NEW YORK, N.Y. — A recent survey by SmartAsset has named Shelby County the seventh best county in Ohio in which to live for people claiming Soucial Security benefits.
“Planning where you’ll spend your retirement can be difficult, especially for folks who will be relying heavily on Social Security as a main source of income. There are, however, places where Social Security goes further than others and in a new study, SmartAsset has delved in the numbers to find out where,” the firm said in a release.
In its third annual study, SmartAsset analyzed 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, and Shelby County ranked among the top spots in Ohio.
According to the survey, the annual cost of living in Shelby County is $17,825 and the annual average Social Security benefit amount is $18,849.
To arrive at the ranking, SmartAsset 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. Surveyors subtracted the taxes from that average Social Security income to determine the net income from Social Security.
They calculated how far that net income would go in every county to cover the basic necessities and subtracted the county-level cost of typical living expenses from each county’s net Social Security income.
The best-rated county in Ohio was Fulton, followed by Geauga, Defiance, Huron, Ottawa, Henry, Shelby, Stark, Columbiana and Medina.
SmartAsset is a financial technology company that uses data to provide free, actionable advice on big financial decisions. Topics include home buying, renting, retirement, life insurance, taxes, student loans, investing and more. At the heart of the company’s software is its patent-pending automated financial modeling technology, which simulates how different decisions will affect a consumer financially. SmartAsset is based in New York City, and is led by co-founders Michael Carvin and Philip Camilleri.
For more on the survey, visit smartasset.com.
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