Amid economic uncertainty affecting both employees and retirees, many are questioning how to effectively plan for the future. Retirees may need to make critical adjustments to weather temporary challenges, while those still working might consider altering their strategies to align with their objectives—or even revising those objectives altogether.
One strategic move for retirees to stretch their finances further is relocating. Many leave their homes once they stop working, no longer tied to a specific area for commuting. Others downsize to unlock essential equity from a property that no longer suits their lifestyle. However, an alternative option exists: moving to a new community that significantly enhances their purchasing power. For retirees with limited savings, relocating to a place where they can live primarily or solely on Social Security benefits can be an attractive choice. Fortunately, a particular city in Ohio offers a compelling mix of activities and affordability worth considering.
Cleveland Heights is a town just east of Cleveland
A commuter town at its core, Cleveland Heights emerged in the early 1900s as a suburb of the larger city that casts its evening shadow toward the community. Located just 20 minutes from the heart of Cleveland along Lake Erie’s shores, it offers a suburban, small-town feel while maintaining access to urban amenities. Cleveland boasts several professional sports teams and numerous concert venues attracting major acts year-round.
Home to the Rock & Roll Hall of Fame, Cleveland features vibrant nightlife, excellent cuisine, and diverse outdoor adventures. Living in or near the city provides a foundation for an exciting, yet peaceful and rewarding lifestyle. Many retirees seeking a comfortable landing spot will find what they desire in this charming Ohio suburb. Moreover, Cleveland and its neighboring suburbs offer exceptional buying power, consistently exceeding national averages across various categories.
Cost of living in Cleveland and its suburbs is notably lower than the national average
Nearly everything you may purchase is available at prices lower than the national average. Overall, the city’s cost of living is 8% below the national average, with housing costs specifically 18% lower (and up to 23% lower, according to some sources). While the average salary is also reduced, at just over $52,000 compared to the national average of approximately $66,600, retirees will not be seeking employment. This allows them to benefit from all the cost savings associated with a lower salary without the burden of adjusting their finances to a smaller budget. In fact, the affordability in and around Cleveland enables many individuals to live solely on a typical Social Security check (which averaged just under $2,000 per month in 2024).
The capability to manage finances without dipping into personal retirement savings can be transformative. Financial management is crucial for young workers and remains vital for older adults as well. Limiting or postponing withdrawals early in retirement provides a unique financial cushion that can last for years. By delaying withdrawals, retirees allow their savings to continue growing in value, prolonging the life of their financial plans even without additional contributions.
