Social Security Checks And Washington’s Cost Of Living

Imagine your monthly Social Security check, like. a piggy bank that gives you a certain amount of money each month. When you approach retirement, or actually retire in your 60s or 70s, Social Security will pay back the money you earned over the past decades of your working life. This check will help you pay for necessities, such as food, clothing, and bills. I'm going over my finances and wonder if I'll have enough in my retirement years. Are you doing the same?

If you live in a big city that has a higher cost of living, your piggy bank money might not be enough to buy everything you need. But if you lived in a smaller town where things are cheaper, you could stretch that money further and buy more things.

How much will your Social Security Check cover in Retirement?

Different states in the U.S. have different costs of goods, so how well those savings help people can vary by location. Some places make it easier to cover their expenses with Social Security funds, while in other places, it’s much harder. That's why some states are better than others for retired people who rely on that money.

Your Social Security check covers only so much of your funds to pay for things you need, such as food, clothes, travel, and other items like transportation and housing.

States that stretch your Social Security Check better

Social Security is like that piggy bank for older people when they stop working. In most places, it doesn’t give them enough money to cover all their expenses. In Kansas, it helps out a bit more than in other states—almost half of what they spend. Other states that allow your check to be stretched more than others include Oklahoma, Indiana, Minnesota, and Iowa.

States that don't allow you to stretch your Social Security 

States like Hawaii or California barely help, only covering about a quarter of what’s needed. Other places like Alaska, the District of Columbia, and Massachusetts don't have the same buying power and limit your Social Security checks' ability to help you overall.

How living in Washington affects how much you can manage with your Social Security

Some states are better than others in the amount of assistance older adults receive from Social Security. Washington finished just outside the top ten worst states. On average, your Social Security check in Washington will cover only 35.5% of your total expenses in retirement. The National Average for Social Security coverage on total expenses is 38%.