Retirees in These U.S. Cities Rely on Social Security the Most
Retirees often struggle with low income when relying on Social Security. For some, however, this can be even more of an issue. One issue across the board is that inflation has driven prices higher for everyone and retirees see little relief. While those in the work force may see significant pay increases, retirees are stuck trying to stretch a dollar further. A recent study by SmartAsset, shows in which cities retired Americans rely on Social Security the most.
On average, Social Security comprises over 40 percent of a retiree’s income. The SmartAsset study found that seniors rely on Social Security significantly more in some cities, with those in the Midwest ranking the highest. Below are the top three.
Fort Wayne, IN
Fort Wayne claimed the top spot in this study for the fifth year in a row. Retirement income here is comprised of more than half (50.04 percent) Social Security. This is, however, a drop from the previous year when it made up more than 52 percent of retiree income. The trend seems to show that other income sources for retirees in Fort Wayne is keeping up with inflation better than Social Security while the population for those 65 and older has grown significantly.
2. Wichita, KS
The average annual income for retirees in Wichita is $45,220. research shows that 49.81 percent of this comes from Social Security. Once known as the largest aircraft manufacturing hub in the world, Wichita is now home to over 62,000 residents 65 and older. Seniors enjoy the cultural offerings of the area like the Wichita Symphony Orchestra, the Wichita Art Museum, and the Orpheum Theatre. This is, of course, as long as they can afford them on low cost-of-living adjustments (COLA.)
3. Nashville, TN
Many retirees decide to settle in Nashville to enjoy legendary area attractions like the Grand Ole Opry and Bluebird Cafe. Nashville is home to more than 89,000 seniors 65 and older. Social Security makes up 48.15 percent of the total retirement income for this population which is up from 45.80 percent in the the previous year. This makes it especially important for Social Security benefits to keep up with inflation.
These are only the top three on the list. Wondering where your city falls? Check out the full story from Yahoo Finance at the link below. Also, please take a moment to sign our petition and help reform Social Security.