Hot Springs County among best for Social Security living

Relying heavily on Social Security as your main source of income in retirement can make budgeting difficult - especially when it comes for housing, which may be the largest category in your spending. There are, however, places where Social Security goes further than others and in a new study, SmartAsset has delved into the data to find out where.

In its fifth annual study, 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, and Hot Springs County ranked ninth among the top spots in Wyoming.

According to the study, the annual Social Security for the county is $18,706, whereas the cost of living is $18,257. The study further shows the “Social Security Goes Furthest Index” for the county is 77.31.

According to the study, the average Social Security income for each county was calculated. From there, the taxes a typical retiree would pay on that income were calculated, based on the state-specific Social Security tax rules. The taxes from that average Social Security income were subtracted to determine the net income from Social Security.

Next, it was calculated how far the net income would go to cover the basic necessities. The county-level cost of typical living expenses from each county’s net Social Security income was subtracted, and the results were indexed 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.