I was delighted to read the article Mike Winters wrote that was featured on CNBC.com which described the minimum income that a single person needs in order to survive in each American state.
To read the original article here is the link
https://www.cnbc.com/2023/08/29/the-salary-a-single-person-needs-to-get-by-in-every-us-state.html
And so, playing the part of the truly frugalista, that I sometimes like to do....I went through all the states and ferretted out the ones that required less than 50K for a single person to survive on per year.
There were only 15 states that made this cut:
Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa,Kansas, Kentucky, Mississippi, Missouri, Nebraska, Oklahoma, Tennesee, West Virginia, and Wyoming.
So friends, if some of you are trying to plan a modest retirement, this list might become helpful. As a Canadian, I was surprised to see Oklahoma and Tennesee on the list....as the folklore we hear up here about those states is so lovely, that a certain wealthiness for the average citizen was kinda my assumption. But myths are lovely for story time...and don´t always represent reality.
So, does this list help you picture what you could afford if you are a single person trying to thrive in America? Does it help you budget for potential costs of rent or groceries?
Let´s say you were trying to go really low budget and live from just side gigs, such as food delivery, would it be comforting to know that you don´t need 70K to afford to live in these 15 states?
One of my fave bloggers, https://annienygma.com/
often wrote about Kentucky and how it was pretty simple to find below market rentals for 2 or 3 people. She made a reasonable life from her self published writings and various side gigs to provide for her and her daughter with room left for her to spend time with her family.
Do you look at retirement in such a broad sweeping way? Would you be willing to move to a completely unknown state just to afford to
¨not work¨ in your retirement?
Do you expect to do any kind of income producing labor in your retirement years? Do you expect any kind of pension income? Do you have any extra health concerns that are not going to be covered by any private or public health insurance policies? Do you want to retire in an area where the average income is below average or above average? Do you want to retire near a hospital or university or have access to great entertainment venues like theatres and concert stages?
Do you have a special diet that requires access to specialty shops?
Well, I have prattled on enough. I love it when authors take the time the report the facts and I respect Mike Winters for attempting to illuminate our understanding of what is a necessary basic income for a single person in each state of the USA. Thanks Mike!
May God bless your preparation for retirement or any kind of lifestyle you design to fit your budget.
Peace,
Carla
Carla
