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 Montmorency County, Michigan (18.6%), McCormick County, South Carolina (18.6%), and Sumter County, Florida (18.1%).

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: KTVZ (Central Oregon) — read the source article.