(NewsNation) — Social Security is the lifeblood of many retirees’ income and can be depended upon as the sole source of income post-retirement.
GoBanking Rates analyzed data from the U.S. Census American Community Survey of households receiving Social Security. There were many factors that went into this study, specifically the common retirement age.
States with the most Social Security dependence: Report
Among all states, West Virginia residents depend on their social security more than any other at 41.22%, with an average retirement income of $25,524. The remaining top states include:
- Maine: 37.27% with $30,164
- Hawaii: 37.18% with $38,744
- Florida: 36.72% with $35,449
- Vermont: 36.28% with $29,886
Five other states have 35% of their residents depending on Social Security. Those include:
- Delaware: 36.00%
- New Mexico: 35.75%
- Mississippi: 35.46%
- Alabama: 35.19%
- South Carolina: 35.10%
States with the least Social Security dependence: Report
Utah had the lowest percentage of residents receiving Social Security at 23.86%, with an average retirement income of $33,147. Alongside Utah, the other states at the bottom include:
- Alaska: 25.24% with $43,722
- Texas: 25.31% with $31,888
- Colorado: 25.49% with $37,573
- North Dakota: 27.66% with $28,327
14 states had less than 30% of their residents depending on Social Security. Some of those include:
- California: 28.13%
- Maryland: 28.32%
- Washington: 29.01%
- Illinois: 29.06%
- Nebraska: 29.09%
Aptia data shows workforce is aging rapidly: Chief revenue officer
“Based on enrollment research data we analyze at Aptia, we see a workforce that is aging rapidly — nearly one-quarter of U.S. workers are now 55 or older, and 7% are over 65,” Shaun Scott, Chief Revenue Officer, Aptia Group told NewsNation.
Scott also said that data shows “these individuals often have complex benefit needs, yet nearly 80% of employers do not sponsor employer or union-based retiree health benefits.” This is why, as Scott said, strategically planning your retirement is smart and necessary.