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SmartAsset: Lincoln County tops state list for stretching retirement dollars

Lincoln County tops the list of best places where social security dollars go the farthest in New Mexico.

Lincoln County is home to ranching as well as tourism.

In its fifth annual study, SmartAsset, a financial advisor website, analyzed Social Security income, cost of living data, and taxes across all counties to determine where people are getting the most out of Social Security.

The rankings of counties by annual cost of living and social security benefits are:

  1. Lincoln - $18,750 and $19,651
  2. Los Alamos - $19,722 and $20,424
  3. Hidalgo - $18,153 and $18,026
  4. Rio Arriba - $18,697 and $18,357
  5. Catron - $19,548 and $18,974
  6. Grant - $18,833 and $18 152
  7. Sandoval - $19,836 and $19,149
  8. Bernalillo - $19,097 and $18,047
  9. Sierra - $17,747 and $16,570
  10. Harding - $18,148 and $16,950

The full study results, methodology, and interactive map can be found at: https://smartasset.com/retirement/social-security-calculator#newmexico.

Social Security can make up a significant part of a retirement income plan, the staff of Smart Asset wrote in the study. That's why it’s important to know all the rules surrounding eligibility, benefit amounts and taxation..

Anyone who pays into Social Security for at least 40 calendar quarters (10 years) is eligible for retirement benefits based on their earnings record. A person is eligible for full benefits once he or she reach full retirement age, which is either 66 and 67, depending on when they were born. But if they claim later than that, they can put it off as late as age 70, and get a credit for doing so through larger monthly benefits. Conversely, a person can claim as early as age 62, but taking benefits before full retirement age will result in the Social Security Administration docking their monthly benefits, the study explained.

The Ruidoso Parks and Recreation Department handles tournaments and special events that entertain local residents and tourists. The village is the population center of Lincoln County.

Benefits also depend on how much money a person earned in life. The Social Security Administration takes the highest-earning 35 years of covered wages and averages them, indexing for inflation.

The Social Security Administration amakes annual cost of living adjustments, even as benefits are collected. 

More:Ruidoso No. 9 on safest cities in NM

More:Ruidoso listed as one of most underrated towns in the U.S.

More:Ruidoso ranks third in state as best places to enjoy retirement

Reporter Dianne Stallings can be contacted at dstallings@ruidosonews.com