Webster County is among the best places in Mississippi for living on Social Security, according to a study by SmartAsset.
Relying heavily on Social Security as one's main source of income in retirement can make budgeting difficult — especially when it comes to housing, the study notes. However, Social Security goes further than others in places, and in the new study, SmartAsset has delved into the data to find out where.
In its fifth annual study, released May 7, SmartAsset analyzed Social Security income, cost of living data and taxes across all counties to determine where people are getting the most mileage out of Social Security.
Webster County, as it also was last year, was ranked No. 3 in Mississippi.
The county’s average annual cost of living was estimated to be $17,846, with an average annual Social Security income of $18,833.
The financial technology company first looked at the average Social Security income for each county, then calculated the taxes a typical retiree would pay on that income based on the state-specific Social Security tax rules. It subtracted the taxes from that average Social Security income to determine the net income from Social Security.
Next, SmartAsset calculated how far that net income would go in every county to cover the basic necessities. It subtracted the county-level cost of typical living expenses from each county's net Social Security income.
Finally, it indexed the results to 100, with 100 showing where Social Security would cover the most needs. Higher scores reflect a better environment for living primarily or exclusively off of Social Security benefits. Webster County’s index was 79.56.
The full study results, methodology and interactive map can be found at https://smartasset.com/retirement/social-security-calculator#Mississippi
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