Top Locations with the Highest and Lowest Amount of Social Security Coverage for Living Costs
Top 10 U.S. Metro Areas Where Social Security Covers Over 30% of Retirees' Spending
According to a recent study by LendingTree, McAllen, Texas is the only metro area where Social Security benefits cover more than a third (34.61%) of retirees' spending. The top 10 U.S. metro areas where Social Security benefits cover over 30% of retirees' spending are listed below.
- McAllen, Texas - With a cost of living 17.6% below the national average, McAllen takes the top spot with Social Security benefits covering 34.61% of retirees' spending.
- Buffalo, New York - Social Security benefits in Buffalo cover 33.12% of retirees' spending, making it the second metro area on the list.
- El Paso, Texas - In third place, El Paso has Social Security benefits covering 32.85% of retirees' spending.
- Unknown (4th rank) - This metro area has Social Security benefits covering 32.84% of retirees' spending.
- Unknown (5th rank) - This metro area has Social Security benefits covering 32.72% of retirees' spending.
- Unknown (6th rank) - This metro area has Social Security benefits covering 32.64% of retirees' spending.
- Augusta, Georgia - Coming in seventh, Augusta has Social Security benefits covering 32.44% of retirees' spending.
- Unknown (7th rank) - This metro area has Social Security benefits covering 32.44% of retirees' spending.
- Little Rock, Arkansas - In ninth place, Little Rock has Social Security benefits covering 32.28% of retirees' spending.
- Tulsa, Oklahoma - Tulsa is the tenth metro area on the list with Social Security benefits covering 32.27% of retirees' spending, and it also boasts a low unemployment rate of 2.9%.
Other metro areas with high coverage include:
- Syracuse, New York - Social Security benefits cover 32.84% of retirees' spending.
- Tulsa, Oklahoma - Social Security benefits cover a bit over 32% of retirees' spending.
- Tucson, Arizona - Social Security benefits cover 32.29% of retirees' spending.
On average, Social Security benefits cover 30.11% of retirees' spending according to LendingTree. However, in some large metros like San Francisco and Los Angeles, Social Security covers less than 25% of retirees' expenses.
The table below shows the ranking, average spending, implied pre-tax need, average Social Security income, and the percentage of spending covered by Social Security for the top 10 metro areas where Social Security will cover more of your spending.
| Rank | Metro Area | Implied Pre-Tax Need | Average Social Security Income | % Spending Covered by Social Security | |-------|---------------------|---------------------|-------------------------------|--------------------------------------| | 1 | McAllen, Texas | $61,821 | $21,398 | 34.61% | | 2 | Buffalo, New York | $68,176 | $22,581 | 33.12% | | 3 | El Paso, Texas | $65,143 | $21,398 | 32.85% | | 4 | Unknown (4th rank) | $68,754 | $22,581 | 32.84% | | 5 | Unknown (5th rank) | $67,165 | $21,978 | 32.72% | | 6 | Unknown (6th rank) | $64,637 | $21,096 | 32.64% | | 7 | Augusta, Georgia | $66,691 | $21,823 | 32.44% | | 8 | Unknown (7th rank) | $65,720 | $21,317 | 32.44% | | 9 | Little Rock, Arkansas | $66,366 | $21,894 | 32.28% | | 10 | Tulsa, Oklahoma | $67,572 | $22,204 | 32.27% |
- For those planning their personal-finance strategy in retirement, it's worth considering the metro areas where Social Security benefits cover a significant portion of retirees' spending, such as McAllen, Texas, where Social Security covers over 34% of retirees' expenses.
- To manage personal-finance needs in retirement, it's important to understand the role Social Security plays in covering expenses, particularly in metro areas like Tulsa, Oklahoma and Syracuse, New York, where Social Security benefits cover over 32% of retirees' spending.
