Baby boomers are the slightest apt procreation to consciousness economically empowered, according to a study commissioned by Herbalife and conducted by OnePoll, per Talker.
Perhaps that comes arsenic nary surprise, considering 53% of baby boomers who will move 65 betwixt 2024 and 2030 person little than $250,000 successful assets, CBS News reported, and much than a 3rd of American workers judge they'll request $1 cardinal aliases much to retire comfortably.
Related: Are You Actually connected Track to Retire Well? A Financial Expert Reveals the Critical Milestones to Hit astatine Every Age — Plus 3 Common Oversights.
Social Security mightiness beryllium capable to offset the rising costs of surviving successful immoderate cases, but for astir people, the monthly payments, which averaged $1,783.55 successful August 2024, won't dress up for retirement savings that autumn short.
Of course, wherever retirees unrecorded tin importantly effect precisely really acold those Social Security checks go.
Researchers astatine GoBankingRates group retired to find the living costs that stay aft applying the mean Social Security benefits (for 1 person), utilizing information from the U.S. Census, Social Security Administration and Bureau of Labor Statistics.
Related: Gen Xers Earning Up to $100,000 a Year Won't Retire Like Boomers Did. They're Embracing This Strategy Instead.
The findings revealed that Social Security doesn't screen the cost of living successful immoderate of the 50 largest cities successful the U.S. The yearly costs of surviving for 1 personification aft Social Security is little than $10,000 successful conscionable Detroit, Michigan and Memphis, Tennessee.
The yearly cost of living aft Social Security is astir $50,000 aliases higher successful 10 U.S. cities, 3 of which are successful California, per the analysis. The highest mean Social Security benefits are successful Mesa, Arizona ($24,338); Seattle, Washington ($24,071); Virginia Beach, Virginia ($23,345); Raleigh, North Carolina ($23,333); and Tulsa, Oklahoma ($23,242).
Related: There's a $300,000 Downside to Switching Jobs, According to a New Report
Read connected to spot GoBankingRates' afloat report, which breaks down really acold Social Security goes successful the apical 50 largest U.S. cities (listed from slightest to astir populous):
Arlington, Texas
- Total population: 393,469
- Livability: 78
- Annual costs of living: $44,148
- Annual costs of surviving aft the mean Social Security use for 1 person: $21,695
- Annual costs of surviving aft the mean Social Security use for a joined couple: $10,770
Wichita, Kansas
- Total population: 395,951
- Livability: 68
- Annual costs of living: $35,079
- Annual costs of surviving aft the mean Social Security use for 1 person: $12,626
- Annual costs of surviving aft the mean Social Security use for a joined couple: $1,701
Bakersfield, California
- Total population: 404,321
- Livability: 57
- Annual costs of living: $48,504
- Annual costs of surviving aft the mean Social Security use for 1 person: $26,051
- Annual costs of surviving aft the mean Social Security use for a joined couple: $15,126
Tulsa, Oklahoma
- Total population: 411,938
- Livability: 75
- Annual costs of living: $35,667
- Annual costs of surviving aft the mean Social Security use for 1 person: $13,213
- Annual costs of surviving aft the mean Social Security use for a joined couple: $2,288
Minneapolis, Minnesota
- Total population: 426,877
- Livability: 78
- Annual costs of living: $43,835
- Annual costs of surviving aft the mean Social Security use for 1 person: $21,382
- Annual costs of surviving aft the mean Social Security use for a joined couple: $10,457
Oakland, California
- Total population: 437,825
- Livability: 71
- Annual costs of living: $80,769
- Annual costs of surviving aft the mean Social Security use for 1 person: $58,316
- Annual costs of surviving aft the mean Social Security use for a joined couple: $47,391
Miami, Florida
- Total population: 443,665
- Livability: 81
- Annual costs of living: $68,259
- Annual costs of surviving aft the mean Social Security use for 1 person: $45,806
- Annual costs of surviving aft the mean Social Security use for a joined couple: $34,881
Virginia Beach, Virginia
- Total population: 457,900
- Livability: 83
- Annual costs of living: $50,574
- Annual costs of surviving aft the mean Social Security use for 1 person: $28,121
- Annual costs of surviving aft the mean Social Security use for a joined couple: $17,196
Long Beach, California
- Total population: 462,293
- Livability: 69
- Annual costs of living: $84,194
- Annual costs of surviving aft the mean Social Security use for 1 person: $61,741
- Annual costs of surviving aft the mean Social Security use for a joined couple: $50,816
Raleigh, North Carolina
- Total population: 465,517
- Livability: 84
- Annual costs of living: $51,301
- Annual costs of surviving aft the mean Social Security use for 1 person: $28,848
- Annual costs of surviving aft the mean Social Security use for a joined couple: $17,922
Colorado Springs, Colorado
- Total population: 479,612
- Livability: 79
- Annual costs of living: $51,171
- Annual costs of surviving aft the mean Social Security use for 1 person: $28,718
- Annual costs of surviving aft the mean Social Security use for a joined couple: $17,793
Omaha, Nebraska
- Total population: 489,201
- Livability: 83
- Annual costs of living: $41,306
- Annual costs of surviving aft the mean Social Security use for 1 person: $18,853
- Annual costs of surviving aft the mean Social Security use for a joined couple: $7,928
Atlanta, Georgia
- Total population: 494,838
- Livability: 78
- Annual costs of living: $52,837
- Annual costs of surviving aft the mean Social Security use for 1 person: $30,384
- Annual costs of surviving aft the mean Social Security use for a joined couple: $19,459
Mesa, Arizona
- Total population: 503,390
- Livability: 81
- Annual costs of living: $52,213
- Annual costs of surviving aft the mean Social Security use for 1 person: $29,760
- Annual costs of surviving aft the mean Social Security use for a joined couple: $18,835
Kansas City, Missouri
- Total population: 505,958
- Livability: 78
- Annual costs of living: $37,751
- Annual costs of surviving aft the mean Social Security use for 1 person: $15,298
- Annual costs of surviving aft the mean Social Security use for a joined couple: $4,373
Sacramento, California
- Total population: 523,600
- Livability: 73
- Annual costs of living: $56,385
- Annual costs of surviving aft the mean Social Security use for 1 person: $33,932
- Annual costs of surviving aft the mean Social Security use for a joined couple: $23,007
Tucson, Arizona
- Total population: 541,033
- Livability: 73
- Annual costs of living: $43,476
- Annual costs of surviving aft the mean Social Security use for 1 person: $21,023
- Annual costs of surviving aft the mean Social Security use for a joined couple: $10,098
Fresno, California
- Total population: 541,528
- Livability: 63
- Annual costs of living: $48,504
- Annual costs of surviving aft the mean Social Security use for 1 person: $26,051
- Annual costs of surviving aft the mean Social Security use for a joined couple: $15,126
Albuquerque, New Mexico
- Total population: 562,551
- Livability: 72
- Annual costs of living: $42,258
- Annual costs of surviving aft the mean Social Security use for 1 person: $19,805
- Annual costs of surviving aft the mean Social Security use for a joined couple: $8,880
Milwaukee, Wisconsin
- Total population: 573,299
- Livability: 79
- Annual costs of living: $35,673
- Annual costs of surviving aft the mean Social Security use for 1 person: $13,220
- Annual costs of surviving aft the mean Social Security use for a joined couple: $2,295
Baltimore, Maryland
- Total population: 584,548
- Livability: 77
- Annual costs of living: $35,052
- Annual costs of surviving aft the mean Social Security use for 1 person: $12,599
- Annual costs of surviving aft the mean Social Security use for a joined couple: $1,674
Louisville, Kentucky
- Total population: 629,176
- Livability: 66
- Annual costs of living: $38,124
- Annual costs of surviving aft the mean Social Security use for 1 person: $15,671
- Annual costs of surviving aft the mean Social Security use for a joined couple: $4,746
Memphis, Tennessee
- Total population: 630,027
- Livability: 70
- Annual costs of living: $31,243
- Annual costs of surviving aft the mean Social Security use for 1 person: $8,790
- Annual costs of surviving aft the mean Social Security use for a joined couple: -$2,136
Detroit, Michigan
- Total population: 636,787
- Livability: 73
- Annual costs of living: $28,997
- Annual costs of surviving aft the mean Social Security use for 1 person: $6,544
- Annual costs of surviving aft the mean Social Security use for a joined couple: -$4,381
Las Vegas, Nevada
- Total population: 644,835
- Livability: 82
- Annual costs of living: $53,375
- Annual costs of surviving aft the mean Social Security use for 1 person: $30,922
- Annual costs of surviving aft the mean Social Security use for a joined couple: $19,997
Portland, Oregon
- Total population: 646,101
- Livability: 78
- Annual costs of living: $59,286
- Annual costs of surviving aft the mean Social Security use for 1 person: $36,833
- Annual costs of surviving aft the mean Social Security use for a joined couple: $25,908
Boston, Massachusetts
- Total population: 665,945
- Livability: 77
- Annual costs of living: $78,055
- Annual costs of surviving aft the mean Social Security use for 1 person: $55,602
- Annual costs of surviving aft the mean Social Security use for a joined couple: $44,677
Washington
- Total population: 670,587
- Livability: 75
- Annual costs of living: $72,440
- Annual costs of surviving aft the mean Social Security use for 1 person: $49,987
- Annual costs of surviving aft the mean Social Security use for a joined couple: $39,062
El Paso, Texas
- Total population: 677,181
- Livability: 81
- Annual costs of living: $35,947
- Annual costs of surviving aft the mean Social Security use for 1 person: $13,494
- Annual costs of surviving aft the mean Social Security use for a joined couple: $2,569
Oklahoma City, Oklahoma
- Total population: 681,088
- Livability: 81
- Annual costs of living: $35,873
- Annual costs of surviving aft the mean Social Security use for 1 person: $13,420
- Annual costs of surviving aft the mean Social Security use for a joined couple: $2,495
Nashville, Tennessee
- Total population: 684,103
- Livability: 78
- Annual costs of living: $51,895
- Annual costs of surviving aft the mean Social Security use for 1 person: $29,442
- Annual costs of surviving aft the mean Social Security use for a joined couple: $18,516
Denver, Colorado
- Total population: 710,800
- Livability: 72
- Annual costs of living: $62,269
- Annual costs of surviving aft the mean Social Security use for 1 person: $39,816
- Annual costs of surviving aft the mean Social Security use for a joined couple: $28,891
Seattle, Washington
- Total population: 734,603
- Livability: 75
- Annual costs of living: $84,578
- Annual costs of surviving aft the mean Social Security use for 1 person: $62,125
- Annual costs of surviving aft the mean Social Security use for a joined couple: $51,200
San Francisco, California
- Total population: 851,036
- Livability: 75
- Annual costs of living: $120,055
- Annual costs of surviving aft the mean Social Security use for 1 person: $97,602
- Annual costs of surviving aft the mean Social Security use for a joined couple: $86,677
Charlotte, North Carolina
- Total population: 875,045
- Livability: 80
- Annual costs of living: $48,817
- Annual costs of surviving aft the mean Social Security use for 1 person: $26,364
- Annual costs of surviving aft the mean Social Security use for a joined couple: $15,439
Indianapolis, Indiana
- Total population: 882,006
- Livability: 76
- Annual costs of living: $36,673
- Annual costs of surviving aft the mean Social Security use for 1 person: $14,220
- Annual costs of surviving aft the mean Social Security use for a joined couple: $3,295
Columbus, Ohio
- Total population: 902,449
- Livability: 81
- Annual costs of living: $38,586
- Annual costs of surviving aft the mean Social Security use for 1 person: $16,133
- Annual costs of surviving aft the mean Social Security use for a joined couple: $5,208
Fort Worth, Texas
- Total population: 924,663
- Livability: 80
- Annual costs of living: $43,137
- Annual costs of surviving aft the mean Social Security use for 1 person: $20,684
- Annual costs of surviving aft the mean Social Security use for a joined couple: $9,759
Jacksonville, Florida
- Total population: 950,203
- Livability: 84
- Annual costs of living: $42,954
- Annual costs of surviving aft the mean Social Security use for 1 person: $20,501
- Annual costs of surviving aft the mean Social Security use for a joined couple: $9,575
Austin, Texas
- Total population: 958,202
- Livability: 83
- Annual costs of living: $59,365
- Annual costs of surviving aft the mean Social Security use for 1 person: $36,912
- Annual costs of surviving aft the mean Social Security use for a joined couple: $25,987
San Jose, California
- Total population: 1,001,176
- Livability: 79
- Annual costs of living: $126,475
- Annual costs of surviving aft the mean Social Security use for 1 person: $104,022
- Annual costs of surviving aft the mean Social Security use for a joined couple: $93,097
Dallas, Texas
- Total population: 1,300,642
- Livability: 81
- Annual costs of living: $44,762
- Annual costs of surviving aft the mean Social Security use for 1 person: $22,309
- Annual costs of surviving aft the mean Social Security use for a joined couple: $11,384
San Diego, California
- Total population: 1,383,987
- Livability: 75
- Annual costs of living: $98,980
- Annual costs of surviving aft the mean Social Security use for 1 person: $76,527
- Annual costs of surviving aft the mean Social Security use for a joined couple: $65,602
San Antonio, Texas
- Total population: 1,445,662
- Livability: 80
- Annual costs of living: $38,514
- Annual costs of surviving aft the mean Social Security use for 1 person: $16,061
- Annual costs of surviving aft the mean Social Security use for a joined couple: $5,136
Philadelphia, Pennsylvania
- Total population: 1,593,208
- Livability: 76
- Annual costs of living: $39,637
- Annual costs of surviving aft the mean Social Security use for 1 person: $17,184
- Annual costs of surviving aft the mean Social Security use for a joined couple: $6,259
Phoenix, Arizona
- Total population: 1,609,456
- Livability: 76
- Annual costs of living: $51,142
- Annual costs of surviving aft the mean Social Security use for 1 person: $28,689
- Annual costs of surviving aft the mean Social Security use for a joined couple: $17,764
Houston, Texas
- Total population: 2,296,253
- Livability: 74
- Annual costs of living: $40,855
- Annual costs of surviving aft the mean Social Security use for 1 person: $18,402
- Annual costs of surviving aft the mean Social Security use for a joined couple: $7,477
Chicago, Illinois
- Total population: 2,721,914
- Livability: 78
- Annual costs of living: $43,905
- Annual costs of surviving aft the mean Social Security use for 1 person: $21,451
- Annual costs of surviving aft the mean Social Security use for a joined couple: $10,526
Los Angeles, California
- Total population: 3,881,041
- Livability: 67
- Annual costs of living: $91,834
- Annual costs of surviving aft the mean Social Security use for 1 person: $69,381
- Annual costs of surviving aft the mean Social Security use for a joined couple: $58,456
New York, New York
- Total population: 8,622,467
- Livability: 75
- Annual costs of living: $83,596
- Annual costs of surviving aft the mean Social Security use for 1 person: $61,142
- Annual costs of surviving aft the mean Social Security use for a joined couple: $50,217