If you're looking for the best places to retire on a fixed income, moving to an affordable place to live is a key part of the equation. To find the cheapest places to retire, GOBankingRates studied three cost-of-living indexes.
We then used Bureau of Labor Statistics data on average consumer expenditures for Americans aged 65 and older -- along with the BLS average cost-of-living, rent and grocery indexes -- to further zero in on spots for frugal retirees. In our analysis, we looked at large cities and estimated what seniors can expect to pay on average.
What we found might surprise you. The list of the cheapest places to retire does not double as a list of dullest places to retire -- these cities are as vibrant as they are affordable, with everything from natural beauty and colorful histories to world-class culture and amenities.
22. Columbia, South Carolina
Annual expenditures: $41,885
Annual amount spent on rent: $7,419
Annual amount spent on groceries: $3,397
Seniors are the fastest-growing segment of the population in South Carolina's Midlands region, of which Columbia is a part. The city's parks and recreation department is dedicated to offering more programs and leisure activities to seniors. These include low-cost trips, events from health screenings to balls, clubs, and exercise classes. That can add a lot to retirement at little cost.