In a recent study, SmartAsset ranked DeSoto County number two on the list of best places in Mississippi to live on Social Security.
The study analyzes Social Security income, cost of living data and taxes across all counties to determine where people are getting the most out of Social Security, and DeSoto County ranked second on the list.
Social Security is critical for most retirees. Steve Sabato from SmartAsset said it is important for senior citizens to consider places like DeSoto County for retirement.
“Social Security income has a critical impact on your ability to budget for your retirement,” Sabato said, “and the mileage on that income will vary depending on how much of it you can expect, and the cost of living in your county.”
DeSoto County has a $20,360 cost of living with $21,221 of annual Social Security. Webster County was ranked at number one with a $18,126 cost of living and $19,721 in annual Social Security.
Sabato said that although the cost of living is high, the Social Security income is enough to provide for those living expenses.
“DeSoto County has a higher cost of living than most Mississippi counties,” Sabato said. “The average Social Security income is high enough to cover the cost of living, so it ranks among the top counties in Mississippi.”
In order to get the most out of retirement in DeSoto County, Sabato said seniors should keep their budget in mind.
“The best way to take advantage of your Social Security income is to calculate what you can expect ahead of time so you can set the savings goals necessary to meet your needs in retirement,” Sabato said.
Sabato said it can be very beneficial for retirees to live in counties that are ranked higher.
“The benefit of your Social Security income covering these living expenses is that it can create financial flexibility for you depending on how much you have saved for retirement,” Sabato said.