For anyone living in the United States, retirement benefits are a very important part of their lives. During their time as a worker, the average U.S. citizen accumulates credits to apply for Social Security. This type of financial benefit is essential for many people, although in some states it is more important than in others. The Social Security Administration does not provide a larger benefit in different states.
The eligibility requirements are the same for all Americans. With this in mind, it is easier to understand the economic situation in many places, since prices are not the same in all States.
While it is true that not all States have the same way of living, living on Social Security alone is possible. Some people receive only the monthly benefit payment for retirement, disability or blindness. To this must be added SSI and, in many cases, SNAP. Well, there are places where this is more common than elsewhere. Let’s take a look at a list of the places where it is more common to see this type of economy. This way you can find out if you are in a state where it is the norm.
States where it is the norm to live on Social Security alone
Here are some of the states where it is most common to see people living on Social Security alone. These people may have some extra income, but not in the form of a salary.
- New York: In the Big Apple State, the percentage of people living on Social Security income alone is 39.1%. This means that more than a third of the people in New York have no money other than their retirement income. The averagewage here is $2,570 as a worker. On the other hand, the average retirement is only $1,647. Being a very expensive place, many of these people may not have too many luxuries in their lives.
- Oklahoma: Within this state we find a percentage of 44.4% of people who live only on their Social Security retirement. In other words, almost half of the citizens of Oklahoma only have this source of income. Nevertheless, the average salary in this state is $1,983 and the average retirement income is $1,583. The difference between these two figures is not excessively large, so it can be a good state to move to in case of living only on retirement.
- Tennessee: If we take into account that the average retirement is $1,645 and the salary of an average worker is $1,921, the difference is very small. Therefore, it is not surprising that as many as 46.1% of citizens are retirees with no extra income. Tennessee can also be a good place for retirement, although first you have to check if you pay Social Security taxes or not.
- Indiana: Finally we see a state where almost half of its population depends on Social Security. In Indiana there are 49.7% of people who only have retirement as a source of income. It is something easy to understand when we see that the difference between the average salary and the average retirement is a mere $19. In the first case we have a salary of $1710 per month and in the second $1691 per month.