Social Security Retirement Benefit Payments Vary from State to State
About 69 million Americans receive Social Security benefits. How much they get depends upon many factors, namely, earnings from their working years. Because of this, the average benefit amount fluctuates from state to state, with beneficiaries in higher-income states receiving bigger benefits on average.
Have you ever wondered how your state stacks up when it comes to Social Security benefits?
Investopedia compared figures and found that retirees in Connecticut, Delaware, Maryland, New Jersey, and New Hampshire receive the biggest benefits. They all come in at more than $2,000 per month on average.
At the other end of the spectrum, the states with the lowest average monthly Social Security benefits are Arkansas, Louisiana, Mississippi, Kentucky, and New Mexico. In these states, benefits average around $1,850 per month.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
