This article takes a look at the 15 best places in Nebraska for a couple to live on only Social Security. If you wish to skip our detailed analysis on retiring to Nebraska, you may go to 5 Best Places in Nebraska for a Couple to Live on Only Social Security.
On Retiring to Nebraska
An estimated 4.1 million Americans are turning 65 this year. On average, this year dubbed as “Peak 65” will witness an average 11,000 Americans celebrate their 65th birthday each day till December. Eventually, all of the baby boomers (those who haven’t turned 65) will do so by 2030. 65, the time by which most baby boomers have already retired or are thinking to do so, seems like the ideal age to retire for many. For those wondering why, it is often found to be consistent with the cultural norm, and also the time by which Medicare kicks in.
“That’s the year you become eligible for Medicare, so most people when they care 65 can sign up for that, unless you’re still working and still in a job with health insurance”.
-Elizabeth O’Brien, senior personal finance reporter for Barron’s.
While 65 may seem like the magic number for many in the States, it seems like the retirement crisis is slowly steering this traditional age of retirement farther and farther away. More importantly, the argument towards a delay in retirement age is slowly garnering greater support. One more fan in the line is Larry Fink, Chairman and Chief Executive of BlackRock, Inc. (NYSE:BLK).
“No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire”.
– Larry Fink, Chairman and Chief Executive, BlackRock, Inc. (NYSE:BLK).
Calling the number 65 a “bit crazy”, Fink says the reason for suggesting this is largely due to demographics. Back in the 1950s, those who paid into Social Security didn’t live that long. However, there’s a bigger chance that people will live up until the 90’s, straining the system. But is working longer the right solution? According to Teresa Ghilarducci, retirement expert and New School of Research professor, this may not be so.
This is because a large proportion of Americans haven’t been able to save up for retirement anyway. Even those who have, don’t have the amount they need to live the standard of life they have been living throughout their working years. So what is Fink trying to do by steering the conversation towards longer working years? Here is what Boston University economist Laurence Kotlikoff, an expert on Social Security, has to say:
“He’s steering the conversation toward BlackRock, Inc. (NYSE:BLK)— and a lot of people who talk about Social Security reform on Wall Street want to privatize it in some manner and make money”.
– Laurence Kotlikoff, an expert on Social Security.
Nevertheless, Fink also believes it’s the job of his generation to fix the retirement crisis for those who are to come after theirs.
“And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.”
For what it’s worth, the retirement crisis isn’t something that can be solved in a day, a week, or even a couple of years. There’s a long journey ahead of those who are still yet to face it. Until then, those who don’t have a lot saved for their retirement years are better off relocating to cheaper retirement destinations. This brings us to the question, where is the best place to retire on just Social Security? Crunching the numbers, we at Insider Monkey found out some of the best states for couples retiring on just Social Security, with the much obvious states including Florida, Iowa, Georgia, Nevada, and even Wyoming. These states offer the best of cost of living and taxes, offering some of the cheapest places to live on Social Security.
However, not everyone likes to go to a state that’s hyped up in the news. More and more retirees moving in somewhere probably means a greater strain on the resources there. For this reason, many boomers may be interested in some of states that aren’t much in the limelight, Nebraska, for instance. For those who don’t know, the state of Nebraska has joined our list of states that won’t tax Social Security in 2024. This means that retirees who are solely living off of their social security paychecks can do so without worrying about state-level taxes on their Social Security paycheck. Other forms of retirement income, however, are fully taxed in the state. Coming towards cost of living, Nebraska boasts a cost of living that is 9.1% lower than the national average, something to offset the burden of taxes on other sources of retirement income.
That said, retirees should note that property taxes are some of the highest in the state. However, many Nebraskans don’t know that there is a Nebraska Property Tax Credit that was passed back in 2020. Since people don’t automatically get refunded, they don’t know about it. An additional form must be submitted when filling taxes to avail it. This credit allows people to get back 30% of the taxes they paid toward schools, and 55% of the taxes they paid toward community colleges, when they file their Nebraska state income tax. According to Nebraska State Treasurer Tom Briese, around $560 million is available this year. Last year, 46% of the money set aside for property tax credits remained unclaimed.
Seniors over age 65 in Nebraska can claim the Nebraska Homestead Exemption program, a property tax relief program reducing all or a portion of taxes for homeowners in Nebraska who occupy a home, used as their primary residence, from January 1 through August 15. There are, however, income limits and homestead value requirements for this category.
With that said, Nebraska can be a dream state to retire to, considering you know where to look. Let’s explore all the best places in Nebraska for a couple to live on only Social Security.
Steve O’Donnell/Shutterstock.com
Methodology
To compile the list of best places in Nebraska for a couple to live on only Social Security, we used a consensus approach using our own lists such as cheapest places across America to retire, AARP’s most affordable places to retire, as well as external sources such as Movoto, NEA Member Benefits, and Money Talk News. We also included opinions from retirees living in Nebraska as to what they consider are the best places to live there on a budget. Next, we ranked them on their cost of living, median home prices, rents, and livability score. Places were ranked on their final Insider Monkey Score in an 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 best places in Nebraska for a couple to live on only Social Security:
15. La Vista
Insider Monkey Score: 23
IM Cost of Living Index: 96.8
Median Home Price: $285,000
Average Rent (2 bedroom): $1,356
Livability Score: 78
Ranking 15th on our list of best places in Nebraska for a couple to live on only Social Security is the city of La Vista, situated in Sarpy County. The “youngest” city of Nebraska offers retirees the perks of a small-town feel and the amenities of a larger city. There are many inviting neighborhoods to choose from, offering well-kept homes adorned with tree-lined streets.
14. Bennet
Insider Monkey Score: 23
IM Cost of Living Index: 91.3
Median Home Price: $342,000
Average Rent (2 bedroom): $1,100
Livability Score: 72
Once a village, Bennet in Lancaster County is a fast-growing community located in proximity to Lincoln. Retirees appreciate this city for its rural atmosphere, living the peace and quiet they missed out in their working years. Since it’s a small city, it tends to have less of the amenities of larger ones, but its proximity to Lincoln is a big help in this regard.
13. Fremont
Insider Monkey Score: 28
IM Cost of Living Index: 86.5
Median Home Price: $223,000
Average Rent (2 bedroom): $1,644
Livability Score: 74
Known as an ideal place for nature lovers and outdoor enthusiasts, Fremont residents get to enjoy the Platte River and Fremont Lakes State Recreation Area located in proximity. The city is also home to many parks and trails for those looking for stuff to do within city limits, while they can also indulge in day trips to natural attractions such as the Mohoney State Park.
12. Grand Island
Insider Monkey Score: 31
IM Cost of Living Index: 85.9
Median Home Price: $227,000
Average Rent (2 bedroom): $1,618
Livability Score: 77
Next on our list of best places in Nebraska for a couple to live on only Social Security is Grand Island. This is a city and the county seat of Hall County, offering retirees the right balance of small-town charm and essential amenities. The cost of living in the city is 14.1% lower than the national average.
11. Papillion
Insider Monkey Score: 35
IM Cost of Living Index: 93.6
Median Home Price: $280,000
Average Rent (2 bedroom): $1,438
Livability Score: 84
Welcoming atmosphere, suburban charm, and availability of amenities make Papillion another nice destination to consider. Located in proximity to Omaha, residents also get to avail further healthcare facilities, cultural attractions, and even opportunities for recreation.
10. Lincoln
Insider Monkey Score: 39
IM Cost of Living Index: 92.3
Median Home Price: $280,000
Average Rent (2 bedroom): $1,231
Livability Score: 83
Lincoln is one of the best places to retire in Nebraska and with good reason. Plentiful cultural attractions, healthcare facilities, and affordable living costs make it a prime destination to retire to.
9. Omaha
Insider Monkey Score: 39
IM Cost of Living Index: 91.9
Median Home Price: $255,000
Average Rent (2 bedroom): $1,426
Livability Score: 82
Another excellent choice for retirement for those looking to survive on their Social Security paychecks is Omaha. This city is characterized by its affordability, diverse neighborhoods, and vibrant arts scene, making life here very fulfilling for retirees.
8. Hastings
Insider Monkey Score: 40
IM Cost of Living Index: 85.7
Median Home Price: $170,000
Average Rent (2 bedroom): $1,250
Livability Score: 77
Home to plentiful recreational parks, museums, and cultural events, Hastings offers retirees a chance to live an affordable lifestyle without compromising on amenities. The small-town charm and friendly community further add to the charm of retiring here.
7. Seward
Insider Monkey Score: 42
IM Cost of Living Index: 88.1
Median Home Price: $275,000
Average Rent (2 bedroom): $1,190
Livability Score: 81
The peaceful and safe city of Seward is another good choice for retirees seeking the best balance between safety, peace, and affordability. The quality of life is pretty great too, as evident by the solid livability score.
6. Ashland
Insider Monkey Score: 45
IM Cost of Living Index: 91.2
Median Home Price: $295,000
Average Rent (2 bedroom): $1,200
Livability Score: 85
Ashland makes it to our list of best places in Nebraska for a couple to live on only Social Security due to its tranquil atmosphere, scenic landscapes, and affordable living costs. The downtown area is quite charming, full of recreational opportunities and chances to socialize.
Click to continue reading and see the 5 Best Places in Nebraska for A Couple to Live On Only Social Security.
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- 15 Most Popular States to Retire to in the U.S.
Disclosure: none. 15 Best Places in Nebraska for A Couple to Live On Only Social Security is originally published on Insider Monkey.