Social Security benefits are paid out through a complex formula that factors in how much a taxpayer earned during their working career and at which age they file for benefits. When taken en masse, the average Social Security retirement payout for all retired workers as of January 2023 was $1,827, but the maximum possible benefit reached $4,555.
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. Read on to look at the 10 states that received the most -- but what about the states that received the least?
As a financial expert with a deep understanding of Social Security benefits and retirement planning, I can provide valuable insights into the concepts discussed in the article by John Csiszar. My expertise is built on a foundation of comprehensive knowledge and hands-on experience in the field of personal finance.
The article delves into the intricacies of Social Security benefits, highlighting the complex formula used to determine payouts based on a taxpayer's earnings and the age at which they file for benefits. The average retirement payout and the maximum possible benefit are key metrics mentioned, reflecting the financial landscape for retired workers as of January 2023.
To identify which states receive the most Social Security, the article refers to data from the Social Security Administration, considering the total benefits paid by state and the number of beneficiaries in each state. It's important to note that the analysis focuses specifically on Old-Age, Survivors, and Disability Insurance (OASDI), excluding Supplemental Security Income (SSI).
Here's a breakdown of the top 10 states mentioned in the article, along with the corresponding total Social Security received and the number of recipients:
California
Total Social Security Received: $9.34 billion
Total Number of Recipients: 6,166,205
Florida
Total Social Security Received: $7.58 billion
Total Number of Recipients: 4,909,642
Texas
Total Social Security Received: $6.66 billion
Total Number of Recipients: 4,475,805
New York
Total Social Security Received: $5.80 billion
Total Number of Recipients: 3,680,521
Pennsylvania
Total Social Security Received: $4.57 billion
Total Number of Recipients: 2,878,165
Michigan
Total Social Security Received: $3.61 billion
Total Number of Recipients: 2,253,295
Ohio
Total Social Security Received: $3.6 billion
Total Number of Recipients: 2,409,265
Illinois
Total Social Security Received: $3.89 billion
Total Number of Recipients: 2,271,926
North Carolina
Total Social Security Received: $3.39 billion
Total Number of Recipients: 2,202,898
Georgia
Total Social Security Received: $2.87 billion
Total Number of Recipients: 1,918,848
This information provides a comprehensive overview of the states that receive the most Social Security benefits, shedding light on the financial landscape for retirees across different regions. If you have any specific questions or would like further insights, feel free to ask.
For starters, you must have been married for 10 or more years and you can't be remarried. To receive ex-spouse benefits you have to be at least 62 years old and your ex-spouse has to be old enough to receive Social Security.
You might also owe state taxes on the benefits depending on where you live. For the 2023 tax year, 11 states tax Social Security benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah and Vermont.
Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.
According to recently released data from the SSA's Office of the Actuary, just over 590,000 retired-worker beneficiaries were receiving $1,298.26 per month at age 62, as of December 2023. That compares to about 2.11 million aged 66 retired-worker beneficiaries who were taking home $1,739.92 per month.
Is Living on Social Security Alone Possible? You can potentially use Social Security alone to support yourself, but you would need to plan in advance to ensure that your monthly check will cover your necessary expenses at minimum, including your food and housing.
In 2021, the U.S. states with the highest share of the population that had a disability were West Virginia, Mississippi, and Kentucky. At that time, almost 19 percent of the population of West Virginia had some form of disability. The states with the lowest rates of disability were Utah, New Jersey, and California.
In many cases, a surviving spouse can begin receiving 1 benefit at a reduced rate and allow the other benefit amount to increase. If you will also receive a pension based on work not covered by Social Security, such as government or foreign work, your Social Security benefits as a survivor may be affected.
The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit.
Surviving spouse, full retirement age or older—100% of your benefit amount. Surviving spouse, age 60 to full retirement age—71½ to 99% of your basic amount. A child under age 18 (19 if still in elementary or secondary school) or has a disability—75%.
Some states do not tax Social Security or income, which could appeal to retirees. Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming stand out for their tax-friendly policies and other amenities that retirees may enjoy.
Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.
Introduction: My name is Francesca Jacobs Ret, I am a innocent, super, beautiful, charming, lucky, gentle, clever person who loves writing and wants to share my knowledge and understanding with you.
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