Top Locations Revealed: Where Social Security Contributes Most and Least to Your Living Costs

Top Locations Revealed: Where Social Security Contributes Most and Least to Your Living Costs

In a recent analysis by LendingTree, the top 10 metropolitan areas where Social Security benefits cover more than 30% of retirees' expenses have been identified. These locations offer potential affordability for retirees relying heavily on Social Security income.

McAllen, Texas, takes the lead as the only metro area where Social Security covers more than a third (34.61%) of retirees' expenses. Retirees in McAllen need approximately $61,821 a year before taxes, with average Social Security income at $21,398.

Buffalo, New York, ranks second with Social Security benefits covering 33.12% of the $68,176 retirement cost, receiving on average $22,581 from Social Security. El Paso, Texas, is third with 32.85% coverage.

The exact names of metros ranked 4 through 10 were not provided in full in the available excerpts, but their coverage percentages range from approximately 32.27% to 32.84%.

Other notable mentions include Tulsa, Oklahoma, where Social Security benefits cover a bit over 32% of retirees' spending, and Miami, Florida, with a slightly higher percentage of spending covered by Social Security at 26.93%.

Interestingly, eight out of the ten places where Social Security covers the lowest percentage of retirees' spending are located in California. San Francisco, California, has the lowest percentage of spending covered by Social Security at 24.28%.

Retirees often seek out states where Social Security benefits and retirement income aren't taxed heavily or at all. States that don't have estate or inheritance taxes are often sought after in this regard.

It's worth noting that the top 10 metro areas where Social Security will cover more of your spending are represented by almost every region in the country, indicating a variety of affordable options for retirees.

[1] LendingTree. (n.d.). The Cities Where Social Security Covers the Most of Your Retirement Expenses. Retrieved from https://www.lendingtree.com/home/research/the-cities-where-social-security-covers-the-most-of-your-retirement-expenses/ [2] LendingTree. (n.d.). The Cities Where Social Security Covers the Least of Your Retirement Expenses. Retrieved from https://www.lendingtree.com/home/research/the-cities-where-social-security-covers-the-least-of-your-retirement-expenses/ [4] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Tulsa, OK and United States. Retrieved from https://www.bestplaces.net/costofliving/tulsa-ok/united-states/compare [5] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between McAllen, TX and United States. Retrieved from https://www.bestplaces.net/costofliving/mcallen-tx/united-states/compare [6] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Buffalo, NY and United States. Retrieved from https://www.bestplaces.net/costofliving/buffalo-ny/united-states/compare [7] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between El Paso, TX and United States. Retrieved from https://www.bestplaces.net/costofliving/el-paso-tx/united-states/compare [8] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between San Diego, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/san-diego-ca/united-states/compare [9] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Oxnard, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/oxnard-ca/united-states/compare [10] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between San Jose, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/san-jose-ca/united-states/compare [11] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Riverside, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/riverside-ca/united-states/compare [12] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Sacramento, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/sacramento-ca/united-states/compare [13] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Los Angeles, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/los-angeles-ca/united-states/compare [14] Sperling's BestPlaces. (n.d.). Cost of Living Comparison Between Stockton, CA and United States. Retrieved from https://www.bestplaces.net/costofliving/stockton-ca/united-states/compare [15] U.S. Census Bureau. (n.d.). State and Local Government Finance. Retrieved from https://www.census.gov/programs-surveys/govt-finances/data/state-local.html [16] Tax Foundation. (n.d.). Estate and Inheritance Taxes. Retrieved from https://www.taxfoundation.org/estate-inheritance-taxes/

1. To manage their personal-finance during retirement, individuals considering locations with affordable living costs might consider cities such as McAllen, Texas, where Social Security benefits cover over a third of retirees' expenses.
2. Besides the States that don't have estate or inheritance taxes, retirees seeking places with low cost of living and favorable Social Security coverage could also explore Buffalo, New York, where Social Security benefits cover 33.12% of retirees' expenses.

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