Social Security benefits are paid according to a complex formula that takes into account how much the taxpayer has earned over the course of his career and at what age the benefits are received. In mass terms, the average Social Security pension payment for all retired workers in January 2022 was $ 1,657, but the maximum possible benefit was $ 4,194.
To determine which states received the most Social Security, GOBankingRates accessed data from the Social Security Administration for the total benefits paid by the state, along with the number of Social Security beneficiaries in each state.
For the purpose of this analysis, only Old Age, Death and Invalidity Insurance (OASDI) was considered. SSI (Supplemental Security Income) was not taken into account.
In this study where the 10 states that have received the most from Social Security are reported, there is one in particular that has the first position.
California
California is the state that receives the largest amount of millions from Social Security. This is mainly because it serves more than 6.15M beneficiaries. Second place goes to Florida with 4.8M beneficiaries.
In this regard, the state of California receives $8.66 billion, making it the first state to receive the most money from Social Security.
Many retirees live in California because of its weather conditions and because it is a state where more people in need of social benefits live.
- Total Social Security received: US$8.66 billion
- Total number of beneficiaries: 6,150,009
