Social Security Income Goes a Long Way in County | Business – Community News
Social Security

Social Security Income Goes a Long Way in County | Business

When it comes to pushing their Social Security checks further, Citrus County seniors know what they’re doing.

There’s a new SmartAsset report showing Citrus ranks 10th out of 67 Florida counties for Social Security income budget.

Steve Sabato of SmartAsset, a financial technology company, said income is a critical budgeting factor in retirement that can affect savings goals.

Get more from the Citrus County Chronicle

β€œIn fact, 40% of older Americans rely solely on Social Security for retirement income, Sabato said. However, mileage can vary on Social Security income depending on where you live.

SmartAsset found that the cost of living in Citrus County is $20,148 and the annual Social Security amount is $21,524. Citrus County placed 77.01 on the index.

That’s slightly lower than last year’s report, where Citrus still ranked 10th in the state with an index of 78.84. In 2019, the province was in 8th place.

Neighboring Sumter County, with an index of 95.05, was the highest in Florida and the second highest in the nation.

And the worst place in the country for retirement income from Social Security? That would be San Francisco, California.

In making their findings, SmartAsset looked at the average Social Security income for residents of each county and calculated the taxes a typical retiree would pay on that income based on state-specific Social Security tax rules.

It subtracted taxes from that average income to determine net Social Security income.

After calculating how far that net income would go to cover basic needs β€” including food, housing and transportation β€” the company subtracted the county-level costs of the typical cost of living from each province’s net Social Security income.

Finally, SmartAsset indexed the results to 100, with 100 indicating where Social Security would go furthest in covering the cost of living for residents of a given county.

To view the full SmartAsset report and find out what your monthly Social Security benefits will be when you retire, visit https://smartasset.com/retirement/social-security-calculator#florida