
Map Shows Where Social Security Goes Furthest in Retirement
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Knowing how much of their safety net can be relied upon—and how much they need to have saved to maintain a comfortable lifestyle—is of crucial importance to Americans as they plan and manage their finances before and during retirement.
A new report from LendingTree has detailed the cities where retirees are able to stretch their Social Security payments the furthest, as well as those where local costs mean they must rely more heavily on other sources of income.
Why It Matters
According to the study, Social Security on average covers 30 percent of retirees' spending, reaching more than a third in only one of the 100 largest metropolitan statistical areas.
The regional differences in cost of living mean where Americans choose to live and retire can significantly affect how far these benefits go—dictating whether their retirement is defined by security or financial strain—which is of critical importance to those with limited supplemental savings.
A Social Security Administration office in Mount Prospect, Illinois, in 2022.
A Social Security Administration office in Mount Prospect, Illinois, in 2022.
Nam Y. Huh/AP
What To Know
According to LendingTree, across the 100 largest metro areas, retirees require on average $71,407 pretax. By comparison, Social Security income in these areas accounts for about $21,500, therefore covering 30.1 percent of spending.
LendingTree examined these areas based on data from the Bureau of Labor Statistics, the Bureau of Economic Analysis, the Census Bureau, the Social Security Administration and the Tax Foundation. Its analysis of financial needs versus income allowed for a ranking of the top 10 states where Social Security covers the highest percentage of retirees' spending, seen on a map below created by Newsweek.
McAllen, Texas, ranked first. With its low cost-of-living, Social Security covers 34.6 percent of spending.
The other nine cities in the top 10 of LendingTree's rankings are these:
Buffalo, New York. Percentage covered: 33.1
El Paso, Texas. Percentage covered: 32.9
Syracuse, New York: Percentage covered: 32.8
Scranton, Pennsylvania. Percentage covered: 32.7
Wichita, Kansas. Percentage covered: 32.6
Augusta, Georgia. Percentage covered: 32.4
Tucson, Arizona. Percentage covered: 32.3
Little Rock, Arkansas. Percentage covered: 32.3
Tulsa, Oklahoma. Percentage covered: 32.3
Perhaps predictably, given the upward pressure of housing prices on the state's overall cost of living, most of the cities at the bottom of the list are in California.
San Francisco ranked last on the list of 100 metros. With $85,364 in average estimated annual expenditures before tax and $20,726 in social security retirement income, retirees would see 24.3 percent of their spending covered.
The other nine cities in the bottom 10 of LendingTree's rankings are these:
Los Angeles, California. Percentage covered: 24.9
Washington, D.C. Percentage covered: 24.9
Oxnard, California. Percentage covered: 25.3
San Jose, California. Percentage covered: 24.4
San Diego, California. Percentage covered: 25.7
Sacramento, California. Percentage covered: 26.4
Riverside, California. Percentage covered: 26.6
Stockton, California. Percentage covered: 26.7
Miami, Florida. Percentage covered: 26.9
What People Are Saying
Matt Schulz, LendingTree's chief consumer finance analyst, said: "Most aren't fortunate enough to have a seven-figure nest egg or a pension to lean on. Most people have tight budgets, limited expendable income and low retirement account balances. It's all going to add up to a challenging situation for retirees and their loved ones in the next 15 to 20 years."
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNBC
4 minutes ago
- CNBC
Even many high-earning Americans don't feel wealthy. Here's why
About 14% of all U.S. households make $200,000 or more per year, according to 2023 Census data. But a significant salary hasn't translated to big account balances for some of these consumers — which experts have dubbed "HENRYs," or "high earners, not rich yet." Rising costs, debt and lifestyle creep can leave them feeling stuck, experts say. Nearly two-thirds, or 62%, of people with salaries over $300,000 a year struggle with credit card debt, a new survey from BHG Financial found. Other reports have found many six-figure earners still live paycheck to paycheck. "Earning doesn't actually make you feel rich; spending it does," said Sabrina Romanoff, a clinical psychologist. "If most people spent 99% of their paycheck, they'd feel quite rich. And it's the paradox here. When we're in accumulation mode, it's very difficult to feel rich." More from Personal Finance:Trump's 'big beautiful bill' created a new student loan plan: What to knowAffordable Care Act health plan enrollees could face 'subsidy cliff' in 2026Trump's 'big beautiful bill' includes these 2025 tax changes Americans say they would need to make $520,000 a year, on average, to feel rich, according to a 2024 Bankrate survey. The more money people earn, the more they say they need to feel comfortable. Americans making under $50,000 said they needed an average $157,000 a year to live comfortably, while those making at least $100,000 said they would need $246,000. Marie Incontrera, 39, worked as a professional composer, bandleader and pianist before launching her virtual assistant business in 2016. She then expanded her business during the pandemic into a digital marketing consulting agency. The career pivot has multiplied her income. Incontrera anticipates her business' revenue for 2025 to be around $1.4 million. She expects to take an owner's draw of $300,000 to $400,000 this year. "I had a pretty successful career as a musician through most of my 20s," Incontrera told CNBC. "But the thing they don't tell you about having a career as a musician in music school is that you can be playing Carnegie Hall, which I was, and I was making $15,000 a year." Despite her income going from $15,000 to $300,000 per year, Incontrera still doesn't feel rich. "I would have thought back then that the amount of money that I have in the bank right now, I would be rich, right? I would have just thought, 'Oh, yeah, she's made it' ... and I don't feel that way," she said. "I have more money anxiety, almost, now than I ever did in my 20s." "I feel very lucky. I feel privileged, but I do not feel rich," Incontrera said. "I know that I am on a hamster wheel with my business. I actually really love the hamster wheel. I love what I do, but I also realize that I can't stop." That's not unusual, experts say. "It can be pretty easy for someone to feel like, I'm making really good money, but I don't have a lot of discretionary income," said Kamila Elliott, CEO of wealth management firm Collective Wealth Partners in Atlanta, and member of the CNBC Financial Advisor Council. "One of the things I focus on with my clients is a budget should be a representation of your values," Elliott said. "The issue is you can't value everything ... You have to pick maybe one or two things where you're going to focus your discretionary spending and then take that extra and reroute that to savings so you can start feeling rich." Watch the video above to learn how spending habits can leave even high earners feeling like they're on a never-ending hamster wheel.


CNBC
4 minutes ago
- CNBC
Trump arrives in Scotland for golf and bilateral talks as EU trade deal nears
U.S. President Donald Trump, dogged by questions about his ties to disgraced financier and sex offender Jeffrey Epstein, arrived in Scotland on Friday for some golf and bilateral talks that could yield a trade deal with the European Union. Trump told reporters upon his arrival that he will visit his two golf properties in Scotland and meet with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen, whom he called a "highly respected woman." As hundreds of onlookers cheered his arrival, Trump reiterated his earlier comment about a 50-50 chance of securing a deal with the EU, adding that it would be his administration's largest trade agreement thus far, if it came together. However, he said there were still "sticking points" with Brussels on "maybe 20 different things." Trump said his meeting with Starmer would be more of a celebration of the trade deal already reached than continued work on it, adding, "It's a great deal for both." Before he left Washington, Trump stated that his administration was working diligently on a potential trade deal with the EU, and Brussels was eager to finalize a deal. Von der Leyen said later she would meet Trump in Scotland on Sunday. EU diplomats say a deal could result in a 15% tariff on EU goods, mirroring a framework accord with Japan reached this week and half of the 30% Trump is threatening to impose by Aug. 1. Trump has sought to reorder the global economy after imposing a 10% tariff on nearly all trading partners in April and threatening sharply higher rates for many countries to kick in a week from now. Trump says the moves will reduce the U.S. trade deficit and generate additional revenue, but economists warn that the new trade policies could drive up inflation. Trump, facing the biggest domestic political crisis of his second term, expressed frustration about ongoing questions about his administration's handling of investigative files related to Epstein's criminal charges and his 2019 death in prison. "You make it a very big thing over something that's not a big thing," Trump told reporters in Scotland, urging them to focus on other prominent Americans with ties to Epstein, including former President Bill Clinton. "Talk about Clinton. Talk about the former president of Harvard. Talk about all of his friends. Talk about the hedge fund guys that were with him all the time. Don't talk about Trump," he said. "What you should be talking about is the fact that we have the greatest six months in the history of a presidency." The Epstein issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials are hoping the controversy dies down while Trump is abroad, two people familiar with the matter said. Trump will stay at his Turnberry property on Scotland's west coast this weekend, before traveling on Monday to a golf property in Aberdeen, where he will open a second 18-hole course named in honor of his mother, Mary Anne MacLeod. MacLeod was born and raised on a Scottish island before emigrating to the U.S. As he left the White House, Trump said he looked forward to meeting both Starmer and Scottish leader John Swinney, who had publicly backed Democratic candidate Kamala Harris in the 2024 U.S. presidential election. The trip provides Trump and Starmer with an opportunity to strengthen their already warm ties, with key issues on the agenda, including ending Russia's war in Ukraine, according to British and U.S. sources. The deteriorating situation in Gaza is also likely to come up. Starmer on Thursday said he would hold an emergency call with France and Germany over what he called the "unspeakable and indefensible" suffering and starvation being reported there, and called on Israel to allow aid to enter the Palestinian enclave. Gaza health authorities say more than 100 people have died from starvation, most in recent weeks. Human rights groups have said mass starvation is spreading even as tons of food and other supplies sit untouched just outside the territory. Since being elected last year, Starmer has prioritized good relations with Trump, stressing the importance of Britain's defense and security alliance with the U.S., while working to clinch the first tariff-reduction deal with the U.S. in May. The framework agreement reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the UK's aerospace sector, but left steel tariffs in place. Starmer is expected to press for lower steel tariffs, but sources close to the matter said it was unclear if any breakthrough was possible during Trump's visit. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his earlier presidential run, but he will not necessarily receive a warm welcome. About 70% of Scots hold an unfavorable opinion of Trump, while 18% have a favorable opinion, according to an Ipsos poll conducted in March. Scottish police are gearing up for protests on Saturday in both Aberdeen and Edinburgh, the country's capital. Trump will return to Britain from Sept. 17-19 for a state visit hosted by King Charles. It will make Trump the first world leader in modern times to undertake two state visits to the United Kingdom. The late Queen Elizabeth hosted him at Buckingham Palace for a three-day state visit in June 2019.


CNET
33 minutes ago
- CNET
Social Security August 2025: Here's When You'll Get Paid This Month
August's Social Security payments are on the way. Here's the full payment schedule for the month. CNET It's a little less than a week until August's Social Security payments are sent out, so recipients can expect their benefit soon, and some will get paid a few days early this month. We'll explain. Social Security benefits are sent monthly to people who've applied for their retirement, survivor or disability benefits. The payments are sent in waves throughout the month. When you receive your Social Security check is determined by how long you've been receiving benefits, whether you receive additional government benefits or the day of the month you were born. Not sure when you should be receiving your payment? We break it down below. Read on to find out how your payment date is determined, when you should receive your check, and the full payment schedule for the month of August. For more, don't miss why paper Social Security checks will stop being sent out soon. This is when you'll receive your Social Security check Want to know which day of the month you'll receive your check? This is the Social Security and SSDI payment schedule for August. Social Security payment schedule for August 2025 If you have received Social Security since before May 1997 Aug. 1 If your birthday falls between the 1st and 10th of any given month Aug. 13 If your birthday falls between the 11th and 20th of any given month Aug. 20 If your birthday falls between the 21st and 31st of any given month Aug. 27 How to determine your Social Security payment date Social Security payments are typically paid out starting on the second Wednesday of the month. The remaining two payments will be paid out on the following two Wednesdays of the month. Which week you receive your payment depends on your birthdate. There is one big exception, which we'll cover below. Birthdate between Social Security check date 1st and 10th 2nd Wednesday of the month 11th and 20th 3rd Wednesday of the month 21st and 31st 4th Wednesday of the month Other federal benefits will not be sent the same day If you've received Social Security benefits since before May 1997, or receive Social Security and Supplemental Security Income, your payment schedule isn't determined by your birthdate. Instead, payments are paid out every month on the same date with a couple of exceptions. Social Security payments will be sent out on the third day of each month, while SSI payments are sent out on the 1st of each month. These dates will sometimes change if the first or the third of the month falls on a weekend or holiday. For example, March 3 of last year fell on a weekend, so Social Security recipients received their March payments two days early, on March 1. The only benefits that are paid on the same schedule are Social Security and Social Security Disability Insurance. Paper Social Security checks are going away soon An executive order from the White House will end the use of paper Social Security checks on Sept. 30. This means all payments after that date will be sent digitally, including direct deposits, debit and credit cards, digital wallets and other real-time payment systems to reduce the overall cost of sending physical checks to beneficiaries. The decision is not surprising when you consider that only 485,766 Social Security checks are mailed each month, which pales in comparison to the 68,104,184 direct deposit payments made each month. While this will undoubtedly be an adjustment period for those people who have been receiving physical checks, moving mailed benefits payments to digital forms will increase security. It's important to note that some exclusions will be made for certain individuals. A missing Social Security check? Try these steps If your check fails to arrive when it's supposed to or not at all, the Social Security Administration suggests waiting three additional mailing days before contacting it. After that, you can call the national toll-free number: 1-800-772-1213. The SSA notes that "wait times to speak to a representative are typically shorter in the morning, later in the week and later in the month." If you're having trouble reaching the SSA through the national number, you can use its office locator to find a local office. For more, see how to apply for Social Security benefits for eligible children and how to apply for Social Security Disability Insurance.