Baby boomers are the least likely generation to feel economically empowered, according to a survey commissioned by Herbalife and conducted by OnePoll, per Talker.
Perhaps that comes as no surprise, considering 53% of baby boomers who will turn 65 between 2024 and 2030 have less than $250,000 in assets, CBS News reported, and more than a third of American workers believe they’ll need $1 million or more to retire comfortably.
Related: Are You Actually on Track to Retire Well? A Financial Expert Reveals the Critical Milestones to Hit at Every Age — Plus 3 Common Oversights.
Social Security might be able to offset the rising cost of living in some cases, but for most people, the monthly payments, which averaged $1,783.55 in August 2024, won’t make up for retirement savings that fall short.
Of course, where retirees live can significantly impact exactly how far those Social Security checks go.
Researchers at GoBankingRates set out to determine the living costs that remain after applying the average Social Security benefits (for one person), using data from the U.S. Census, Social Security Administration and Bureau of Labor Statistics.
Related: Gen Xers Earning Up to $100,000 a Year Won’t Retire Like Boomers Did. They’re Embracing This Strategy Instead.
The findings revealed that Social Security doesn’t cover the cost of living in any of the 50 largest cities in the U.S. The annual cost of living for one person after Social Security is lower than $10,000 in just Detroit, Michigan and Memphis, Tennessee.
The annual cost of living after Social Security is roughly $50,000 or higher in 10 U.S. cities, three of which are in California, per the analysis. The highest average Social Security benefits are in Mesa, Arizona ($24,338); Seattle, Washington ($24,071); Virginia Beach, Virginia ($23,345); Raleigh, North Carolina ($23,333); and Tulsa, Oklahoma ($23,242).
Related: There’s a $300,000 Downside to Switching Jobs, According to a New Report
Read on to see GoBankingRates’ full report, which breaks down how far Social Security goes in the top 50 largest U.S. cities (listed from least to most populous):
Arlington, Texas
- Total population: 393,469
- Livability: 78
- Annual cost of living: $44,148
- Annual cost of living after the average Social Security benefit for one person: $21,695
- Annual cost of living after the average Social Security benefit for a married couple: $10,770
Wichita, Kansas
- Total population: 395,951
- Livability: 68
- Annual cost of living: $35,079
- Annual cost of living after the average Social Security benefit for one person: $12,626
- Annual cost of living after the average Social Security benefit for a married couple: $1,701
Bakersfield, California
- Total population: 404,321
- Livability: 57
- Annual cost of living: $48,504
- Annual cost of living after the average Social Security benefit for one person: $26,051
- Annual cost of living after the average Social Security benefit for a married couple: $15,126
Tulsa, Oklahoma
- Total population: 411,938
- Livability: 75
- Annual cost of living: $35,667
- Annual cost of living after the average Social Security benefit for one person: $13,213
- Annual cost of living after the average Social Security benefit for a married couple: $2,288
Minneapolis, Minnesota
- Total population: 426,877
- Livability: 78
- Annual cost of living: $43,835
- Annual cost of living after the average Social Security benefit for one person: $21,382
- Annual cost of living after the average Social Security benefit for a married couple: $10,457
Oakland, California
- Total population: 437,825
- Livability: 71
- Annual cost of living: $80,769
- Annual cost of living after the average Social Security benefit for one person: $58,316
- Annual cost of living after the average Social Security benefit for a married couple: $47,391
Miami, Florida
- Total population: 443,665
- Livability: 81
- Annual cost of living: $68,259
- Annual cost of living after the average Social Security benefit for one person: $45,806
- Annual cost of living after the average Social Security benefit for a married couple: $34,881
Virginia Beach, Virginia
- Total population: 457,900
- Livability: 83
- Annual cost of living: $50,574
- Annual cost of living after the average Social Security benefit for one person: $28,121
- Annual cost of living after the average Social Security benefit for a married couple: $17,196
Long Beach, California
- Total population: 462,293
- Livability: 69
- Annual cost of living: $84,194
- Annual cost of living after the average Social Security benefit for one person: $61,741
- Annual cost of living after the average Social Security benefit for a married couple: $50,816
Raleigh, North Carolina
- Total population: 465,517
- Livability: 84
- Annual cost of living: $51,301
- Annual cost of living after the average Social Security benefit for one person: $28,848
- Annual cost of living after the average Social Security benefit for a married couple: $17,922
Colorado Springs, Colorado
- Total population: 479,612
- Livability: 79
- Annual cost of living: $51,171
- Annual cost of living after the average Social Security benefit for one person: $28,718
- Annual cost of living after the average Social Security benefit for a married couple: $17,793
Omaha, Nebraska
- Total population: 489,201
- Livability: 83
- Annual cost of living: $41,306
- Annual cost of living after the average Social Security benefit for one person: $18,853
- Annual cost of living after the average Social Security benefit for a married couple: $7,928
Atlanta, Georgia
- Total population: 494,838
- Livability: 78
- Annual cost of living: $52,837
- Annual cost of living after the average Social Security benefit for one person: $30,384
- Annual cost of living after the average Social Security benefit for a married couple: $19,459
Mesa, Arizona
- Total population: 503,390
- Livability: 81
- Annual cost of living: $52,213
- Annual cost of living after the average Social Security benefit for one person: $29,760
- Annual cost of living after the average Social Security benefit for a married couple: $18,835
Kansas City, Missouri
- Total population: 505,958
- Livability: 78
- Annual cost of living: $37,751
- Annual cost of living after the average Social Security benefit for one person: $15,298
- Annual cost of living after the average Social Security benefit for a married couple: $4,373
Sacramento, California
- Total population: 523,600
- Livability: 73
- Annual cost of living: $56,385
- Annual cost of living after the average Social Security benefit for one person: $33,932
- Annual cost of living after the average Social Security benefit for a married couple: $23,007
Tucson, Arizona
- Total population: 541,033
- Livability: 73
- Annual cost of living: $43,476
- Annual cost of living after the average Social Security benefit for one person: $21,023
- Annual cost of living after the average Social Security benefit for a married couple: $10,098
Fresno, California
- Total population: 541,528
- Livability: 63
- Annual cost of living: $48,504
- Annual cost of living after the average Social Security benefit for one person: $26,051
- Annual cost of living after the average Social Security benefit for a married couple: $15,126
Albuquerque, New Mexico
- Total population: 562,551
- Livability: 72
- Annual cost of living: $42,258
- Annual cost of living after the average Social Security benefit for one person: $19,805
- Annual cost of living after the average Social Security benefit for a married couple: $8,880
Milwaukee, Wisconsin
- Total population: 573,299
- Livability: 79
- Annual cost of living: $35,673
- Annual cost of living after the average Social Security benefit for one person: $13,220
- Annual cost of living after the average Social Security benefit for a married couple: $2,295
Baltimore, Maryland
- Total population: 584,548
- Livability: 77
- Annual cost of living: $35,052
- Annual cost of living after the average Social Security benefit for one person: $12,599
- Annual cost of living after the average Social Security benefit for a married couple: $1,674
Louisville, Kentucky
- Total population: 629,176
- Livability: 66
- Annual cost of living: $38,124
- Annual cost of living after the average Social Security benefit for one person: $15,671
- Annual cost of living after the average Social Security benefit for a married couple: $4,746
Memphis, Tennessee
- Total population: 630,027
- Livability: 70
- Annual cost of living: $31,243
- Annual cost of living after the average Social Security benefit for one person: $8,790
- Annual cost of living after the average Social Security benefit for a married couple: -$2,136
Detroit, Michigan
- Total population: 636,787
- Livability: 73
- Annual cost of living: $28,997
- Annual cost of living after the average Social Security benefit for one person: $6,544
- Annual cost of living after the average Social Security benefit for a married couple: -$4,381
Las Vegas, Nevada
- Total population: 644,835
- Livability: 82
- Annual cost of living: $53,375
- Annual cost of living after the average Social Security benefit for one person: $30,922
- Annual cost of living after the average Social Security benefit for a married couple: $19,997
Portland, Oregon
- Total population: 646,101
- Livability: 78
- Annual cost of living: $59,286
- Annual cost of living after the average Social Security benefit for one person: $36,833
- Annual cost of living after the average Social Security benefit for a married couple: $25,908
Boston, Massachusetts
- Total population: 665,945
- Livability: 77
- Annual cost of living: $78,055
- Annual cost of living after the average Social Security benefit for one person: $55,602
- Annual cost of living after the average Social Security benefit for a married couple: $44,677
Washington
- Total population: 670,587
- Livability: 75
- Annual cost of living: $72,440
- Annual cost of living after the average Social Security benefit for one person: $49,987
- Annual cost of living after the average Social Security benefit for a married couple: $39,062
El Paso, Texas
- Total population: 677,181
- Livability: 81
- Annual cost of living: $35,947
- Annual cost of living after the average Social Security benefit for one person: $13,494
- Annual cost of living after the average Social Security benefit for a married couple: $2,569
Oklahoma City, Oklahoma
- Total population: 681,088
- Livability: 81
- Annual cost of living: $35,873
- Annual cost of living after the average Social Security benefit for one person: $13,420
- Annual cost of living after the average Social Security benefit for a married couple: $2,495
Nashville, Tennessee
- Total population: 684,103
- Livability: 78
- Annual cost of living: $51,895
- Annual cost of living after the average Social Security benefit for one person: $29,442
- Annual cost of living after the average Social Security benefit for a married couple: $18,516
Denver, Colorado
- Total population: 710,800
- Livability: 72
- Annual cost of living: $62,269
- Annual cost of living after the average Social Security benefit for one person: $39,816
- Annual cost of living after the average Social Security benefit for a married couple: $28,891
Seattle, Washington
- Total population: 734,603
- Livability: 75
- Annual cost of living: $84,578
- Annual cost of living after the average Social Security benefit for one person: $62,125
- Annual cost of living after the average Social Security benefit for a married couple: $51,200
San Francisco, California
- Total population: 851,036
- Livability: 75
- Annual cost of living: $120,055
- Annual cost of living after the average Social Security benefit for one person: $97,602
- Annual cost of living after the average Social Security benefit for a married couple: $86,677
Charlotte, North Carolina
- Total population: 875,045
- Livability: 80
- Annual cost of living: $48,817
- Annual cost of living after the average Social Security benefit for one person: $26,364
- Annual cost of living after the average Social Security benefit for a married couple: $15,439
Indianapolis, Indiana
- Total population: 882,006
- Livability: 76
- Annual cost of living: $36,673
- Annual cost of living after the average Social Security benefit for one person: $14,220
- Annual cost of living after the average Social Security benefit for a married couple: $3,295
Columbus, Ohio
- Total population: 902,449
- Livability: 81
- Annual cost of living: $38,586
- Annual cost of living after the average Social Security benefit for one person: $16,133
- Annual cost of living after the average Social Security benefit for a married couple: $5,208
Fort Worth, Texas
- Total population: 924,663
- Livability: 80
- Annual cost of living: $43,137
- Annual cost of living after the average Social Security benefit for one person: $20,684
- Annual cost of living after the average Social Security benefit for a married couple: $9,759
Jacksonville, Florida
- Total population: 950,203
- Livability: 84
- Annual cost of living: $42,954
- Annual cost of living after the average Social Security benefit for one person: $20,501
- Annual cost of living after the average Social Security benefit for a married couple: $9,575
Austin, Texas
- Total population: 958,202
- Livability: 83
- Annual cost of living: $59,365
- Annual cost of living after the average Social Security benefit for one person: $36,912
- Annual cost of living after the average Social Security benefit for a married couple: $25,987
San Jose, California
- Total population: 1,001,176
- Livability: 79
- Annual cost of living: $126,475
- Annual cost of living after the average Social Security benefit for one person: $104,022
- Annual cost of living after the average Social Security benefit for a married couple: $93,097
Dallas, Texas
- Total population: 1,300,642
- Livability: 81
- Annual cost of living: $44,762
- Annual cost of living after the average Social Security benefit for one person: $22,309
- Annual cost of living after the average Social Security benefit for a married couple: $11,384
San Diego, California
- Total population: 1,383,987
- Livability: 75
- Annual cost of living: $98,980
- Annual cost of living after the average Social Security benefit for one person: $76,527
- Annual cost of living after the average Social Security benefit for a married couple: $65,602
San Antonio, Texas
- Total population: 1,445,662
- Livability: 80
- Annual cost of living: $38,514
- Annual cost of living after the average Social Security benefit for one person: $16,061
- Annual cost of living after the average Social Security benefit for a married couple: $5,136
Philadelphia, Pennsylvania
- Total population: 1,593,208
- Livability: 76
- Annual cost of living: $39,637
- Annual cost of living after the average Social Security benefit for one person: $17,184
- Annual cost of living after the average Social Security benefit for a married couple: $6,259
Phoenix, Arizona
- Total population: 1,609,456
- Livability: 76
- Annual cost of living: $51,142
- Annual cost of living after the average Social Security benefit for one person: $28,689
- Annual cost of living after the average Social Security benefit for a married couple: $17,764
Houston, Texas
- Total population: 2,296,253
- Livability: 74
- Annual cost of living: $40,855
- Annual cost of living after the average Social Security benefit for one person: $18,402
- Annual cost of living after the average Social Security benefit for a married couple: $7,477
Chicago, Illinois
- Total population: 2,721,914
- Livability: 78
- Annual cost of living: $43,905
- Annual cost of living after the average Social Security benefit for one person: $21,451
- Annual cost of living after the average Social Security benefit for a married couple: $10,526
Los Angeles, California
- Total population: 3,881,041
- Livability: 67
- Annual cost of living: $91,834
- Annual cost of living after the average Social Security benefit for one person: $69,381
- Annual cost of living after the average Social Security benefit for a married couple: $58,456
New York, New York
- Total population: 8,622,467
- Livability: 75
- Annual cost of living: $83,596
- Annual cost of living after the average Social Security benefit for one person: $61,142
- Annual cost of living after the average Social Security benefit for a married couple: $50,217
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