Social Security recipients saw a meager boost in benefits this year. Besides years of no COLA (cost-of-living adjustment), this year’s 1.3% was the second lowest annual increase in the program’s history. Monthly benefit payments will average $1,543 nationwide, but Yahoo! Finance discovered the actual amount may vary from state to state.
Researchers analyzed the Social Security benefit payments in each state, plus the District of Columbia, and ranked them from smallest to largest payout. Louisiana came in last place, with an average annual benefit of $17,284 for 2021. At the other end of the spectrum, retirees in New Jersey will receive $20,537 on average in Social Security benefits.
Regardless of where you live, one thing is clear – Social Security benefits are too low. The Seniors Trust is committed to increasing Social Security benefits and implementing a fair COLA through passage of the Social Security Expansion Act. This critical legislation will strengthen, protect, and guarantee that seniors get the Social Security benefits they earned.