This Is How Far Social Security Goes Across the U.S., New Research Reveals. How Much Will It Benefit You?

Oct 31, 2024 12:40 AM - 1 week ago 16816

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
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