Saturday, August 18, 2018

Social Security and livability
Smart Asset a web-based personal finance site, has studied the cost of living and social security income, in an effort to determine the best place for retirees to live. Another study found that currently only 17 percent of Americans report that they are “very confident” they will have enough money for retirement. While it’s certainly advisable to have some retirement savings of your own to help pay for your golden years, if you will be relying mostly on Social Security benefits, the study may assist in the determination of where to retire. It analyzed where in the U.S. Social Security benefits will go the furthest. The cost of retiring in Tennessee is lower because the state does not tax social security income. The study first looked at the average Social Security income for each county, it then calculated how far the income would go in every county to cover the basic necessities. And finally, it indexed the results to show how much of the costs would be covered by Social Security. In Tennessee, the annual cost of living for a senior is $18,072 and the average annual social security payment in the state is $17,580. Cocke County ranks 66th in the state with an average social security income of $16,667 and a cost of living of $17,442. Jefferson County ranks 48th., as the best county to live in with an average social security income of $17,361 and the cost of living set at $17,874. And CNBC says Morristown is the best community in Tennessee for retirees.


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