12 Cities Where Social Security Runs Out Fastest
Social Security is the main source of income for some 40% of retired Americans, according to AARP’s CEO, Jo Ann Jenkins.
Next year, benefits will increase by 2.5%, but that is unlikely to be much help for married couples dependent on their monthly checks who live in the country’s largest cities, according to a study released Wednesday by GOBankingRates. It reported that benefits for a married couple last a full month in only four places.
To find how long benefits can cover the typical cost of living for retirees in the 50 most expensive cities, researchers analyzed cost-of-living data from the Bureau of Labor Statistics and Social Security Administration data from August for the 100 biggest U.S. cities. They calculated the total cost of living after the benefits and the days each month until benefits stop covering the total cost of living also were calculated.
See the accompanying gallery for the 12 cities where married couples’ Social Security benefits run out fastest:
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