10 cities where your Social Security check can cover housing costs

The question of where to retire is as big of a question mark for people as the question of when to retire when thinking about Social Security and housing.

But now new numbers about median rent costs in 300 of the largest U.S. cities shine some light on the answers to that question.

Low-rent cities where you won’t blow all of your Social Security check

GoBankingRates is out with a new study that names 25 cities where your Social Security check alone will cover the rent.

Now, you may balk at the idea of renting in retirement. In theory, you should hopefully own your own home when you call it quits at work. But maybe you either never bought or you’re downsizing now that you’re an empty-nester. So, the idea of renting actually is appealing to a lot of retirees.

In fact, if you’re thinking about relocating for retirement, money expert Clark Howard believes you should think about renting first as a trial run of a new place.

“One of my key rules is you should always rent first for six months, a year or even two years if you’re thinking about relocating for retirement,” Clark says. “If it turns out that you don’t like it, at least you’re not all-in owning a home that you’ve now got to get rid of.”

Meanwhile, the average monthly Social Security benefit for a retired worker is $1,461, according to the Social Security Administration. Yet GoBankingRates found the average rent in the U.S. is $1,622. Clearly those number don’t play nicely together.

If you want to be able to live the most comfortable retirement on Social Security alone, you may want to consider moving to one of these cities:

The ‘Amount you’d have left over after paying for rent’ is based on the average monthly Social Security benefit for a retired worker in the U.S.

10. Toledo, Ohio

• Average rent: $795
• Amount you’d have left over after paying for rent: $666

9. Akron, Ohio

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• Average rent: $779
• Amount you’d have left over after paying for rent: $682

8. South Bend, Indiana

• Average rent: $768.90
• Amount you’d have left over after paying for rent: $692.10

7. Dayton, Ohio

• Average rent: $760
• Amount you’d have left over after paying for rent: $701

6. Evansville, Indiana

• Average rent: $755.80
• Amount you’d have left over after paying for rent: $705.20

5. Shreveport, Louisiana

• Average rent: $753
• Amount you’d have left over after paying for rent: $708

4. Fort Wayne, Indiana

• Average rent: $745
• Amount you’d have left over after paying for rent: $716

3. Canton, Ohio

• Average rent: $709
• Amount you’d have left over after paying for rent: $752

2. Saginaw, Michigan

• Average rent: $700
• Amount you’d have left over after paying for rent: $761

1. Flint, Michigan

• Average rent: $673
• Amount you’d have left over after paying for rent: $788

Final thought

Picking a place to retire is more than just about the dollars and cents of it when it comes to Social Security and housing, according to Clark. There’s also the question of friends and family to consider.

“If you go move somewhere else that’s thousands of miles away from close family, it could be isolating and lonely,” Clark says. “Are you going to be able to establish a network of friends in your new destination?”

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If you can’t establish a network, you risk bringing on a whole host of health issues and financial ones, too. We’ve all heard the horror stories about financial abuse of the elderly and vulnerable.

Meanwhile, you’ve also got to consider the cost, accessibility and quality of health care if you’re going to be moving to a new area.

So, there’s a lot to think about on multiple fronts. Hopefully this article gets you started thinking along the right lines that make sense for your life.

More retirement stories on Clark.com

SIM card fraud: What the major carriers are doing about it

Criminals are trying to steal personal information from your phone. That’s why scammers are taking to SIM card fraud like never before.

With all of the safety and security issues cell phone users face, you may be wondering what the major carriers are doing to combat SIM card fraud.

What is SIM card fraud?

SIM card fraud, also known as a SIM swap hack or phone account hijacking, is a form of identity theft in which the scammer is able to steal your mobile account and the personal data attached to it.

Criminals can gain access by targeting a weak two-factor authentication or even bribing or tricking a phone service representative.

The end result is that thieves can access your contact list, bank account and other personal data and some serious damage can be done.

Here’s what the major carriers are doing about SIM card fraud

The wireless carriers haven’t been as proactive as many of their customers would like when it comes to SIM card fraud. That’s why we contacted each of them to see if they had a plan:

Spokeswoman Kate Jay tells Team Clark that Verizon consumers need to be vigilant about protecting their personal information. For instance, Verizon will never make an outbound request for customers to provide personal account information.

“So even if you see an inbound call that looks like it’s from Verizon, if it doesn’t feel right, it probably isn’t. If you have questions, hang up and immediately dial Verizon’s customer service line at 1-800-922-0204 or *611 from your mobile device,” she says.

“To protect yourself from SIM swapping fraud, Verizon recommends you call its customer service line and put an administrative lock on your account,” Jay says.

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When you put an administrative lock on your account, “this means no changes can be made (including porting a number to another carrier) without you calling in to personally verify the transaction,” she says.

“We continually look for ways to enhance our policies and safeguards to protect against these sorts of scams,” an AT&T spokesperson told Team Clark.

“When our customers are victims of identity theft, we strive to reverse activity related to their account with us and restore service as quickly as possible,” the spokesperson says.

Customers can learn how to help protect themselves from this scam by going here.

When it comes to SIM card fraud, T-Mobile has had the most high-profile incident: The carrier was sued in 2018 after a customer’s account was hijacked and his bank account drained. After that, the company mass-texted some security steps to its customer base, including this writer:

A T-Mobile spokesperson tells Team Clark: “We encourage customers to add extra security features to their accounts, such as passcodes and security questions. Also, it’s important to note T-Mobile will never proactively reach out and ask you to provide information, like your passcode.”

“On our end, we never stop looking for ways to make our services even more secure,” the spokesperson says. “We encourage our customers to contact The T-Mobile Care team with any questions or concerns. They can dial 611 from their T-Mobile phone or call 1-800-937-8997.”

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Sprint didn’t respond to our inquiry about SIM card fraud, but the company requires all of its wireless customers to set up a PIN and create security questions to access their accounts.

On its website, Sprint says that one way they protect your account is that they’ll notify you “by email or text message” each time your PIN, security question or answer changes.

How to stop SIM card fraud: 4 steps you can take

1. Up your two-factor authentication game: Not just any two-factor authentication works though. If a hacker has already gained access to your phone, they will intercept any SMS-based code that is used for authentication. Instead use a strong two-factor authentication app (like Authy Microsoft Authenticator  or 1Password) to lock your account down. See these other password tools.

2. Create a PIN: Add a PIN or a passcode to your mobile phone account. This way, you have an added layer of security and protection.

3. Put a SIM PIN on your phone: A SIM PIN is a multi-digit code that you enter anytime your phone restarts or if you remove the SIM from your device. If someone steals your phone, it won’t work unless they know the PIN. AT&T users, get a PUK code here.

• If you have an iPhone, go to Settings > Cellular > SIM PIN and turn it on.
• If you have an Android, go to Settings > Security & Location (or Security & Privacy) > SIM Card Lock (or More Settings, then Ecryption & Credentials) and turn it on.

4. Freeze your credit: Money expert Clark Howard is a big proponent of freezing your credit. This prevents crooks from taking out new lines of credit in your name. Here is his Credit Freeze Guide.

Here are more Clark.com articles you might enjoy:

New warning: How scammers are robbing people through the Zelle app

Zelle, the popular payment app backed by the big banks, has become such a security risk that only people with money to lose should use it.

That’s the advice from money expert Clark Howard, who is on record as warning consumers to stay away from Zelle due to previous infractions.

A good reason not to use Zelle: Banks offer no consumer protection

Hackers have figured out that Zelle and similar apps are low-hanging fruit when it comes to stealing people’s hard-earned money, Clark says.

Here’s their latest strategy: You think you’re buying something online on a marketplace site like Facebook or Craigslist and the seller tells you to pay using Zelle.

Once you do that, the seller (scammer) simply takes your money, shuts down their bank account and never sends the product, according to TechCrunch.

The kicker in all this is that Zelle users have virtually zero recourse for getting their money back.

The banks behind Zelle — JP Morgan Chase, Bank of America, Wells Fargo and more — have been largely silent on problems with Zelle fraud protection.

Clark says the fact that Zelle being fully integrated into the banking system is what makes it different from the other payment apps from a security perspective, as well as fraud protection.

Many banks have built Zelle into their apps. Here’s the Wells Fargo app. You can see there’s a “Send Money with Zelle” button dead-center:

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Because real bank accounts are involved — and you figure that the big banks are backing and securing the transaction  — many people feel a false sense of security when using Zelle.

The banks’ position has been that if you agree to send money to someone, there’s no turning back. Here’s what it says in Zelle’s fine print:

So, unlike with a credit card, there’s no mechanism for reversing or disputing a payment once you’ve made one using Zelle.

Final thought

If you take nothing else away from this, let be that Clark absolutely doesn’t want you to set up Zelle if your bank offers it.

However, other payment apps can be useful when it comes to transferring money to family, friends and trusted merchants. Here is the #1 thing you need to do if you use payment apps.

Here are more Clark.com articles you might enjoy