15 Best Places in Illinois for a Couple to Live on Social Security Alone

In this article, we’ll take a look at the best places in Illinois for a couple to live while living solely on Social Security benefits.

Social security management

Almost all U.S. workers participate in Social Security by paying payroll taxes. That means that almost all older adults (97%) receive Social Security or will receive it in the future. While many retirees think the checks they receive are not enough, the truth is that these benefits are much more modest than people realize. According to the Social Security Administration, the average check in May 2024 was $1,778.24, with many retirees earning significantly more than the average. According to Center for Budget and Policy PrioritiesThese benefits replace about 39% of a person’s previous earnings, although the replacement rate fell when the full retirement age under the program was raised from 65 to 67.

By international standards, the U.S. ranks in the bottom third among major developed countries in the percentage of average worker earnings replaced by a public pension system. The public pension program in the average OECD country replaces more than half of the average worker’s earnings, while the U.S. replaces about 40%. The U.S. Social Security Administration reveals that among beneficiaries over age 65, these benefits account for 50% or more of income for 37% of men and 42% of women. For 12% of men and 15% of women, Social Security benefits account for more than 90% of their income.

On top of that, Social Security benefits are expected to run out by 2035, a year later than previously predicted. That’s a wake-up call for the 12% of men and 15% of women who rely on it for more than 90% of their income. According to CNBCAmericans would need to double or even triple their savings rate to be able to retire with enough savings.

“The poverty rate among seniors would skyrocket if Social Security benefits were cut. Millions of seniors would be unable to meet basic needs such as food, shelter and health care. Many seniors would be forced to turn to their children for financial assistance.”

-Richard Johnson, senior research fellow, Urban Institute.

According to Prudential Financial, Inc. (NYSE: PRU), 55-year-old Americans are particularly unprepared for retirement. This generation has a median retirement savings of less than $50,000, well below the ideal number Americans need for a comfortable retirement.

Prudential Financial, Inc. (NYSE:PRU) is an American Fortune Global 500 and Fortune 500 company. Its subsidiaries offer insurance, retirement planning, investment management, and other products and services to retail and institutional clients throughout the United States and in more than 40 other countries. The company reported its second-quarter results on August 1, 2024, reporting positive momentum across its businesses, driven by solid sales, strong investment performance, and capital deployment in private alternatives at PGIM. Its adjusted operating income for the second quarter of 2024 was $1.07 billion, compared to $956 million in the same quarter a year earlier. PGIM, the global investment management business of Prudential Financial, Inc. (NYSE:PRU), reports adjusted operating income of $206 million in the quarter, supported by higher asset management fees. This is an increase from $179 million a year earlier.

Coming back to the issue of living off Social Security, many would-be retirees are currently looking for affordable options in the US where they can easily live off their SS checks. One such state where you can live off Social Security is Illinois. Illinois is one of the many states that do not tax Social Security, a tax-friendly state with an affordable cost of living. For those wondering where to live in the state to stretch their checks the most, read on to discover what parts of illinois are best to live on social security.

Methodology

To compile a list of the best places in Illinois for a couple who want to live off Social Security alone, we started by listing cities and towns in Illinois and ranking them based on cost of living, average rents, and quality of life scores. We double-weighted cost of living and rent to find the most affordable options in the state to live off Social Security. Places were scored and ranked in ascending order from lowest to highest rating. Rent data came from Zillow, Zumper, and Apartments.com, while quality of life scores were obtained from Area Vibes.

At Insider Monkey, we’re fascinated by the stocks that hedge funds invest in. The reason is simple: Our research shows that we can outperform the market by mimicking the top stock picks of the best hedge funds. Our quarterly newsletter strategy selects 14 small- and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see the details here).

They’re here best places in illinois for a couple to live on social security alone:

15. Fifteen

Insider Monkey Score: 18

Cost of living IM: 83.2

Quality of life rating: 68

Average monthly rent (2 bedrooms): $1,103

Also known as the “Gem City,” Quincy is one of the best places to retire in Illinois. With a beautiful riverfront, 1,000 acres of beautiful parkland, and a vibrant downtown filled with shopping, dining, and nightlife; this city has everything seniors could want for a comfortable yet affordable retirement. Quincy is also considered a medical center for the tri-state area, with Blessing Hospital and Quincy Medical Group being household names.

14. Kankakee

Insider Monkey Score: 18

Cost of living IM: 82.3

Quality of life score: 62

Average monthly rent (2 bedrooms): $1,183

Located on the banks of the Kankakee River, Kankakee is a picturesque town for retirees who want to live off Social Security benefits. From its many picturesque parks to its many museums and local history amenities, seniors can enjoy a comfortable retirement here in town. Medical facilities are also readily available, being home to Kankakee’s Riverside Medical Center among other medical facilities.

13. Alton

Insider Monkey Score: 22

Cost of living IM: 82.8

Quality of life rating: 65

Average monthly rent (2 bedrooms): $881

Alton, a city on the Mississippi River in Madison County, offers the perfect combination of affordability, historic charm and natural beauty. It is home to several beautiful parks, famous attractions, golf courses and a great marina. Alton’s proximity to St. Louise offers retirees access to additional amenities.

12.Belleville

Insider Monkey Score: 23

Cost of living IM: 84.7

Quality of life rating: 79

Average monthly rent (2 bedrooms): $1,042

Another affordable place to retire in Illinois is Belleville. This city, located near St. Louise, has a cost of living that is 15.3% lower than the national average. Retirees love Belleville for its small-town charm, numerous recreational opportunities and friendly atmosphere. There are more than 30 local attractions, including museums, parks and theaters, and arts and entertainment.

11. Litchfield

Insider Monkey Score: 24

Cost of living IM: 76

Quality of life rating: 69

Average monthly rent (2 bedrooms): $925

Litchfield, located in Montgomery County, promises retirees affordable housing, high-quality health care, a good quality of life, and an overall safe community. The city also boasts a friendly community, with numerous local events and gatherings that help foster a strong sense of belonging. The city is also known for its scenic surroundings, with nearby lakes and parks offering opportunities for outdoor activities such as fishing, hiking, and picnicking.

10. Moline

Insider Monkey Score: 25

Cost of living IM: 81.9

Quality of Life Score: 75

Average monthly rent (2 bedrooms): $972

Located in Rock Island County, Moline is another place on our list of the best places in Illinois for a couple who want to live off Social Security alone. This versatile retirement destination has a cost of living that is 18.1 percent lower than the national average and a quality of life score of a solid 75. There are high-quality healthcare options available, such as UnityPoint Health, as well as other essential amenities for seniors.

9. Olney

Insider Monkey Score: 26

Cost of living IM: 75

Quality of life rating: 69

Average monthly rent (2 bedrooms): $913

The beautifully maintained town of Olney is best known for its affordability, small-town charm, and recreational opportunities. The cost of living is 25 percent lower than the national average, making it an economical choice for retirees. Olney offers a variety of recreational opportunities, including nearby Richland County Lake, which is great for fishing and boating. Animal lovers will be pleased to learn that Olney is home to a white squirrel.

8.Matton

Insider Monkey Score: 28

Cost of living IM: 73.4

Quality of life score: 64

Average monthly rent (2 bedrooms): $1,005

Mattoon, located in the heart of Coles County, is an attractive choice for seniors on a tighter income. This town, steeped in history and tradition, has developed into a vibrant community. There is a vibrant downtown with many local restaurants, bars, and shops. The cost of living here is 26.6 percent lower than the national average, with monthly rent for a two-bedroom apartment running around $1,000. Assuming both partners receive Social Security checks, a couple could easily retire in Mattoon.

7. Effingham

Insider Monkey Score: 30

Cost of living IM: 80.6

Quality of life rating: 77

Average monthly rent (1 bedroom): $921

Next on our list of the best places in Illinois for a couple who want to live off of Social Security alone is Effingham. Located in South Central Illinois, the city has a 19.4% lower cost of living than the national average. There are high-quality healthcare options, numerous parks, local events, and recreational facilities. The community is generally quite friendly.

6.Galena

Insider Monkey Score: 31

Cost of living IM: 83

Quality of life rating: 80

Average monthly rent (1 bedroom): $776

Located in northwestern Illinois, Galena is a charming and historic town where couples can live on Social Security. This small but picturesque town is known for its well-preserved 19th century architecture, rich history and high-quality healthcare facilities. You can also explore the many local events, art galleries, restaurants and boutiques.

5. Pound sterling

Insider Monkey Score: 31

Cost of living IM: 78.2

Quality of life rating: 67

Average monthly rent (2 bedrooms): $858

Formerly called the “Hardware Capital of the World,” Sterling has a history in manufacturing and steel. Today, the city is revered for its affordable living, access to the great outdoors, and scenic views. It sits along the north bank of the Rock River, offering plenty of fun for seniors with its recreational activities.