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: 393,469Livability: 78Annual cost of living: $44,148Annual cost of living after the average Social Security benefit for one person: $21,695Annual cost of living after the average Social Security benefit for a married couple: $10,770
Wichita, Kansas
Total population: 395,951Livability: 68Annual cost of living: $35,079Annual cost of living after the average Social Security benefit for one person: $12,626Annual cost of living after the average Social Security benefit for a married couple: $1,701
Bakersfield, California
Total population: 404,321Livability: 57Annual cost of living: $48,504Annual cost of living after the average Social Security benefit for one person: $26,051Annual cost of living after the average Social Security benefit for a married couple: $15,126
Tulsa, Oklahoma
Total population: 411,938Livability: 75Annual cost of living: $35,667Annual cost of living after the average Social Security benefit for one person: $13,213Annual cost of living after the average Social Security benefit for a married couple: $2,288
Minneapolis, Minnesota
Total population: 426,877Livability: 78Annual cost of living: $43,835Annual cost of living after the average Social Security benefit for one person: $21,382Annual cost of living after the average Social Security benefit for a married couple: $10,457
Oakland, California
Total population: 437,825Livability: 71Annual cost of living: $80,769Annual cost of living after the average Social Security benefit for one person: $58,316Annual cost of living after the average Social Security benefit for a married couple: $47,391
Miami, Florida
Total population: 443,665Livability: 81Annual cost of living: $68,259Annual cost of living after the average Social Security benefit for one person: $45,806Annual cost of living after the average Social Security benefit for a married couple: $34,881
Virginia Beach, Virginia
Total population: 457,900Livability: 83Annual cost of living: $50,574Annual cost of living after the average Social Security benefit for one person: $28,121Annual cost of living after the average Social Security benefit for a married couple: $17,196
Long Beach, California
Total population: 462,293Livability: 69Annual cost of living: $84,194Annual cost of living after the average Social Security benefit for one person: $61,741Annual cost of living after the average Social Security benefit for a married couple: $50,816
Raleigh, North Carolina
Total population: 465,517Livability: 84Annual cost of living: $51,301Annual cost of living after the average Social Security benefit for one person: $28,848Annual cost of living after the average Social Security benefit for a married couple: $17,922
Colorado Springs, Colorado
Total population: 479,612Livability: 79Annual cost of living: $51,171Annual cost of living after the average Social Security benefit for one person: $28,718Annual cost of living after the average Social Security benefit for a married couple: $17,793
Omaha, Nebraska
Total population: 489,201Livability: 83Annual cost of living: $41,306Annual cost of living after the average Social Security benefit for one person: $18,853Annual cost of living after the average Social Security benefit for a married couple: $7,928
Atlanta, Georgia
Total population: 494,838Livability: 78Annual cost of living: $52,837Annual cost of living after the average Social Security benefit for one person: $30,384Annual cost of living after the average Social Security benefit for a married couple: $19,459
Mesa, Arizona
Total population: 503,390Livability: 81Annual cost of living: $52,213Annual cost of living after the average Social Security benefit for one person: $29,760Annual cost of living after the average Social Security benefit for a married couple: $18,835
Kansas City, Missouri
Total population: 505,958Livability: 78Annual cost of living: $37,751Annual cost of living after the average Social Security benefit for one person: $15,298Annual cost of living after the average Social Security benefit for a married couple: $4,373
Sacramento, California
Total population: 523,600Livability: 73Annual cost of living: $56,385Annual cost of living after the average Social Security benefit for one person: $33,932Annual cost of living after the average Social Security benefit for a married couple: $23,007
Tucson, Arizona
Total population: 541,033Livability: 73Annual cost of living: $43,476Annual cost of living after the average Social Security benefit for one person: $21,023Annual cost of living after the average Social Security benefit for a married couple: $10,098
Fresno, California
Total population: 541,528Livability: 63Annual cost of living: $48,504Annual cost of living after the average Social Security benefit for one person: $26,051Annual cost of living after the average Social Security benefit for a married couple: $15,126
Albuquerque, New Mexico
Total population: 562,551Livability: 72Annual cost of living: $42,258Annual cost of living after the average Social Security benefit for one person: $19,805Annual cost of living after the average Social Security benefit for a married couple: $8,880
Milwaukee, Wisconsin
Total population: 573,299Livability: 79Annual cost of living: $35,673Annual cost of living after the average Social Security benefit for one person: $13,220Annual cost of living after the average Social Security benefit for a married couple: $2,295
Baltimore, Maryland
Total population: 584,548Livability: 77Annual cost of living: $35,052Annual cost of living after the average Social Security benefit for one person: $12,599Annual cost of living after the average Social Security benefit for a married couple: $1,674
Louisville, Kentucky
Total population: 629,176Livability: 66Annual cost of living: $38,124Annual cost of living after the average Social Security benefit for one person: $15,671Annual cost of living after the average Social Security benefit for a married couple: $4,746
Memphis, Tennessee
Total population: 630,027Livability: 70Annual cost of living: $31,243Annual cost of living after the average Social Security benefit for one person: $8,790Annual cost of living after the average Social Security benefit for a married couple: -$2,136
Detroit, Michigan
Total population: 636,787Livability: 73Annual cost of living: $28,997Annual cost of living after the average Social Security benefit for one person: $6,544Annual cost of living after the average Social Security benefit for a married couple: -$4,381
Las Vegas, Nevada
Total population: 644,835Livability: 82Annual cost of living: $53,375Annual cost of living after the average Social Security benefit for one person: $30,922Annual cost of living after the average Social Security benefit for a married couple: $19,997
Portland, Oregon
Total population: 646,101Livability: 78Annual cost of living: $59,286Annual cost of living after the average Social Security benefit for one person: $36,833Annual cost of living after the average Social Security benefit for a married couple: $25,908
Boston, Massachusetts
Total population: 665,945Livability: 77Annual cost of living: $78,055Annual cost of living after the average Social Security benefit for one person: $55,602Annual cost of living after the average Social Security benefit for a married couple: $44,677
Washington
Total population: 670,587Livability: 75Annual cost of living: $72,440Annual cost of living after the average Social Security benefit for one person: $49,987Annual cost of living after the average Social Security benefit for a married couple: $39,062
El Paso, Texas
Total population: 677,181Livability: 81Annual cost of living: $35,947Annual cost of living after the average Social Security benefit for one person: $13,494Annual cost of living after the average Social Security benefit for a married couple: $2,569
Oklahoma City, Oklahoma
Total population: 681,088Livability: 81Annual cost of living: $35,873Annual cost of living after the average Social Security benefit for one person: $13,420Annual cost of living after the average Social Security benefit for a married couple: $2,495
Nashville, Tennessee
Total population: 684,103Livability: 78Annual cost of living: $51,895Annual cost of living after the average Social Security benefit for one person: $29,442Annual cost of living after the average Social Security benefit for a married couple: $18,516
Denver, Colorado
Total population: 710,800Livability: 72Annual cost of living: $62,269Annual cost of living after the average Social Security benefit for one person: $39,816Annual cost of living after the average Social Security benefit for a married couple: $28,891
Seattle, Washington
Total population: 734,603Livability: 75Annual cost of living: $84,578Annual cost of living after the average Social Security benefit for one person: $62,125Annual cost of living after the average Social Security benefit for a married couple: $51,200
San Francisco, California
Total population: 851,036Livability: 75Annual cost of living: $120,055Annual cost of living after the average Social Security benefit for one person: $97,602Annual cost of living after the average Social Security benefit for a married couple: $86,677
Charlotte, North Carolina
Total population: 875,045Livability: 80Annual cost of living: $48,817Annual cost of living after the average Social Security benefit for one person: $26,364Annual cost of living after the average Social Security benefit for a married couple: $15,439
Indianapolis, Indiana
Total population: 882,006Livability: 76Annual cost of living: $36,673Annual cost of living after the average Social Security benefit for one person: $14,220Annual cost of living after the average Social Security benefit for a married couple: $3,295
Columbus, Ohio
Total population: 902,449Livability: 81Annual cost of living: $38,586Annual cost of living after the average Social Security benefit for one person: $16,133Annual cost of living after the average Social Security benefit for a married couple: $5,208
Fort Worth, Texas
Total population: 924,663Livability: 80Annual cost of living: $43,137Annual cost of living after the average Social Security benefit for one person: $20,684Annual cost of living after the average Social Security benefit for a married couple: $9,759
Jacksonville, Florida
Total population: 950,203Livability: 84Annual cost of living: $42,954Annual cost of living after the average Social Security benefit for one person: $20,501Annual cost of living after the average Social Security benefit for a married couple: $9,575
Austin, Texas
Total population: 958,202Livability: 83Annual cost of living: $59,365Annual cost of living after the average Social Security benefit for one person: $36,912Annual cost of living after the average Social Security benefit for a married couple: $25,987
San Jose, California
Total population: 1,001,176Livability: 79Annual cost of living: $126,475Annual cost of living after the average Social Security benefit for one person: $104,022Annual cost of living after the average Social Security benefit for a married couple: $93,097
Dallas, Texas
Total population: 1,300,642Livability: 81Annual cost of living: $44,762Annual cost of living after the average Social Security benefit for one person: $22,309Annual cost of living after the average Social Security benefit for a married couple: $11,384
San Diego, California
Total population: 1,383,987Livability: 75Annual cost of living: $98,980Annual cost of living after the average Social Security benefit for one person: $76,527Annual cost of living after the average Social Security benefit for a married couple: $65,602
San Antonio, Texas
Total population: 1,445,662Livability: 80Annual cost of living: $38,514Annual cost of living after the average Social Security benefit for one person: $16,061Annual cost of living after the average Social Security benefit for a married couple: $5,136
Philadelphia, Pennsylvania
Total population: 1,593,208Livability: 76Annual cost of living: $39,637Annual cost of living after the average Social Security benefit for one person: $17,184Annual cost of living after the average Social Security benefit for a married couple: $6,259
Phoenix, Arizona
Total population: 1,609,456Livability: 76Annual cost of living: $51,142Annual cost of living after the average Social Security benefit for one person: $28,689Annual cost of living after the average Social Security benefit for a married couple: $17,764
Houston, Texas
Total population: 2,296,253Livability: 74Annual cost of living: $40,855Annual cost of living after the average Social Security benefit for one person: $18,402Annual cost of living after the average Social Security benefit for a married couple: $7,477
Chicago, Illinois
Total population: 2,721,914Livability: 78Annual cost of living: $43,905Annual cost of living after the average Social Security benefit for one person: $21,451Annual cost of living after the average Social Security benefit for a married couple: $10,526
Los Angeles, California
Total population: 3,881,041Livability: 67Annual cost of living: $91,834Annual cost of living after the average Social Security benefit for one person: $69,381Annual cost of living after the average Social Security benefit for a married couple: $58,456
New York, New York
Total population: 8,622,467Livability: 75Annual cost of living: $83,596Annual cost of living after the average Social Security benefit for one person: $61,142Annual cost of living after the average Social Security benefit for a married couple: $50,217
