Social Security Cuts: These 20 States May No Longer Be Affordable To Live in on Just a Social Security Check
Written by
J. Arky
Edited by
Ashleigh Ray
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Social Security could see a substantial benefit reduction in or around 2033 when trust fund reserves are estimated to run dry. Where you live could make a big difference in how far you can stretch your Social Security check.
A Social Security reform bill, HR-4583, was introduced to the House of Representatives and includes big Social Security changes, reported The Motley Fool. The Republican Study Committee also released its plan, in June 2023, to cut fiscal spending. One attached suggestion was to raise the full retirement age from 67 to 69, according to the National Association of Plan Advisors.
For many retirees, Social Security is their largest source of income. So, if you live or plan to live in an expensive state, you’ll need much more to cover basic living expenses. GOBankingRates analyzed data on rental rates for a one-bedroom apartment and the overall cost of living (a higher score indicates a higher cost of living) from a variety of sources to find the 20 states where a Social Security check may not be enough to live on.
1. Hawaii
- 2023 average one-bedroom rent: $1,811
- Overall cost-of-living index: 181.5
2. California
- 2023 average one-bedroom rent: $1,649
- Overall cost-of-living index: 139.7
3. Massachusetts
- 2023 average one-bedroom rent: $1,458
- Overall cost-of-living index: 143.1
4. Maryland
- 2023 average one-bedroom rent: $1,435
- Overall cost-of-living index: 120.7
5. New Jersey
- 2023 average one-bedroom rent: $1,568
- Overall cost-of-living index: 111.7
6. Connecticut
- 2023 average one-bedroom rent: $1,354
- Overall cost-of-living index: 114.4
7. Washington
- 2023 average one-bedroom rent: $1,334
- Overall cost-of-living index: 115.5
8. New Hampshire
- 2023 average one-bedroom rent: $1,331
- Overall cost-of-living index: 114.6
9. Virginia
- 2023 average one-bedroom rent: $1,456
- Overall cost-of-living index: 102.6
10. Colorado
- 2023 average one-bedroom rent: $1,401
- Overall cost-of-living index: 104.8
11. Rhode Island
- 2023 average one-bedroom rent: $1,230
- Overall cost-of-living index: 111.8
12. Florida
- 2023 average one-bedroom rent: $1,394
- Overall cost-of-living index: 101.9
13. Oregon
- 2023 average one-bedroom rent: $1,139
- Overall cost-of-living index: 116.2
14. Delaware
- 2023 average one-bedroom rent: $1,307
- Overall cost-of-living index: 103.3
15. Arizona
- 2023 average one-bedroom rent: $1,172
- Overall cost-of-living index: 107.1
16. Maine
- 2023 average one-bedroom rent: $956
- Overall cost-of-living index: 112.5
17. Utah
- 2023 average one-bedroom rent: $1,117
- Overall cost-of-living index: 102.7
18. Nevada
- 2023 average one-bedroom rent: $1,134
- Overall cost-of-living index: 101.7
19. South Carolina
- 2023 average one-bedroom rent: $1,125
- Overall cost-of-living index: 96.4
20. North Carolina
- 2023 average one-bedroom rent: $1,116
- Overall cost-of-living index: 95.8
Josephine Nesbit contributed to the reporting for this article.
Methodology: For this piece GOBankingRates first found the (1) average monthly rent for a 1-bedroom as sourced from ApartmentList’s August 2023 data. GOBankingRates then used the Missouri Economic Research and Information Center’s Second Quarter Cost of Living Data series to find (2) the overall cost of living index for each state. GOBankingRates then scored and combined the two factors, with the lowest score being best. In final calculations factor (2) was weighted 1.5x. All data was colleced and is up to date as of September 11, 2023.
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