactly has led to this mass move for retirement, and how are those at the center of it faring? One reason for this unprecedented mass retirement is the wealth that the pandemic brought with it. For instance, the stock and housing market saw favorable growth in the 2019 to 2021 period. Since older individuals are likely to have greater investments - as they are saving for retirement - the age group underwent an accumulation of wealth that they were otherwise without, and that allowed them to consider a permanent early retirement.
“This effect is particularly salient to older people ‘on the margin,’ who are about to exit the workforce altogether. Increases in wealth for this demographic tend to be reflected in large changes in the willingness to work. Since people close to retirement tend to own a lot of assets (as they are saving for retirement), and the values of many assets grew considerably during the pandemic period, this made them more likely to retire.”
Other factors include an unwillingness to return to work - particularly to the office - a slower job market, and an ease in inflation. Many experts, such as Jesse Wheeler of Morning Consult, say re-entering the job market is difficult once a departure has been made, and that the older individuals who have permanently left the workforce have grown into retirement.
“The longer you’re in retirement, the harder it is to come back. Networks (that lead to job interviews) break down (and) skills atrophy.”
Of course, there’s also the fact that some individuals are simply enjoying retirement far too much to even consider returning to the workforce. With unplanned retirement on the horizon, the question of the non-financial aspect of retirement planning becomes even more pertinent. One of the main questions that arises is of the location of retirement as it is a common American trend to either find the best places to retire around the world or the best places to retire in the US.
One state that is worth considering is that of Missouri. It is important to remember that of those retiring early, not all will be wealthy or have large amounts in their retirement savings - and Missouri is accommodating to these individuals. For instance, Zillow Group, Inc. (NASDAQ:Z) states that Missouri’s median rent is 38% lower than the national median. Similarly, Missouri holds one of the lowest average monthly grocery spends per person at just $312.63, notes Zippia. This puts it below popular retirement states such as Florida ($364.25) and Minnesota ($395.39). As for taxation policies, Missouri is among the states that won’t tax Social Security income in 2024, helping retirees stretch their monthly budgets further. This makes Missouri one of the best states to retire in the US financially and one of the best states for low-income seniors.
To facilitate retired couples who are pondering the move to Missouri, we have compiled a list of the 15 best places in Missouri for a couple to live on only Social Security.
15 Best Places in Missouri for a Couple To Live on Only Social Security
Ruslan Guzov/Shutterstock.com
Methodology
To compile this list of the 15 best places in Missouri for a couple to live on only social security, we consulted several articles including our list of 22 US Cities to Retire on $3,000 a Month, 20 Best US Cities to Retire with $1 Million in Retirement Savings, Niche, Movoto, NewHomeSource, Unbiased, and Retirable, amongst others. Once a list of places was compiled, we ranked them on their average 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) and Zumper, 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 Missouri 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.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the 15 best places in Missouri for a couple to live on only Social Security:
15. Jennings
Insider Monkey Score: 66
Livability Score: 67
IM Cost of Living: 88.6
Median Two-Bedroom Rental: $1,050
Starting off our list of the best places in Missouri for a couple to live on only Social Security is the St. Louis County city of Jennings. With a cost of living that is 11.4% lower than the national average, our first pick starts out strong. A small city with a population of less than 13,000 residents, Jennings offers all the necessary amenities required for a pleasant retirement. Residents can visit the Buzz Westfall Plaza shopping center for their retail needs, the local Aldi’s for their groceries, and even visit the nearby hospital in St. Louis in case medical attention is required.
14. Lee’s Summit
Insider Monkey Score: 67
Livability Score: 78
IM Cost of Living: 92.7
Median Two-Bedroom Rental: $1,325
The dual-county city known as Lee’s Summit takes the next spot on our list. Located in the counties of Cass and Jackson, the city is one of the largest in Missouri with a population of over 100,000 residents. Lee’s Summit is the ideal retirement destination for senior citizens who want to enjoy the great outdoors. Not only does the city boast numerous trails and parks, but it also holds several lakes that are perfect for a day spent by the water.
13. Neosho
Insider Monkey Score: 73
Livability Score: 72
IM Cost of Living: 80.2
Median Two-Bedroom Rental: $1,325
The city of Neosho is one of the best places to live in Missouri, not least because of its cost of living which is 19.8% lower than the national average. Located in Newton County, Neosho is famously called the ‘Flower Box City’. Recipient of a beautification grant back in 1955, Neosho is abundant with easy care planters as a result, making the city a sight to behold. Residents can spend their days at Morse Park, the local cinema, and The Clay Cup coffee shop.
12. Blue Springs
Insider Monkey Score: 78
Livability Score: 82
IM Cost of Living: 86.2
Median Two-Bedroom Rental: $1,300
Located in Jackson County and less than a half-hour drive away from Kansas City is the magical city of Blue Springs. Home to one of America’s deepest springs with clear blue water, Blue Springs residents will be in awe of the city’s natural beauty. Residents can also visit the Burr Oak Woods Conservation Area, the Lunar Bowl Bowling Alley, and the B&B Grain Valley Marketplace 8 & GS cinema. For a delicious bite, retirees can head to Johnny’s Tavern Blue Springs or Sinclair’s Restaurant.
11. Mexico
Insider Monkey Score: 79
Livability Score: 64
IM Cost of Living: 77.9
Median Two-Bedroom Rental: $875
Initially called New Mexico, the city of Mexico is set in Audrain County. The Missouri city is one of the best places to retire for $1,000 a month in rent - or even lower - with median figures for a two-bedroom rental being below the $900 mark. Historically known for its production of fire bricks, the city earned the name ‘Fire Brick Capital of the World’ and was also a prominent node for horse and mule shipping. Today, Mexico is home ground to the Miss Missouri Pageant.
10. Springfield
Insider Monkey Score: 80
Livability Score: 74
IM Cost of Living: 84
Median Two-Bedroom Rental: $995
The tenth spot on our list of best places in Missouri for a couple to live on only Social Security goes to none other than Greene County city of Springfield. Located in Missouri’s southwestern region, the city is one of the largest on our list with a population of over 170,000 at the time of the last United States Census. Residents can busy themselves with a range of indoor and outdoor activities, including visiting the Dickerson Park Zoo, the Mizumoto Japanese Stroll Garden, and the Discovery Center of Springfield Science Center.
9. Branson
Insider Monkey Score: 81
Livability Score: 77
IM Cost of Living: 82.3
Median Two-Bedroom Rental: $1,195
A popular vacation spot, the city of Branson is packed to the brim with different activities and entertainment outlets that senior citizens can busy themselves with, leading to a happening and fulfilling retirement period. The city is named the ‘Live Entertainment Capital of the World’ as Branson is home to over 45 theaters and hosts several events and shows throughout the year. To experience the city’s other offerings, residents can visit the TITANIC Museum Attraction, the Silver Dollar City amusement park, and the lakeside Branson Landing shopping mall.
8. Sedalia
Insider Monkey Score: 83
Livability Score: 71
IM Cost of Living: 78.3
Median Two-Bedroom Rental: $985
Our first Pettis County city, Sedalia is home to just under 22,000 residents. The site of one of America’s largest fairgrounds, Sedalia hosts the annual Missouri State Fair which sees hundreds of thousands of visitors pour into the city. While a good retirement spot overall, the city is particularly favorable to retired couples living on a Social Security income. Not only does the city have a comparatively affordable cost of living being 21.7% below the national average, but it also offers rental options under $1,000.
7. Maplewood
Insider Monkey Score: 84
Livability Score: 87
IM Cost of Living: 91.1
Median Two-Bedroom Rental: $1,199
Taking the seventh spot on our list is another city set in St. Louis County - Maplewood. The city is the ideal retirement spot for senior citizens who are certified food enthusiasts as Maplewood is known as a popular dining hub. Residents can dine at the city’s many restaurants which specialize in New American and fusion cuisine, including BLK MKT Eats and The Blue Duck. Maplewood also offers other entertainment outlets such as the Saratoga Lanes Bowling Alley and Treasure Aisles Antique Mall.
6. Columbia
Insider Monkey Score: 86
Livability Score: 82
IM Cost of Living: 87
Median Two-Bedroom Rental: $975
A college town, Columbia is located in central Missouri and is home to the University of Missouri. With a population of close to 130,000, Columbia is the ideal retirement spot for senior citizens who are looking to experience city life during their Golden Years. Residents can visit the Faurot Field at Memorial Stadium, the Shelter Botanical Gardens, and the GQT Forum 8 movie theater. Not to mention, retirees can also benefit from the city’s relatively affordable cost of living.