TULSA, Okla. (KTUL) — Many Oklahomans depend on social security benefits to cover the cost of living in retirement.
But new data released by the Social Security Board of Trustees says social security could run out of funds by 2033, leaving retirees desperate for ways to stretch their dollar.
“For many Oklahomans, social security benefits represent about half of their retirement income, and for about 30% of Oklahomans 65 years of age and older. It represents about 30% of their retirement income,” said Sean Voskuhl, state director for AARP.
But according to a recent report, social security is running low.
“In 10 years, almost 2034,” Voskuhl said. “If nothing’s done to make sure social security solvent for future generations, those benefits could be cut 20% or about $4,000 a year.”
Experts say this cut will impact when and where Oklahomans choose to retire.
“A huge factor in that is going to be how far your social security will stretch,” Steve Sabato, spokesperson for SmartAsset, said.
According to the data from SmartAsset, Noble, Wagoner, and Garfield counties were ranked among the top three where social security dollars will stretch the furthest.
“It just varies by that cost of living, right, you know, that’s a gallon of milk doesn’t cost the same in every county,” Sabato said. “We use public data sources like the census bureau to give people not necessarily a look at what their individual social security situation would be.”
The study weighed two variables.
“The number one variable is that social security income so you’ll see the places where people pay the most into social security are those places where, you know, you see the highest social security income and then those places with the lowest cost of living also tend to you know, have an impact on the rankings as well,” Sabato said.
“Where’s that dollar stretch me the furthest, you know, if you’re able to get to see your doctor groceries, prescription drugs,” Voskuhl said.
Making the most out of social security not only benefits one’s quality of life but the state’s economy.
Voskuhl said when looking at the social security dollars coming to Oklahoma, it’s about a $22.7 billion economic impact.
