Thursday, May 19, 2022
News for Retirees

Research Reveals in Which Cities Retirees Rely Most on Social Security Advantages

Final fall, tens of millions of retirees certainly applauded the Social Security Administration’s (SSA) resolution to boost the cost-of-living adjustment…

By Staff , in Social Security , at May 1, 2022

Final fall, tens of millions of retirees certainly applauded the Social Security Administration’s (SSA) resolution to boost the cost-of-living adjustment (COLA) to five.9 p.c this 12 months.

However that was earlier than inflation started its relentless trek northward, enormously impacting the already-lean pocketbooks of many senior residents. In brief, that additional bump within the month-to-month funds has accomplished little to assuage the monetary considerations of most cash-strapped retirees.

As reported by Fox Enterprise, it additionally seems that the place one lives can make clear the funds of senior residents. Citing a brand new research from fintech firm SmartAsset, the information confirmed that the typical retirement earnings is decrease in cities the place retirees rely extra closely on Social Security and Medicare advantages. 

“Retirement can usually be daunting as a result of it means a shift from conventional earnings to a reliance on financial savings, investments and authorities packages equivalent to Social Security,” SmartAsset wrote. “Nonetheless, for many Individuals, the federal government security web just isn’t sufficient to stay on,” it continues.

Throughout the 100 cities that have been analyzed within the research, the overall retirement earnings got here out to a median of $48,066. However within the 5 cities the place retirees rely most on Social Security advantages, the typical retirement earnings was $38,104.

Just like final 12 months, Californian cities—equivalent to San Francisco and Los Angeles—dominated the cities the place retirees rely least on Social Security advantages. In these cities, Social Security makes up between 30.1 p.c and 36.6 p.c of total retirement earnings.

Listed below are the highest 5 cities the place retirees rely probably the most on Social Security earnings:

Fort Wayne, Indiana

Right here, Social Security advantages make up greater than half of a retiree’s earnings. The typical retirement earnings is $37,542, with Social Security accounting for 52.38 p.c of that.

Hialeah, Florida

In Hialeah, the typical whole mixed retirement earnings is $27,149, and practically half of that’s made up of Social Security earnings, which averages $13,365.

Wichita, Kansas

The retiree inhabitants right here has a mixed retirement earnings of $41,305, and Social Security accounts for greater than 48 p.c of that.

Indianapolis, Indiana

That is the second Indiana metropolis that’s a part of the highest 5. Right here, Social Security earnings makes up about 47.5 p.c of the typical mixed retirement earnings, which is $41,270.

Tulsa, Oklahoma

The typical mixed retirement earnings in Tulsa is available in at roughly $43,300, with Social Security advantages accounting practically 47 p.c of that.

Ethen Kim Lieser is a Washington state-based Finance and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Comply with or contact him on LinkedIn.

Picture: Reuters 

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