(NewsNation) — Social Security is what many Americans rely on to retire, but whether that’s possible depends partly on their place of residence.
Social Security, on average, covers 30% of retiree spending in the 100 largest metro areas across the United States, according to a new study from Lending Tree.
The average estimated annual pretax expenditure is $71,407 across those metros. However, the average Social Security payments are $21,500 annually, equating to 30.11% of expenditure.
Social Security payments go furthest in McAllen, Texas, with 34.61% of annual spending covered. The top 10 metro areas where Social Security covers the highest percentage of spending are:
- McAllen, Texas (34.61%)
- Buffalo, New York (33.12%)
- El Paso, Texas (32.85%)
- Syracuse, New York (32.84%)
- Scranton, Pennsylvania (32.72%)
- Wichita, Kansas (32.64%)
- Augusta, Georgia (32.44%)
- Tucson, Arizona (32.29%)
- Little Rock, Arkansas (32.28%)
- Tulsa, Oklahoma (32.27%)
In several California metro areas, Social Security payments to retirees cover the lowest percentage of spending. The top 10 metros where Social Security coverage of spending is lowest:
- San Francisco, California (24.28%)
- Los Angeles, California (24.85%)
- Washington, D.C. (24.91%)
- Oxnard, California (25.28%)
- San Jose, California (25.42%)
- San Diego, California (25.74%)
- Sacramento, California (26.35%)
- Riverside, California (26.60%)
- Stockton, California (26.72%)
- Miami, Florida (26.93%)
“As retirement nears, employees are weighing more than just savings. They are looking at where their money will go further based on cost of living, taxes, and health care access. These are top concerns, especially for aging workforces,” Jeff Williams, president and CEO of Aptia Group U.S., told NewsNation.
“Personalized health care guidance can help individuals navigate complex decisions and make the most of their resources, stretching their retirement dollars and maximizing long-term value.”