The Top States for Social Security Recipients
For over 80 years, the Social Security Administration (SSA) has been providing monthly payments to retired workers as well as beneficiaries of Supplemental Security Income (SSI), disability, and survivor payments. While millions of Social Security recipients receive funds each month, there are specific states where payments tend to be higher.
Variances in Social Security Payments
The amount provided through Social Security payments are determined by several factors such as earnings, age, work history, current employment status, and total annual income. Additionally, the cost of living adjustment (COLA) can affect payments. In 2023, the SSA announced an 8.7% COLA increase leading to $1,827 on average for retirees throughout the United States. While the average amount is shared, there are variances within each state regarding the primary insurance amount (PIA) which is used to calculate individual benefits for each claimant.
Top 10 States for Social Security Payments
As identified in the 2021 Old-Age, Survivors and Disability Insurance (OASDI) Beneficiaries report by the SSA, the following states tend to receive the most money in Social Security payments:
- New York
- North Carolina
Predicting Social Security Payments in 2024
The SSA shares the annual cost of living adjustment (COLA) amounts for the upcoming year on a yearly basis. While the expected increase for 2023 may be high at 8.7%, some experts warn that the COLA increase for 2024 may be more modest. Based on predictions made in May by The Senior Citizens League, the Social Security COLA for 2024 could be around 3.1%. This would mean that the average monthly Social Security check of $1,827 would increase to $1,883 for 2024.
It is important to remember that these estimates are still preliminary and that the official COLA amount for 2024 will be released in October of this year and will take effect in December. Social Security recipients can expect to see these new payment changes go into effect in January 2024.