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The Best Place in Nevada for a Couple to Live on Only Social Security

We recently compiled a list of 15 Best Places in Nevada for a Couple to Live on Only Social Security and in this article, we will talk about the Best Place in Nevada for a Couple to Live on Only Social Security.

AI in retirement

Recently, Mercer LLC carried out a survey to study the use of AI within investment management companies. According to the survey, on average, managers in 9 out of 10 firms reported that they were either using or planned to use AI in their investment processes. The same survey highlighted that even though the use of AI in asset management is widespread, it is currently restricted to augmenting existing capabilities. However, going forward, it is likely that AI will play a pivotal role in various spheres of asset management, including retirement planning.

BlackRock, Inc. (NYSE: BLK) has highlighted how the integration of AI in retirement planning can unfold limitless opportunities for fiduciaries. Similarly, AI might also help retirees through its ability to generate personalized insights. By using AI, retirees may soon be able to adopt an investment strategy tailored to their specific needs, thus allowing them to maximize their ability to build a retirement nest egg. In fact, Vanguard has already introduced some degree of AI into its financial advice tool, Robo-Advisor.

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Morgan Stanley (NYSE: MS), one of the companies at the forefront of AI integration in the finance sector, made headlines last September when it launched an internal AI model. Morgan Stanley (NYSE: MS) introduced a language model-powered AI assistant that leverages OpenAI’s technology and assists the firm’s Advisors in their day-to-day activities. In April, the company released its quarterly financials, posting a revenue of $15 billion with an EPS of $2.02.

The company’s wealth management segment contributed 45% of its total revenue. Wealth management revenue rose by 4.9% YoY to $6.88 billion as a result of improved asset management fees. Consequently, share prices have increased significantly since the company released its Q1 earnings, rising from $89 on April 16th to $97 on May 31st.

While we at Insider Monkey recognize the potential of Morgan Stanley (NYSE: MS) stock and its ability to generate returns in the near future, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time-frame. If you are looking for an AI stock that is more promising than Morgan Stanley (NYSE: MS) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

AI and Financial Literacy

AI tools that offer personalized solutions might soon revolutionize the entire retirement savings industry. One reason that AI’s ability to offer personalized solutions is so valuable is they can help make up for a lack of financial literacy among Americans. Our article on Best Places in Utah for a Couple to Live on Only Social Security reveals how financial literacy can be linked to retirement wellness. Alarmingly, MassMutual claims that nearly 80% of people nearing retirement don't have a basic knowledge of Social Security retirement benefits.

One way to address a lack of financial literacy is through the use of AI financial advisors who can guide seniors through various aspects of retirement planning. Apart from helping seniors adopt a tailored investment strategy, AI tools can also help them attain maximum benefits from their pensions and social security. Forbes reports that 96% of Americans lose an average of $111,000 in their Social Security income due to errors made while filing for benefits. Thus, an AI tool capable of assessing an individual’s circumstances can be invaluable to retirees as they step into their golden years.

Another reason that such tools have the potential to be so successful is that retirement plans tend to vary significantly based on personal preferences such as quality of life, duration of retirement, and location. Consequently, people often tend to underestimate the amount of money they need to save, how much of their savings they should withdraw, and when to retire in order to secure a comfortable retirement.

Best Places for Retirement in America

An analysis of the real estate market in America shows that the cost of living and housing vary considerably based on geographical factors. For example, while Florida is often considered one of the best states for retirement due to factors such as weather, recreation, and tax-friendliness, housing costs in the Sunshine State are quite expensive. Zillow Group, Inc. (NASDAQ: Z) reports that the median rental cost in Florida is currently $2,500 per month, which is 17.6% higher than the national median. Thus, retirees who find themselves strapped for cash might find it more convenient to pick a more affordable retirement destination.

Our articles on the best places to retire in Nevada, Utah, New Mexico, and Idaho highlight how some of the best places to retire in America might be in the American West. For example, Nevada is one of the Most Tax-Friendly States to Retire in. It has zero state income tax, meaning that all forms of retirement income, such as 401Ks, pensions, and social security remain untaxed. Furthermore, our list of 13 States That Don’t Tax Retirement Income shows that although Nevada’s sales tax rates tend to be high, average property taxes are relatively low at just 0.48%.

In addition, according to Zillow Group, Inc. (NASDAQ: Z), the median rental price in Nevada is $2,100, just shy of the national median. There are plenty of places in the Silver State where retirees can find the right balance of comfort and affordability, even if they wish to live on only social security. Thus, for those wondering if Nevada is good for seniors to live on retirement income, join us as we look at the best places in Nevada for a couple to live on only social security.

The Best Place in Nevada for a Couple to Live on Only Social Security
The Best Place in Nevada for a Couple to Live on Only Social Security

The Best Place in Nevada for a Couple to Live on Only Social Security

Methodology

To develop our list of best places in Nevada for a couple to live on only social security, we initially picked out the most recommended places in Nevada for a couple to live on only social security on the internet. We used 10+ sources including our article on Best Places to Retire in Nevada, Smart Asset, and Movoto to develop a shortlist. Further research was narrowed down to these places only.

Amongst these, we developed a scorecard using metrics such as livability scores, cost of living, and average rent. Livability scores were sourced from Area Vibes while median rent was obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen for our list.

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Our methodology revealed that Lovelock is the Best Place in Nevada for a Couple to Live on only Social Security.

1. Lovelock

Insider Monkey Score: 11.05

Livability Score: 71

Median Rent: $955

IM Cost of Living: 80.9

Lovelock is located off Interstate Highway 80, just under a hundred miles from Reno. It is primarily an agricultural and livestock city. Although it lacks recreational value, there are a few attractions that residents can enjoy, such as the Lovelock Caves or the nearby Rye Patch State Recreation Area. What makes Lovelock the best place in Nevada for a couple to live on only social security is its incredibly low cost of living. Compared to the national average, the cost of living in the city is 21% lower. Moreover, median rent in Lovelock is $955, which is nearly 55% lower than the national median.

To learn about more places in Nevada to retire on only Social Security, check out 15 Best Places in Nevada for a Couple to Live on Only Social Security.

At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire to the best online banks; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion "Opportunity" for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.

Disclosure: None. This article is originally published on Insider Monkey.