5 American cities where employees can retire on just Social Security: Retirement Scan

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5 American cities where you can retire on just Social Security
Based on data from the Social Security Administration, retirees receive $1,234 on average in monthly benefits, with 82% of them receiving an average of $1,280 from "Old-Age and Survivors Insurance," according to this article on Money. Sixty-seven of retired workers are receiving $1,348, the largest average monthly benefit, says the SSA. For retirees who rely solely on Social Security for income, Buffalo, N.Y., Johnstown, Pa., Memphis, Tenn., Akron, Ohio, and Indianapolis, Ind., are the cities where they can live comfortably because these cities offer lower living costs.
A Moderate mutual fund retirement portfolio in 3 buckets
Retirement investors who are looking at a 20-year time horizon and are averse to short-term volatility may want to build a moderate bucket portfolio with 40% allocated in equities and the rest in bonds and cash, according to this article on Morningstar. The portfolio also gets protected from inflation by including a 5% position in a commodities-tracking fund. Although a moderate bucket portfolio has lower stock allocation compared with an aggressive portfolio, investment risk remains, as investors could incur losses from interest rate increases because of the portfolio's heavy allocation to bonds.

Yes, you can start a business in retirement
Retirees are in a better position to start their own business for an extra income and a more meaningful life, according to this article on Forbes. This is because they have acquired work experience and built a network of alliances over the years. While starting a business requires hard work, research has shown that older people who launch their own business are likely to succeed. The self-employment rate among people aged 65 and above is higher compared with other age groups, based on a report from the U.S. Bureau of Labor Statistics.

Get some retirement help at work
Clients are advised to make the most of retirement planning assistance offered by their employers, according to this article on Chicago Tribune. Some companies have 401(k) plans that offer online tools and consultations with financial planners who provide guidance on Social Security and other retirement concerns. Some employers also offer 401(k) automatic payment option for their workers, as well as free money on the table, such as matching contributions, bonus, unused vacation and medical benefits.

The ABC's of Medicare for seniors, caregivers
Seniors and their caregivers should have basic understanding of Medicare coverages, according to this article on Fox Business. While a licensed agent can help them shop around for the most suitable coverage, online resources, medical professionals, as well as the State Health Insurance Assistance Program can offer guidance on signing up for Medicare, says an expert. "One of the pieces of advice I offer to beneficiaries every year is to get started on this process now. By doing so, you’ll have plenty of time to review your options before the Open Enrollment Period and find the best Medicare fit for you."

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