When people retire, according to a recent LendingTree report, Social Security covers about 30.11% of their spending on average. However, analysts at the financial website say that it won’t be enough to cover more than a third of living expenses in most of the 100 largest metropolitan areas in America.
The annual estimated pretax needed for retirees in these areas is $71,407, LendingTree writes, and the average Social Security income is $21,500.
With an implied pretax need of $61,821 and an average Social Security income of $21,398, McAllen, Texas, would cover the largest share of retirees’ spending out of the 100 metros, at 34.61%. After that is Buffalo, New York at 33.12% and El Paso, Texas, with 32.85%…