January 18, 2022

Study finds DeKalb County 8th in Indiana, where Social Security reaches furthest | The star

AUBURN — A recent survey by financial technology company SmartAsset ranked DeKalb County eighth in Indiana as the county where Social Security income reaches the furthest.

The study analyzed Social Security income in each county against the local cost of living to determine where retirees’ Social Security lasts the longest.

According to the study, DeKalb County’s cost of living is $18,713 with annual Social Security benefits of $20,895.

First in the state was Whitley County, where the survey found that the cost of living was $19,037 and the annual Social Security was $22,358.

LaGrange County came in second, with a cost of living of $19,051 and annual Social Security of $22,002. Noble County was ranked 19th with a cost of living of $18,857 and annual Social Security of $20,693. Steuben County was ranked 22nd with a cost of living of $19,692 and annual Social Security of $21,346.

“To find the places where Social Security goes the furthest, we first looked at the average Social Security income for residents of each county. Then we calculated the taxes a typical retiree would pay on that income based on state-specific Social Security tax rules. We subtracted the taxes from that Social Security average income to determine Social Security net income,” SmartAsset said.

Then SmartAsset calculated how far that net income in each province would go to meet basic needs, such as food, housing and transportation. The company subtracted the typical cost of living at the county level from each county’s social security net income.

“Finally, we indexed the results to 100, with 100 showing where Social Security would go furthest in covering the cost of living for residents of a particular province. Higher scores reflect the places where Social Security income best covers living expenses,” SmartAsset said.

The company indexed DeKalb County at 80.18.

The study found that the state’s median cost of living was $19,331 and annual Social Security was $20,144.

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