In retirement, the income that comes from Social Security is not merely a supplement for millions of people in the United States; rather, it is a decisive element. According to a survey that was conducted by Bankrate not too long ago, 77% of retirees in the United States are dependent on this income in order to cover their fundamental expenses. The amount that is received, on the other hand, might vary greatly from one state to the next, which is something that many people are unaware of.
It is essential to keep in mind that the age at which a person is eligible to retire may vary depending on the year in which they were born. 67 is the age at which citizens who were born in 1960 or later are eligible to retire, for instance. However, benefits can also be claimed beginning at the age of 62; however, doing so may result in the individual losing up to thirty percent of their maximum income.
It is being proposed by the authorities that retirement be postponed until the age of 70 in order to gradually improve the advantages that are provided economically. In the event that the application procedure is delayed for an additional year, this increase may reach as high as 8%.
Creating an account on the official Social Security Administration website and obtaining a personal account statement will allow you to determine the amount of money that the individual has earned and provide an estimate of how much more money they may want to withdraw in the future. This will allow you to determine how much money the individual may wish to withdraw.
Those states that are most fortunate to obtain benefits
The following is a list of the states that get the biggest amount of federal funds through Social Security:
- California (5,120,435)
- Florida (4,063,202)
- Texas (3,546,829)
- New York (2,908,411)
- Pennsylvania (2,255,780)
The average Social Security payment in each US state
Alabama
Average monthly payment: $1,856
Average monthly payment: $1,794
Alaska
Average monthly payment: $1,837
Average monthly payment: $1,733
Arizona
Average monthly payment: $1,949
Average monthly payment: $1,913
Arkansas
Average monthly payment: $1,790
Average monthly payment: $1,717
California
Average monthly payment: $1,866
Average monthly payment: $1,767
Colorado
Average monthly payment: $1,958
Average monthly payment: $1,898
Connecticut
Average monthly payment: $2,114
Average monthly payment: $2,084
Delaware
Average monthly payment: $2,090
Average monthly payment: $2,064
Florida
Average monthly payment: $1,894
Average monthly payment: $1,839
Georgia
Average monthly payment: $1,859
Average monthly payment: $1,789
Hawaii
Average monthly payment: $1,908
Average monthly payment: $1,854
Idaho
Average monthly payment: $1,880
Average monthly payment: $1,829
Illinois
Average monthly payment: $1,934
Average monthly payment: $1,908
Indiana
Average monthly payment: $1,966
Average monthly payment: $1,953
Iowa
Average monthly payment: $1,921
Average monthly payment: $1,884
Kansas
Average monthly payment: $1,982
Average monthly payment: $1,930
Kentucky
Average monthly payment: $1,803
Average monthly payment: $1,748
Louisiana
Average monthly payment: $1,759
Average monthly payment: $1,674
Maine
Average monthly payment: $1,816
Average monthly payment: $1,741
Maryland
Average monthly payment: $2,054
Average monthly payment: $2,008
Massachusetts
Average monthly payment: $2,003
Average monthly payment: $1,946
Michigan
Average monthly payment: $1,997
Average monthly payment: $2,005
Minnesota
Average monthly payment: $2,016
Average monthly payment: $1,982
Mississippi
Average monthly payment: $1,756
Average monthly payment: $1,673
Missouri
Average monthly payment: $1,869
Average monthly payment: $1,883
Montana
Average monthly payment: $1,817
Average monthly payment: $1,751
Nebraska
Average monthly payment: $1,937
Average monthly payment: $1,880
Snowfall
Average monthly payment: $1,843
Average monthly payment: $1,785
New Hampshire
Average monthly payment: $2,094
Average monthly payment: $2,039
New Jersey
Average monthly payment: $2,110
Average monthly payment: $2,100
New Mexico
Average monthly payment: $1,799
Average monthly payment: $1,696
New York
Average monthly payment: $1,951
Average monthly payment: $1,914
North Carolina
Average monthly payment: $1,909
Average monthly payment: $1,832
North Dakota
Average monthly payment: $1,856
Average monthly payment: $1,795
Ohio
Average monthly payment: $1,858
Average monthly payment: $1,854
Oklahoma
Average monthly payment: $1,856
Average monthly payment: $1,795
Oregon
Average monthly payment: $1,918
Average monthly payment: $1,867
Pennsylvania
Average monthly payment: $1,979
Average monthly payment: $1,946
Rhode Island
Average monthly payment: $1,972
Average monthly payment: $1,923
South Carolina
Average monthly payment: $1,926
Average monthly payment: $1,865
South Dakota
Average monthly payment: $1,848
Average monthly payment: $1,780
Tennessee
Average monthly payment: $1,890
Average monthly payment: $1,822
Texas
Average monthly payment: $1,865
Average monthly payment: $1,776
Utah
Average monthly payment: $1,988
Average monthly payment: $1,939
Vermont
Average monthly payment: $1,961
Average monthly payment: $1,883
Virginia
Average monthly payment: $1,985
Average monthly payment: $1,906
Washington
Average monthly payment: $2,022
Average monthly payment: $1,992
West Virginia
Average monthly payment: $1,839
Average monthly payment: $1,807
Wisconsin
Average monthly payment: $1,957
Average monthly payment: $1,932
Wyoming
Average monthly payment: $1,950
Average monthly payment: $1,908
