The average Social Security benefit for retired workers in 2017 was $1,369 per month. That comes out to $16,428 in annual benefits for a single person or $32,856 per year for a couple — about $25,000 less than the U.S. median household income of $57,617.
Living on a fixed income basically means you’re solely or almost entirely dependent on funds like Social Security, pensions and inheritance, with little to no flexibility in the amount you’re paid each month. Unstable costs, such as a volatile housing market, can be especially challenging to deal with on a fixed income.
If you rely mostly — or solely — on a fixed income, click through to see the best places to live in your state.