Top 15 Ideal Locations in Pennsylvania for Couples to Reside Solely on Social Security

If you’re considering retirement in Pennsylvania and wondering about the top locations to live on a Social Security income alone, this article is for you. Here we explore the 5 Best Places in Pennsylvania for a Couple to Live on Only Social Security.

As a 2023 study by BlackRock, Inc. (NYSE:BLK) revealed, anxiety around retirement savings is common among US individuals. The good news is, this concern is leading to increased retirement savings. The Bank of America Corporation (NYSE:BAC) reported that 401(k) plan participants increasing their contributions rose to 18% in Q4 2023, up from 9% in Q3 2023.

However, BlackRock’s study also revealed that retirees are hardly touching their savings, with most having spent only 20% of it even 20 years into retirement. The study found a prevailing apprehension among retirees about potential financial or medical emergencies that could deplete their savings.

Alarmingly, the Social Security trust fund could be depleted by 2034. This doesn’t mean retirees without savings are doomed, but they may face cuts in their checks. Thus, many potential retirees are considering moving to other states to reduce costs. Some are eyeing states that don’t tax retirement income: while others are looking at states that are best for both the cost of living and taxes. One state that is becoming a favorite retirement destination is Pennsylvania, which has a cost of living 4.4% lower than the national average and doesn’t tax social security or retirement income.

An elderly couple smiles as they review their retirement accounts, symbolizing the safety and trust that clients have in their bank.

To compile the list of best places in Pennsylvania for a couple to live on only Social Security, we incorporated insights from forums like Reddit and Quora, and analyzed the cost of living in various cities and towns across the state. Each location was assigned scores for cost of living, average rent, and livability, which were then combined to generate a unique Insider Monkey score. Locations were then ranked in ascending order of this score. The data for rent was taken from websites like Zumper and Zillow, while indices and livability scores were sourced from Best Places and Area Vibes.

Here are the best places in Pennsylvania for a couple to live on only Social Security:

15. Oakmont

With a cost of living index of 91.8 and an average 2-bedroom rent of $1,330, Oakmont is an attractive option for retirees. It’s quiet and peaceful, with scenic river views and outdoor activities.

14. Camp Hill

A suburb of Harrisburg, Camp Hill has a cost of living index of 95.4, an average 2-bedroom rent of $1,383, and a high livability score of 92.

13. Ligonier

With a low cost of living index of 86.1 and an average 2-bedroom rent of $1,011, Ligonier is a charming and affordable place for retirees.

12. Harrisburg

The city of Harrisburg offers a cost of living index of 89.8, an average 2-bedroom rent of $1,343, and a livability score of 83, making it ideal for retirement.

11. Elizabethtown

Elizabethtown, with its low cost of living index of 76.5, affordable 2-bedroom rent of $1,212, and livability score of 74, is an attractive destination for retirees.

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Disclosure: none.  15 Best Places in Pennsylvania for a Couple to Live on Only Social Security is originally published on Insider Monkey.