Livingston County Among Best For Living On Social Security
July 22, 2021
By Jessica Mathews / firstname.lastname@example.org
A study published by a financial technology company states that Livingston County is among some of the best in Michigan when it comes to living on Social Security.
In its seventh annual study, SmartAsset crunched numbers to find out where Social Security stretches furthest. The study analyzes 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.
Livingston County ranked among the top ten spots in Michigan, coming in at 7th. Topping the list was Antrim County. A table showed the listed cost of living for Livingston County at $20,579 and annual Social Security at $22,991, which is not taxed.
To find the places where Social Security goes furthest, the company first looked at the average Social Security income for residents in each county. It then calculated the taxes a typical retiree would pay on that income based on state-specific Social Security tax rules before subtracting the taxes from that average Social Security income to determine the net income from Social Security.
Further calculated was how far that net income would go in every county to cover basic necessities like food, housing and transportation. The company then 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 go furthest in covering the cost of living for residents in any given county.
The full study results, methodology and an interactive map can be found through the provided link. Photo: AARP.