Study: Lancaster Co. among best in SC for Social Security benefits
Lancaster County is among the best areas in South Carolina for making Social Security benefits go further, according to a financial industry study. York is further down the rankings, with Chester County coming in near the bottom of the scale.
In its second annual study, SmartAsset, a financial technology company, determines the places in America where Social Security goes 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.
Lancaster was the fifth-ranked county with annual benefits of $18,845; York was 17th with $18,412 and Chester 37th with annual benefits averaging $15,384.
Overall, South Carolina ranked 9th nationwide in the anaylsis.
SmartAsset’s methodology
SmartAsset first looked at the average Social Security income for each county, then calculated the taxes a typical retiree would pay on that income based on the state-specific Social Security tax rules. They then subtracted the taxes from that average Social Security income to determine the net income from Social Security.
Next, SmartAsset calculated how far that net income would go in every county to cover the basic necessities; subtracted the county-level cost of typical living expenses from each county’s net Social Security income and finally, indexed the results 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.
This story was originally published July 17, 2016 at 8:27 AM with the headline "Study: Lancaster Co. among best in SC for Social Security benefits."