Living solely on Social Security is challenging, but many retirees manage with budgeting, assistance programs, and strategic moves. Here's a breakdown of the average Social Security payments by state, based on beneficiaries and total benefits.
Highest Average Payments
- New Jersey
- Average Payment: $1,708
- Total Beneficiaries: 1,652,973
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Total Benefits: $2,823,697,000
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Connecticut
- Average Payment: $1,706
- Total Beneficiaries: 699,597
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Total Benefits: $1,193,327,000
-
Delaware
- Average Payment: $1,694
- Total Beneficiaries: 229,047
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Total Benefits: $387,905,000
-
Maryland
- Average Payment: $1,648
- Total Beneficiaries: 1,038,041
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Total Benefits: $1,710,224,000
-
Washington
- Average Payment: $1,630
- Total Beneficiaries: 1,413,306
- Total Benefits: $2,303,623,000
Lowest Average Payments
- Louisiana
- Average Payment: $1,392
- Total Beneficiaries: 924,881
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Total Benefits: $1,287,133,000
-
Mississippi
- Average Payment: $1,395
- Total Beneficiaries: 681,844
-
Total Benefits: $951,295,000
-
Arkansas
- Average Payment: $1,418
- Total Beneficiaries: 709,191
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Total Benefits: $1,005,891,000
-
Kentucky
- Average Payment: $1,424
- Total Beneficiaries: 1,010,012
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Total Benefits: $1,438,656,000
-
West Virginia
- Average Payment: $1,455
- Total Beneficiaries: 475,824
- Total Benefits: $692,161,000
National Average and Observations
- National Average Payment: Between $1,400 - $1,600 in most states.
- Higher payments are generally seen in states with a higher cost of living (e.g., Connecticut, New Jersey).
- Lower payments correlate with lower average wages or cost of living in states like Louisiana and Mississippi.
Factors Affecting Payments
- Earnings History
- Higher lifetime earnings result in higher Social Security benefits.
- Retirement Age
- Delaying benefits past full retirement age increases monthly payments.
- Cost of Living
- Beneficiaries in higher-cost states may require additional income to meet expenses.
For many retirees, Social Security forms a significant part of their income. Understanding the average payments by state can help in planning for retirement and determining whether moving to a lower-cost state is beneficial.
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