Information via SmartAsset
A recent study by SmartAsset lists Seneca County as the most affordable place to retire in Ohio.
According to the website, the study measures each county by Social Security income, property taxes, state pensions and living expenses.
The results show Seneca County’s cost of living is $30,146 with an estimated property tax of $1,233 and full Social Security income of $19,362. Nationally, Seneca County is ranked 668th.
To come up with its methodology, first the study looked at the average Social Security income for each county in the United States. It then calculated Social Security income for each age group by measuring the average Social Security income and age distribution of people collecting Social Security in each county.
Next, it looked at 401K and pension plan statistics for each county, as these plans are designed to help people meet financial goals for retirement. The metrics included for 401(k) performance were employer contributions, fees and fund performance. Government contribution, fund returns and funding percentage were looked at for pensions.
To assess costs that will affect the affordability of an individual’s retirement, the study analyzed data on the median annual property taxes paid in each county and their respective cost of living, which included items such as food, medical care and transportation.
It then determined a weighted score for each county’s retirement affordability by evaluating each of the factors above. The study indexed the affordability scores so the values reflect the most affordable places to retire.
Sources were taken from US Census Bureau 2017 American Community Survey, MIT Living Wage Study, Informa Financial Intelligence, Social Security Administration.
Other counties in the top 10 included Washington, Ashtabula, Pike, Putnam, Columbiana, Wyandot, Clinton, Harrison and Geauga counties, respectively.
Other neighboring counties ranked higher: Sandusky County, 12th; Wood County, 50th; Crawford County, 55th; Hancock County was ranked 60th and Huron County, 68th.
For more information, visit smartasset.com/financial-advisor/financial-advisor-firms#ohio.