Retirees rely the most on Social Security in these cities, study says
Here are ways you can prepare for retirement
Retirees rely on Social Security income the most in these five cities, according to a new study. (iStock)
Retirees received a significant pay increase when the Social Security Administration (SSA) increased benefits this year, with earnings rising by 5.9%. It marked the largest increase in nearly 40 years, but many retirees are still looking for ways to supplement their Social Security income.
The average retirement income is lower in cities where retirees rely heavily on Social Security and Medicare benefits, according to a new study from fintech company SmartAsset. Across the U.S., the average total retirement income is $48,066, the study found. But when it comes to the top five cities in which beneficiaries rely most heavily on Social Security, the average income is about $10,000 less, at $38,104.
In Hialeah, Florida, Social Security retirement benefits account for the second-highest percentage of total retirement income, at 49.23%. However, total retirement income is the lowest found by SmartAsset's study, at $27,149.
If you are nearing retirement and want to get your finances in order, consider a low-interest personal loan, which may be useful in paying down any high-interest debt you might have. Visit Credible to find your personalized interest rate without affecting your credit score.
RETIREMENT SAVINGS PLAN CHANGES COULD BE COMING AFTER HOUSE PASSES NEW BILL
The 5 cities in which retirees depend the most on Social Security
Retirees use Social Security benefits for more than a quarter of their total retirement income, SmartAsset said in its study. Miami, Florida was found to be the city that was least reliant on Social Security income, making up 26.9% of retirement income.
Here are the top five cities that were the most reliant on Social Security income, according to SmartAsset's study.
1. Fort Wayne, Indiana
Social Security income made up more than half of retirees’ income on average, creating an average retirement income of $37,542. Social Security accounts for 52.38% of retirement income in Fort Wayne.
2. Hialeah, Florida
The total retirement income in Hialeah was the lowest of the 100 cities analyzed by SmartAsset, at just $27,149. Social Security made up 49.23% of total retirement income in the city.
3. Wichita, Kansas
The retiree population in Wichita has an average retirement income of $41,305, which is about 15% of the city. Social Security accounted for 48.77% of income.
4. Indianapolis, Indiana
The total retirement income averaged $41,270 in Indianapolis, which moved from No. 5 in 2021 to now the No. 4 city where retirees rely most on retirement income. Social Security makes up 47.53% of the average retirement income.
5. Tulsa, Oklahoma
The average retirement income in Tulsa is $43,300, and Social Security benefits make up 46.87% of total retirement income.
If you are preparing for retirement, you could consider moving wages into savings or taking out a personal loan to pay down any existing debt. You can visit Credible to compare multiple lenders at once and choose the one with the best interest rate for you.
WHAT TO KNOW ABOUT SOCIAL SECURITY IN 2022
Retirees in the Golden State rely the least on Social Security, study finds
Across the U.S., as retirees in some cities rely more on Social Security benefits, others find themselves having to supplement their Social Security income too. But retirees in California relied the least on their benefit amount, according to SmartAsset's study.
Residents in Fresno, San Diego, Riverside, San Francisco, Los Angeles, Chula Vista, Oakland, Huntington Beach, Sacramento, Long Beach and Glendale were the least reliant on Social Security income. Furthermore, Social Security income makes up 30.1% to 36.6% of overall retirement income in these cities.
You can prepare for retirement by researching your benefits and considering paying down your high-interest debt using a personal loan. Contact Credible to speak to a personal loan expert and get all of your questions answered.
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