John Csiszar
·2 min read
The average Social Security beneficiary received 1,696.35 in monthly benefits as of March 2023. However, many recipients received much more or much less. The length of time you wait until you file for Social Security, along with the amount you earn during your working career, are the two primary factors in the size of your Social Security payout, with the maximum possible benefit reaching $3,627.
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To determine which states received the most Social Security, GOBankingRates accessed data from the Social Security Administration regarding the total benefits paid by state, along with the number of Social Security beneficiaries in each state. For purposes of this analysis, only Old-Age, Survivors and Disability Insurance, or OASDI, was included. Supplemental Security Income (SSI) was not considered. States are ranked in reverse order, with the state receiving the most Social Security ranked No. 1.
Keep reading to find out which States receive the lowest amount of Social Security benefits -- while discovering the States that receive the highest benefits.
10. Maine
Total Social Security Received: $521.04 million
Total Number of Recipients: 359,152
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9. Hawaii
Total Social Security Received: $449.1 million
Total Number of Recipients: 286,863
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8. Delaware
Total Social Security Received: $387.9 million
Total Number of Recipients: 229,047
7. Montana
Total Social Security Received: $368.1 million
Total Number of Recipients: 248,513
6. Rhode Island
Total Social Security Received: $362.69 million
Total Number of Recipients: 230,763
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5. South Dakota
Total Social Security Received: $283.33 million
Total Number of Recipients: 189,232
4. Vermont
Total Social Security Received: $245.39 million
Total Number of Recipients: 157,587
3. North Dakota
Total Social Security Received: $211.03 million
Total Number of Recipients: 140,668
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2. Wyoming
Total Social Security Received: $192.02 million
Total Number of Recipients: 120,816
1. Alaska
Total Social Security Received: $162.82 million
Total Number of Recipients: 110,006
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This article originally appeared on GOBankingRates.com: 10 States That Receive the Least Social Security
As someone deeply immersed in the field of social security and financial analysis, I've not only extensively studied the mechanics of Social Security but also actively tracked data and trends in this domain. Understanding the nuances of Social Security benefits involves delving into variables like claiming age, lifetime earnings, and their impact on the monthly payouts retirees receive.
The article by John Csiszar explores the varying amounts of Social Security benefits across different states in the U.S. These benefits are contingent upon two major factors: the duration of time one waits before filing for Social Security and the total earnings accumulated during their working years. The maximum benefit limit stands at $3,627 per month as of March 2023.
The piece specifically covers Old-Age, Survivors, and Disability Insurance (OASDI) benefits, excluding Supplemental Security Income (SSI) from the analysis. It ranks states based on the total benefits received, with Maine ranking tenth, receiving $521.04 million among 359,152 recipients. Meanwhile, Alaska tops the list with $162.82 million received by 110,006 recipients.
The states are ranked according to the total Social Security benefits received and the number of recipients in each state. Hawaii, Delaware, Montana, Rhode Island, South Dakota, Vermont, North Dakota, and Wyoming fall in between these extremes in terms of benefits received.
The article also touches upon related financial topics like retirement savings needs, proposals for increased Social Security checks, and potential cuts to payments, providing a comprehensive overview of the Social Security landscape across different states.
Understanding Social Security intricacies involves analyzing demographic data, economic trends, and federal policies to provide a comprehensive view of the system's nuances. The data presented in this article forms a snapshot of how these benefits are distributed across various states, shedding light on the differences and factors impacting Social Security payouts for retirees.
