Top Locales With Social Security Covering Extensive and Minimal Living Costs
Top Metro Areas Where Social Security Covers Over 30% of Retirees' Spending
A new analysis by LendingTree reveals that McAllen, Texas leads the list of the top metro areas where Social Security benefits cover more than 30% of retirees' spending. Nine other metro areas follow closely behind, each with Social Security covering just over 30% of retiree expenses.
In McAllen, Social Security benefits cover 34.61% of retirees' spending. This is the only metro area where Social Security benefits will cover more than a third of retirement spending. Buffalo, New York, is the second metro area on the list where Social Security benefits cover more than 30% of retirement spending, with benefits covering 33.12% of costs.
El Paso, Texas, is the third metro area on the list, with Social Security benefits covering 32.85% of retirees' spending. The exact names of cities ranked 4 through 10 weren't listed explicitly in the search results, but the percentages are all slightly above 30%, showing these top metro areas all have Social Security covering just over 30% of retiree expenses.
Interestingly, San Diego, California has the sixth-lowest percentage of retirees' spending covered by Social Security at 25.74%. In contrast, 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 retirees' spending covered by Social Security at 24.28%, while Los Angeles, California has the second-lowest percentage at 24.85%.
The cost of living in McAllen is also a significant factor, as it is 17.6% below the national average. Tulsa, another city that made the list of the cheapest cities, has a cost of living that is 16.4% below the national average.
In summary, McAllen, Texas leads the list of the top metro areas where Social Security benefits cover more than 30% of retirees' spending. Nine other metro areas follow closely behind, each with Social Security covering just over 30% of retiree expenses. These findings suggest that retirees may want to consider moving to these areas where Social Security benefits can cover a larger portion of their expenses.
- In McAllen, Texas, where the cost of living is lower than the national average, Social Security covers a substantial 34.61% of retirees' spending, making it the metro area where the benefits cover the highest percentage of retirement spending.
- For personal finance planning, it's worth noting that nine other metro areas follow McAllen closely, each with Social Security covering over 30% of retiree expenses, providing an opportunity for retirees to consider relocating to areas where their benefits can cover a larger portion of their expenses.
