Social Security is a major source of retirement income for millions of Americans, but its economic importance varies sharply by locality. In some communities, benefits represent a relatively small share of total income. In others, they account for a substantial portion of money flowing into the local economy.

Local Impact

SmartAsset estimated annualized Social Security Old Age and Survivors Insurance (OASI) benefits paid in more than 3,000 U.S. counties as a percentage of total county personal income. The findings may indicate where a benefit cut could have the greatest local economic impact.

Counties with the highest percentage of local income from Social Security include Sumter County, Florida, with 18.1%, and Montmorency County, Michigan, with 18.6%. Other counties with high percentages include Marion County, Arkansas, with 14.8%, and Cherokee County, Alabama, with 11.6%.

The Social Security trust funds face long-term solvency pressure, with benefit reductions of 22% now projected as early as 2032. This could have a significant impact on local economies that rely heavily on Social Security benefits.

Original reporting: El Paso News (HLL/CB) — read the source article.