A recent study has found that Cook County ranks number 1 among the best places to live in Minnesota for those relying on Social Security (SS) as their main source of income.
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 Cook County ranked among the top spots in Minnesota.
The study found that the annual cost of living in Cook County was $17,687 while annual Social Security was $20,599. Le Sueur County was second with its cost of living rated at $17,315 and annual Social Security $18,922. Third through 10 counties which made the list were Koochiching, McLeod, Douglas, Kandiyohi, Aitkin, Hubbard, Crow Wing, and Martin.
To come up with its rating system SmartAsset looks at the average Social Security for each county then calculates typical taxes retirees would pay on that income based on the state-specific SS tax rules. Taxes are then subtracted from the Social Security to determine net income from SS and then typical living expenses and basic necessities are figured into the formula. Based on indexed results of 100 to cover most needs of a retiree, Cook County’s Social Security index was 83.05. Koochiching County was 76.18.
SmartAssets is a personal finance technology company headquartered in New York. They not only help plan retirements, they also advise on home buying, credit card selection, and other major financial commitments or decisions concerning your money.
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