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GOBankingRates
10 STATES TO AVOID IF YOU’RE LIVING ON JUST A SOCIAL SECURITY CHECK
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MYTH OR MATTER OF FACT — SOCIAL SECURITY
Michael Finke, The American College of Financial Services Professor and Frank M.
Engle Chair of Economic Security, and finStream.tv Co-Founder Robert Powell sit
down with Yahoo Finance Live to debate certain misconceptions or uncertainties
surrounding the U.S. Social Security program.
John Csiszar
Sun, May 21, 2023 at 1:30 PM EDT·4 min read
SMJoness / Getty Images/iStockphoto
Social Security is an important component of the American retirement system,
providing about 30% of the income of the elderly, according to the Social
Security Administration. But for those living in high-cost states, this
percentage is much less. In other words, if you live or plan to live in an
expensive state during retirement, you'll need much more outside income than the
average $1,781.63 monthly Social Security check to cover your costs.
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To find out which are the 10 worst states to live on a Social Security check,
GOBankingRates analyzed data on rental rates for a one-bedroom apartment and the
overall cost of living from a variety of sources, including the Social Security
Administration, the 2022 Missouri Economic Research and Information Center's
Cost-of-living data series and ApartmentList's February 2023 data.
The most expensive states, as determined from the data, are listed here in
reverse order. Perhaps not surprisingly, the bulk of the states on the list are
in coastal areas.
Kruck20 / iStock.com
FLORIDA
* 2022 average 1-bedroom rent: $1,411
* Cost-of-living index: 102.8
Florida actually ranks pretty well on its overall cost-of-living index, but high
rents push it into the more unaffordable category for those living on just a
Social Security check.
More: What Is the Average Social Security Benefit at Every Age?
Similar: Retirees Confess What They Wish They'd Done With Their Money
Yan Lu / Getty Images/iStockphoto
WASHINGTON
* 2022 average 1-bedroom rent: $1,300
* Cost-of-living index: 114.2
Costs jump up to more than 14% above the national average in Washington, making
it more unaffordable for many retirees. However, lower-than-expected rents can
make living on a limited income more manageable.
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benedek / Getty Images
CONNECTICUT
* 2022 average 1-bedroom rent: $1,278
* Cost-of-living index: 116.8
Story continues
Connecticut has a fairly high cost of living overall, and it's famous for its
high property taxes. However, if you're a renter, things look a bit better, as
Connecticut has the lowest average one-bedroom rent of any state in the
top-10-most-unaffordable list.
NEW HAMPSHIRE
* 2022 average 1-bedroom rent: $1,312
* Cost-of-living index: 116.1
New Hampshire is another state with a relatively low average one-bedroom rent
compared to its fairly high cost of living. Although overall costs might be
overwhelming for those living on Social Security, renters have a better go of it
if they can trim their other expenses.
Davel5957 / Getty Images/iStockphoto
NEW JERSEY
* 2022 average 1-bedroom rent: $1,498
* Cost-of-living index: 112.4
Costs in New Jersey are high, especially when it comes to real estate taxes,
which are the highest in the country. One-bedroom rents are also high, so
there's no place to hide when it comes to living in New Jersey on just Social
Security.
sborisov / Getty Images/iStockphoto
MARYLAND
* 2022 average 1-bedroom rent: $1,401
* Cost-of-living index: 124.0
Rents are high in Maryland but additional costs also take a dramatic jump,
running 24% above the national average. This makes the overall cost of living in
Maryland nearly twice as high as in New Jersey, relative to the national
average.
Social Security: Whether You're 62, 65, 67 or 70, Here's Why Your Age Matters
AlizadaStudios / Getty Images
MASSACHUSETTS
* 2022 average 1-bedroom rent: $1,395
* Cost-of-living index: 149.7
The cost-of-living index in Massachusetts is actually the second-highest in the
country, behind only outlier Hawaii. However, its one-bedroom rents are actually
surprisingly affordable on a relative basis, helping keep the state a notch or
two below the most expensive states.
holbox / Shutterstock.com
NEW YORK
* 2022 average 1-bedroom rent: $1,614
* Cost-of-living index: 134.5
New York lives up to its reputation as one of the most expensive states in the
country, and it's tough for relying primarily on Social Security to make it
there. But New York is a big and diverse state, and there are plenty of areas
away from Manhattan and other more expensive areas that can help your money
stretch a bit further.
Dancestrokes / Shutterstock.com
CALIFORNIA
* 2022 average 1-bedroom rent: $1,626
* Cost-of-living index: 137.6
California is the most expensive state in the continental U.S. for those trying
to live off a Social Security check. But just like in New York, if you can get
away from the big cities like San Francisco and Los Angeles, you can find your
costs drop dramatically in areas like the Central Valley.
anouchka / Getty Images
HAWAII
* 2022 average 1-bedroom rent: $1,772
* Cost-of-living index: 184.0
Hawaii's overall cost of living is simply off the chart. The state's COL index
of 184 makes it more than twice as expensive (relative to the average) as the
No. 2 state on the list, California. Hawaii's average one-bedroom rent is the
most expensive in the nation.
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Methodology: GOBankingRates determined the worst states to live on only a Social
Security check based on the (1) average monthly benefit for retired workers,
$1,781.63, sourced from Social Security Administration; (2) the overall cost of
living in each city, sourced from the Missouri Economic Research and Information
Center's 2022 Cost of Living data series ; and (3) the average 2023 rent for a
one bedroom apartment as sourced from ApartmentList's February 2023 data.
Factors (2) and (3) were scored and combined with the highest score being the
worst. All data was collected and is up to date as of April 3, 2023.
This article originally appeared on GOBankingRates.com: 10 States To Avoid If
You’re Living on Just a Social Security Check
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