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Economic Times
5 days ago
- Business
- Economic Times
Living off Social Security? New report says you will run out of cash in weeks — every state
ET Online A new 2025 report shows retirees can't survive a full month on Social Security alone in any U.S. state — even in the most affordable places. If you're planning to live only on Social Security checks after you retire — you may want to think again. A new report by GOBankingRates shows that in every U.S. state, people who depend only on Social Security run out of money before the month Social Security Administration has always said these benefits were never meant to be your only source of money after retirement. They are supposed to support you — not fully cover your lifestyle. Now, the latest July 2025 study from GOBankingRates proves that if you're single and relying only on these monthly checks, you'll be in trouble — no matter where you live in the U.S. ALSO READ: Researchers uncover startling new clue in the hunt for Parkinson's cause The team at GOBankingRates: Collected the average Social Security income for single people Looked at each state's average mortgage costs and basic living expenses Calculated how many days your Social Security check could last per month in each state They used data from: U.S. Census (2023 5-year Survey) Missouri Economic and Research Information Center Bureau of Labor Statistics (2023) Zillow Home Index (May 2025) Federal Reserve Economic Data All data was collected as of July 7, 2025. Even in the most affordable states, your Social Security check won't last a full month. But some states are still better than others, as stated in the report by are the top 10 states where Social Security lasts the longest: West Virginia – 21.5 days Monthly mortgage: $989 Total monthly living cost: $2,830Mortgage: $1,107Total: $2,910Mortgage: $1,268Total: $2,986Mortgage: $1,226Total: $2,999Mortgage: $1,264Total: $3,069Mortgage: $1,351Total: $3,122Mortgage: $1,294Total: $3,175Mortgage: $1,358Total: $3,185Mortgage: $1,393Total: $3,192Mortgage: $1,416Total: $3,262Even in West Virginia — the most affordable — you'll still fall short by 9-10 days each month if you rely only on Social the flip side, here are the top 10 most expensive states — where your Social Security check runs out the fastest, as mentioned in the report by GoBankingRates. Mortgage: $5,675Total cost: $8,357Mortgage: $4,698Total: $7,003Mortgage: $3,950Total: $6,277Mortgage: $3,626Total: $5,750 ALSO READ: 9 guilt-free midnight snacks that will satisfy your cravings and still let you sleep Mortgage: $3,382Total: $5,387Mortgage: $3,296Total: $5,179 New Hampshire – 12.0 days Mortgage: $3,042Total: $5,057Mortgage: $2,987Total: $5,020Mortgage: $2,918Total: $5,006Mortgage: $3,155Total: $4,996Clearly, high living costs and expensive housing make it nearly impossible to live on just Social Security in these states fall in the middle — not the cheapest, but not the worst either. Here's how they compare: Georgia – 15.9 days | $3,829/month Texas – 16.8 days | $3,628/month North Carolina – 15.8 days | $3,864/month Florida – 14.2 days | $4,281/month Wisconsin – 15.9 days | $3,835/month No matter where you live — you will fall short. The study proves that Social Security doesn't stretch far enough. Even in cheaper states, you're missing 7 to 10 days of income each month. In expensive states, you might fall short by 15 to 20 days, as per the GoBankingRates reports. This means you must have extra money saved, or other sources of income like: Retirement savings (401k, IRA) Pension Investments Part-time work Help from family This isn't a surprise. The Social Security Administration has said for years that the program is not enough to fully support a retired person — especially with today's inflation and housing study just puts real numbers and days to the warning. If you're hoping to rely only on your Social Security checks — don't count on it. You'll run out of money in every U.S. state in less than a month. You must plan ahead, save more, and understand the true cost of living in retirement, as per the report by GoBankingRates. This report is a wake-up call for every future retiree — especially if you're single and living on a tight budget.Q1. How long can I live on Social Security in the U.S.? In every U.S. state, Social Security lasts less than a month for single retirees, according to a 2025 GOBankingRates report. Q2. Which state is the cheapest to live in on Social Security? West Virginia is the cheapest, where Social Security lasts about 21.5 days each month for one person.
Time of India
5 days ago
- Business
- Time of India
Living off Social Security? New report says you will run out of cash in weeks — every state
If you're planning to live only on Social Security checks after you retire — you may want to think again. A new report by GOBankingRates shows that in every U.S. state, people who depend only on Social Security run out of money before the month ends. Why social security alone isn't enough The Social Security Administration has always said these benefits were never meant to be your only source of money after retirement. They are supposed to support you — not fully cover your lifestyle. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Cybersecurity Operations Management Public Policy others Degree Healthcare Data Science Product Management healthcare Technology Artificial Intelligence Project Management CXO MCA Data Science Others Leadership Digital Marketing Management MBA PGDM Data Analytics Finance Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Now, the latest July 2025 study from GOBankingRates proves that if you're single and relying only on these monthly checks, you'll be in trouble — no matter where you live in the U.S. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jesus' Tomb Is Opened And Scientists Find Something Unbelievable Novelodge Undo ALSO READ: Researchers uncover startling new clue in the hunt for Parkinson's cause What did the study do? The team at GOBankingRates: Collected the average Social Security income for single people Looked at each state's average mortgage costs and basic living expenses Calculated how many days your Social Security check could last per month in each state They used data from: U.S. Census (2023 5-year Survey) Missouri Economic and Research Information Center Bureau of Labor Statistics (2023) Zillow Home Index (May 2025) Federal Reserve Economic Data All data was collected as of July 7, 2025. Live Events States where your money lasts the longest Even in the most affordable states, your Social Security check won't last a full month. But some states are still better than others, as stated in the report by GoBankingRates. Here are the top 10 states where Social Security lasts the longest: West Virginia – 21.5 days Monthly mortgage: $989 Total monthly living cost: $2,830 Mississippi – 20.9 days Mortgage: $1,107 Total: $2,910 Arkansas – 20.4 days Mortgage: $1,268 Total: $2,986 Louisiana – 20.3 days Mortgage: $1,226 Total: $2,999 Oklahoma – 19.9 days Mortgage: $1,264 Total: $3,069 Alabama – 19.5 days Mortgage: $1,351 Total: $3,122 Kentucky – 19.2 days Mortgage: $1,294 Total: $3,175 Iowa – 19.1 days Mortgage: $1,358 Total: $3,185 Kansas – 19.1 days Mortgage: $1,393 Total: $3,192 Ohio – 18.7 days Mortgage: $1,416 Total: $3,262 Even in West Virginia — the most affordable — you'll still fall short by 9-10 days each month if you rely only on Social Security. States where money runs out fastest On the flip side, here are the top 10 most expensive states — where your Social Security check runs out the fastest, as mentioned in the report by GoBankingRates. Hawaii – Only 7.3 days! Mortgage: $5,675 Total cost: $8,357 California – 8.7 days Mortgage: $4,698 Total: $7,003 Massachusetts – 9.7 days Mortgage: $3,950 Total: $6,277 Washington – 10.6 days Mortgage: $3,626 Total: $5,750 ALSO READ: 9 guilt-free midnight snacks that will satisfy your cravings and still let you sleep New Jersey – 11.3 days Mortgage: $3,382 Total: $5,387 Colorado – 11.8 days Mortgage: $3,296 Total: $5,179 New Hampshire – 12.0 days Mortgage: $3,042 Total: $5,057 Oregon – 12.1 days Mortgage: $2,987 Total: $5,020 Rhode Island – 12.2 days Mortgage: $2,918 Total: $5,006 Utah – 12.2 days Mortgage: $3,155 Total: $4,996 Clearly, high living costs and expensive housing make it nearly impossible to live on just Social Security in these places. Middle-of-the-Pack states Some states fall in the middle — not the cheapest, but not the worst either. Here's how they compare: Georgia – 15.9 days | $3,829/month Texas – 16.8 days | $3,628/month North Carolina – 15.8 days | $3,864/month Florida – 14.2 days | $4,281/month Wisconsin – 15.9 days | $3,835/month What's the message? No matter where you live — you will fall short. The study proves that Social Security doesn't stretch far enough. Even in cheaper states, you're missing 7 to 10 days of income each month. In expensive states, you might fall short by 15 to 20 days, as per the GoBankingRates reports. This means you must have extra money saved, or other sources of income like: Retirement savings (401k, IRA) Pension Investments Part-time work Help from family Experts Have Warned This Before This isn't a surprise. The Social Security Administration has said for years that the program is not enough to fully support a retired person — especially with today's inflation and housing costs. GOBankingRates' study just puts real numbers and days to the warning. If you're hoping to rely only on your Social Security checks — don't count on it. You'll run out of money in every U.S. state in less than a month. You must plan ahead, save more, and understand the true cost of living in retirement , as per the report by GoBankingRates. This report is a wake-up call for every future retiree — especially if you're single and living on a tight budget. FAQs Q1. How long can I live on Social Security in the U.S.? In every U.S. state, Social Security lasts less than a month for single retirees, according to a 2025 GOBankingRates report. Q2. Which state is the cheapest to live in on Social Security? West Virginia is the cheapest, where Social Security lasts about 21.5 days each month for one person.
