Relying solely on Social Security for retirement, especially as a married couple, may need a serious second look. New findings from GOBankingRates reveal that in 50 major U.S. cities, Social Security income won't even cover a full month’s expenses. At best, these benefits might last up to 19 days, but in six of these cities, they fall short in under 10 days.
GOBankingRates conducted an analysis of the 100 largest U.S. cities by population, using the average Social Security benefits for married couples to assess how far this income stretches when set against living costs.
The recent study reveals that in many U.S. cities, Social Security benefits fall far short of covering even half a month’s living expenses for married retirees. In particular, six major cities—including Irvine, Fremont, San Jose, San Francisco, Honolulu, and San Diego—offer the briefest financial coverage from Social Security, with benefits lasting between just 6.73 and 9.59 days, according to GoBankingRates.com.
Irvine, California, stands out as the city where benefits stretch the least, covering under a week’s worth of expenses, with a monthly cost of living that exceeds $9,700 for a couple.
The findings show that California is a challenging state for retirees relying on Social Security alone, with 15 of its cities appearing in the top 50 cities where benefits last the shortest.
Within the top 10 cities with the shortest Social Security coverage, California holds seven spots, underscoring the high cost of living in the state. While Irvine ranks as the most expensive, Stockton, California, provides the most days of coverage in the state at nearly 18 days—though even this is well below a full month.
At the other end of the spectrum, Saint Petersburg, Florida, ranks as the city where Social Security lasts the longest among the 50 cities analyzed, stretching to 19.38 days for married couples. This reflects the lower cost of living in Saint Petersburg, where expenses amount to $1,584 monthly.
Florida's comparatively affordable living costs mean that, while Social Security coverage still falls short of a full month, retirees may face less financial strain.
The GoBankingRates.com study showed that beyond California and Florida, cities like Arlington, Virginia, and Seattle also show limited Social Security coverage, lasting only around 10 to 11 days. Arlington, with a monthly cost of $5,307, and Seattle, at $4,733, both represent high-cost areas where retirees might struggle to maintain financial stability on Social Security alone.
Honolulu is the sole representative from Hawaii in the top six, where the high cost of living cuts Social Security coverage to just over 8 days.
The study’s detailed breakdown shows a significant disparity between cities, where monthly costs range from $9,794 in Irvine to $1,584 in Saint Petersburg. Even cities with more affordable housing and expenses, such as Gilbert, Arizona, and Austin, Texas, provide just around 16 days of coverage, demonstrating that even in lower-cost cities, retirees would need supplementary income to cover basic living expenses each month.
Ultimately, the findings illustrate the pressing financial challenge facing retirees in urban areas across the United States. With the cost of living continually rising, retirees must consider alternative income sources or substantial savings to bridge the gap left by Social Security benefits, especially in cities where expenses drastically outpace what Social Security provides.
You can view the study's methodology and full results here.