The American Social Security net is expected to deplete by the next ten years. Four years ago there were 69.1 million people receiving benefits. SmartAsset looked at the share of social security income among retirees in 100 cities, that had the highest number of 65-and-up population, to see how much their retirement incomes leaned on social security payments.
They calculated the average retirement income of senior households (based on pension plans, annuities income, insurance, IRA plans) after combing through the Census Bureau's 2021 one-year American Community Survey. Here's what they found.
Key Takeaways:
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On average 40 percent of a retiree's income came from social security, which roughly equates to $50,780, in 2021.
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Retirees in Washington, DC, and California cities (like Chula Vista, Riverside, Sacramento and Glendale) were found to be least reliant on social security for their retirement income.
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Retirees in Scottsdale, AZ, had the highest retirement income, around $71,147, and just over one-third of it came from social security.
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Retirees in two Florida cities, Hialeah and Miami, received the lowest average social security amounts.
Via SmartAsset.
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