8. California
Raise your hand if you’re surprised to see California on a state list about retirement. Didn’t think so. Get Rich Slowly and CreditCards.com both say California residents are definitely not golden when it comes to socking away money for retirement. But who could blame them? Their cost of living is sky high, and they have an income tax rate as high as 13.3%. Unless retirees have millions in the bank — and most do not — Californians will be relying greatly on Social Security payouts for daily living.
Next: Many New Jersey residents rely on Social Security as their sole source of income.
2 thoughts on “Top 15 U.S. States Where People Mostly Rely on Social Security”
Looks like these states are the most liberal states in the USA.
New Hampshire does not have a high tax rate. In fact, there are comparison websites that show it is the third lowest tax rate (from the States) in the nation. We do not have any income tax. We do not have any sales tax. True, the real estate taxes are relatively high, but when you take into consideration that there are essentially no other taxes, we’re getting off easy. Also, the cost of living is rather low, compared to most other places. Food, gas, and insurance are lower here than in most other places that I have lived. So I have no idea what this survey is talking about. Perhaps New Hampshireites do rely on social security to a large extent, but when all things are considered, that government payout comes a lot closer to paying all their bills than in New York, for example.