El Dorado County ranks high for retirees
April 18, 2018
A study recently released by SmartAsset, a personal finance technology company in New York, ranked El Dorado County among the top spots in California for people wanting to get the most out of their Social Security.
The study took into account Social Security income, cost of living data and taxes when comparing different counties in California.
El Dorado County came in fifth in the state with a cost of living pegged at $21,017 and an average Social Security income of $19,553. It ranked below Colusa, Trinity, Calaveras and Mariposa.
The four counties that ranked higher had a slightly lower cost of living even though some had slightly lower Social Security benefits.
In Mariposa for example, which ranked No. 1 in the state, the cost of living was only $19,553 while the average Social Security income was $19,698.
The study was conducted calculating the average Social Security income for each county less any state-specific taxes.
Recommended Stories For You
That amount was then compared to what it costs to cover the basic necessities of living in that county.
Not unexpectedly, the least affordable places for those on Social Security are counties in the Bay Area. San Francisco came in dead last with an average cost of living of $35,357 and average Social Security benefits of $16,301.
California also was compared to other states in terms of how well the average Social Security payment would cover the cost of living.
For example, Mariposa may rank first in California, but compared to other counties in the country, it ranked 508.
No. 1 in the country is Box Butte, Nebraska where the cost of living is only $17,597 while people have an average Social Security income of $23,736.
Other places with lower costs of living include Sumter, Florida and Antrim, Michigan.