A new map reveals the counties where Social Security payments will last the longest, with lower-cost-of-living areas offering the greatest longevity.
Social Security is a vital safety net for millions of Americans, providing a monthly income to retirees, survivors, and people with disabilities. However, the duration of these benefits can vary significantly depending on where beneficiaries live. A recent study by the Center on Budget and Policy Priorities (CBPP) has mapped out the counties where Social Security payments will last the longest, highlighting the importance of considering cost of living when planning for retirement.
The CBPP study analyzed the average cost of living in each county and compared it to the average Social Security benefit amount. The results show a clear correlation between lower living costs and longer-lasting benefits. In counties with a low cost of living, Social Security payments can provide a more comfortable and secure retirement.
Where Your Social Security Payments Will Go the Furthest
The top 10 counties where Social Security payments will last the longest are:
1. Owsley County, Kentucky
2. Macon County, Tennessee
3. Breathitt County, Kentucky
4. Johnson County, Kentucky
5. Perry County, Kentucky
6. Wolfe County, Kentucky
7. Clay County, Kentucky
8. Magoffin County, Kentucky
9. Leslie County, Kentucky
10. Pike County, Kentucky
These counties are primarily located in the Appalachian region of the United States, which is known for its low cost of living. In Owsley County, the average cost of living is about 60% of the national average, while the average Social Security benefit is slightly above the national average. This means that Social Security payments in Owsley County can provide a much more comfortable retirement than in areas with a higher cost of living.
In contrast, the counties where Social Security payments will run out the fastest are often located in large metropolitan areas with a high cost of living. For example, in New York County, which includes Manhattan, the average cost of living is nearly 200% of the national average. This means that Social Security payments in New York County will typically run out much faster than in low-cost-of-living areas.
The CBPP study highlights the importance of considering cost of living when planning for retirement. By choosing to live in a more affordable area, retirees can make their Social Security benefits go further and enjoy a more secure retirement.
