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Social Security: Here's how far the average check goes in 50 largest US cities, according to study

By Daniel Miller
Published  October 24, 2024 1:12pm EDT
Money
Fox TV Stations
article

FILE-In this photo illustration, Social Security checks are piled at the U.S. Treasury printing facility in Philadelphia, Pennsylvania. (Photo Illustration by William Thomas Cain/Getty Images)

The Brief

    • A recent study ranked 50 U.S. cities where Social Security checks on average may stretch a little more.
    • New York City ranked first on the list, according to GoBankingRates.
    • Data for the study was gathered based on total population, cost-of-living and a livability index.

Social Security payments benefit millions of Americans to assist with covering their daily expenses. 

The average monthly Social Security benefit is $1,871 for a single person and $2,782 for a married couple, according to the Social Security Administration. 

And while this supplementary income can be helpful in many ways for Social Security recipients, making it stretch can be difficult in some of the nation’s largest cities. 

RELATED: These are the best, worst cities for retirement: Study

To determine how far Social Security benefits will go in U.S. cities, GoBankingRates created a study analyzing the 50 most populous cities collecting data from the U.S. Census American Community Survey. 

For each city, several other factors were sourced from the survey, including the total population, cost-of-living, and a livability index. Statistics were also collected from the Bureau of Labor Statistics Survey and Federal Reserve Economic Data. The cities were sorted by their total population and all data collected is up-to-date as of Sept. 20, 2024.

RELATED: Social Security: It'll be harder to qualify for retirement benefits starting in 2025 — what to know

New York City topped GoBankngRates list for 2024. The annual cost of living in the city is $83,596, and the annual cost of living after the average Social Security benefit for one person is $61,142. The annual cost of living after the average Social Security benefit for a married couple is $50,217.

Here is GoBankingRates ranking of cities with the top 20 listed below.

  1. New York City
  2. Los Angeles
  3. Chicago
  4. Houston
  5. Phoenix
  6. Philadelphia
  7. San Antonio
  8. San Diego
  9. Dallas
  10. San Jose, California
  11. Austin, Texas
  12. Jacksonville, Florida
  13. Fort Worth, Texas
  14. Columbus, Ohio
  15. Indianapolis, Indiana
  16. Charlotte, North Carolina
  17. San Francisco
  18. Seattle
  19. Denver
  20. Nashville, Tennessee

To see the complete GoBankingRates list, click here 

The Source 

  • Information for this story was provided by a GOBankingRates study. The company analyzed the 50 most populous cities according to the U.S. Census American Community Survey. For each city, a number of other factors were sourced from the survey, including the total population. Cost-of-living indexes were sourced from Sperling’s BestPlaces. A livability index was sourced from AreaVibes. The cities were sorted by their total population. All data was collected and is up-to-date as of Sept. 20, 2024.  This story was reported from Washington, D.C.