Ten Most Affordable Cities for Social Security Recipients and the Ten Least
For many older Americans, Social Security is their sole source of retirement income. That’s why so many struggle financially, especially with rising costs due to inflation. An article by News Nation revealed that, depending on where you live, you may be able to stretch your benefit check a bit further.
It cited findings from a LendingTree study on retiree spending, which discovered that Social Security covers 30.11 percent of retirees’ spending on average. It states that “Social Security payments go furthest in McAllen, Texas, with 34.61 percent of annual spending covered.”
Other cities where Social Security can cover about a third of living expenses include Buffalo, New York, El Paso, Texas, Syracuse, New York, Scranton, Pennsylvania, Wichita, Kansas, Augusta, Georgia, Tucson, Arizona, Little Rock, Arkansas, and Tulsa, Oklahoma.
Not surprisingly, the study found that Social Security covered only about 25 percent of expenses in many major California cities, including San Francisco, Los Angeles, Oxnard, San Jose, San Diego, Sacramento, Riverside, and Stockton. Two other cities where Social Security coverage of spending is lowest were Washington, D.C., and Miami.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
