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GOBankingRates
15 Florida Cities That Will Struggle the Most If Social Security Ends
By Nicole Spector,
2 days ago
Over the years, Florida has emerged as one of the top destinations to retire . No state taxes, nice weather and tons of beaches contribute to making Florida an attractive state. Plus, because it’s such a hotspot for retirees, people opting to live out their golden years there have access to a large community made up of fellow retirees.
But living in Florida isn’t cheap, and many retirees there depend on Social Security benefits to get by. Should Social Security benefits be slashed, or heaven forbid, completely phased out, Florida retirees could profoundly struggle to get by.
GOBankingRates analyzed cities in Florida to find the places that will struggle the most if Social Security benefits were to be removed. Below, we’ve listed the top 15 cities that could struggle the most without these crucial benefits.
Percentage of households with retirement income: 32.7%
Total annual cost of living: $43,868
Average Social Security benefits for households that receive them: $24,424
Percentage of households receiving Social Security benefits: 56%
13. Bonita Springs
Percentage of households with retirement income: 42.8%
Total annual cost of living: $67,874
Average Social Security benefits for households that receive them: $29,378
Percentage of households receiving Social Security benefits: 57%
12. Hudson
Percentage of households with retirement income: 58%
Total annual cost of living: $45,502
Average Social Security benefits for households that receive them: $23,809
Percentage of households receiving Social Security benefits: 58%
11. Tavares
Percentage of households with retirement income: 39.1%
Total annual cost of living: $44,986
Average Social Security benefits for households that receive them: $23,898
Percentage of households receiving Social Security benefits: 59%
10. Naples
Percentage of households with retirement income: 38.6%
Total annual cost of living: $44,986
Average Social Security benefits for households that receive them: $71,152
Percentage of households receiving Social Security benefits: 60%
9. Estero
Percentage of households with retirement income: 46.1%
Total annual cost of living: $66,611
Average Social Security benefits for households that receive them: $30,339
Percentage of households receiving Social Security benefits: 62%
8. North Fort Myers
Percentage of households with retirement income: 42.8%
Total annual cost of living: $46,568
Average Social Security benefits for households that receive them: $24,415
Percentage of households receiving Social Security benefits: 63%
7. Punta Gorda
Percentage of households with retirement income: 50.5%
Total annual cost of living: $50,011
Average Social Security benefits for households that receive them: $28,854
Percentage of households receiving Social Security benefits: 64%
6. Marco Island
Percentage of households with retirement income: 49.0%
Total annual cost of living: $123,822
Average Social Security benefits for households that receive them: $29,920
Percentage of households receiving Social Security benefits: 66%
5. Lady Lake
Percentage of households with retirement income: 42.7%
Total annual cost of living: $45,274
Average Social Security benefits for households that receive them: $25,143
Percentage of households receiving Social Security benefits: 68%
4. Englewood
Percentage of households with retirement income: 52.7%
Total annual cost of living: $48,673
Average Social Security benefits for households that receive them: $25,610
Percentage of households receiving Social Security benefits: 71%
3. Venice
Percentage of households with retirement income: 52.6%
Total annual cost of living: $54,523
Average Social Security benefits for households that receive them: $27,226
Percentage of households receiving Social Security benefits: 73%
2. Sun City Center
Percentage of households with retirement income: 62.4%
Total annual cost of living: $46,652
Average Social Security benefits for households that receive them: $26,759
Percentage of households receiving Social Security benefits: 76%
1. The Villages
Percentage of households with retirement income: 73.7%
Total annual cost of living: $49,429
Average Social Security benefits for households that receive them: $30,704
Percentage of households receiving Social Security benefits: 91%
Methodology: For this study, GOBankingRates analyzed cities in Florida to find the places that would struggle the most if Social Security benefits were to be removed. First, GOBankingRates found cities in Florida as sourced from the U.S. Census American Community Survey. For each city, a number of factors were found including; total population, population ages 65 and over, total households, household median income, households receiving Social Security benefits, households receiving retirement benefits, average Social Security benefits for households that receive Social Security benefits, and average retirement income for households that receive retirement income all sourced from the U.S. Census American Community Survey, the cost of living indexes as sourced from Sperling’s BestPlaces, the livability index as sourced from AreaVibes and the average single-family home value as sourced from Zillow Home Value Index. Using the cost of living indexes and the average expenditure costs for residents ages 65 and over, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs can be calculated for each city. The average mortgage cost can be calculated by using the average single-family home value, assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated for each city. Using the mortgage and expenditure costs, the monthly total cost of living can be calculated. Using data from the Social Security Administration, the average monthly Social Security benefits for one person, a married couple and two people can be sourced and used to calculate the leftover savings. The number of households that receive Social Security Benefits can be used to calculate the percentage of households that receive Social Security benefits. The cities are sorted to show the places with the highest percentage of households receiving Social Security benefits, as they will be the most affected by the removal of Social Security benefits. All data was collected on and is up to date as of Sept. 16, 2024.
The government can't do that. People have been paying for SS for years, and the government has been using it for other than its intention. Are they just trying g to kill off old people?
James Harding
2d ago
If social security ends the main point of suffering will be in Washington DC
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