America’s social security net Be expected It will be exhausted in the next 10 years. 4 years ago it was 69.1 million Acceptance advantage. SmartAsset looked at the share of social security income for retirees in the 100 cities with the most people aged 65 and over and how dependent their retirement income is on social security payments.
After combing through the Census Bureau’s 2021 American Community Survey, they calculated the average retirement income for senior households (based on pension plans, pension income, insurance, and IRA plans). Here’s what they found.
Important points:
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On average, 40% of retirees’ income comes from Social Security, equivalent to approximately $50,780 in 2021.
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We found that retirees in Washington DC and California cities (such as Chula Vista, Riverside, Sacramento, and Glendale) are least dependent on Social Security for their retirement income.
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Retirees in Scottsdale, Arizona, had the highest retirement income at about $71,147, with just over a third coming from Social Security.
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Retirees in two Florida cities, Hialeah and Miami, had the lowest average Social Security amounts.
via smart asset.
[Photo by James Hose Jr on Unsplash]
