Ten States Where Social Security Covers Close to Half of Your Expenses
Where you live definitely impacts your cost of living. Expenses such as housing, healthcare, and transportation vary widely from state to state (and city to city). For retirees relying largely on Social Security, this can affect their quality of life.
AOL recently reported on the results of a Finance Buzz study “comparing the average annual expenses for people aged 65 and older with the average Social Security payment in each state.”
It found ten states where Social Security covers close to half of seniors’ annual expenses, ranging from 42% to 44.8%. Those states are (largest to smallest percentage): Kansas, Oklahoma, Indiana, Minnesota, Iowa, Nebraska, Alabama, Missouri, Michigan, and Tennessee.
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 COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.
