Living on Social Security | WYPR

Living on Social Security

Jan 19, 2017

Credit GotCredit/flickr

Most people rely upon Social Security to at least a certain extent to pay for their retirement expenses.  According to US News, 84 percent of people qualify for Social Security payments and an easy majority of retirees, 60 percent, receive at least half of their income from Social Security. According to the Social Security Administration, Social Security is the only major source of retirement income for a third of retirees.

At this time last year, the average monthly Social Security payment was $1341, which means that it isn’t easy to live on only a Social Security check. A married couple in which each member received the average Social Security check would report a retirement income of a bit more than $32,000.  Naturally, there are places where living on just Social Security income is easier.

According to U.S. News & World Report, the best communities in America for those relying heavily upon Social Security are:

  • Boise, Idaho-for affordable housing and rich scenery
  • Grand Rapids, Michigan-for impressive arts scene
  • Richmond, Virginia-for the cost of living is far lower than in Northern Virginia
  • Rochester, New York
  • Spokane, Washington