The United States is a very large country with many different places where we can live. Each of these states sometimes have their own rules that make them different. The same thing happens with Social Security, that the amount of pension money can change from place to place. Since Social Security actually has a set of rules to delimit the amount of money, it is normal that each state has a different pension.
If you are thinking about changing states because your state’s SSA payments seem low, don’t miss this list. In the list you will find the states with the highest Social Security for retirees to enjoy a good retirement pension. Each state is unique and has its pros and cons. The final decision is yours, so choose wisely based on what you are looking for.
The States with the Best Social Security
This list of the 5 States in the United States with the best SSA may uncover some surprises for you, so pay attention to decide where you will be in retirement.
Total Social Security Received: $4.25 billion
Total Number of Recipients: 2,877,728
Total Social Security Received: $5.40 billion
Total Number of Recipients: 3,680,264
Total Social Security Received: $6.11 billion
Total Number of Recipients: 4,421,803
Total Social Security Received: $6.94 billion
Total Number of Recipients: 4,840,275
Total Social Security Received: $8.66 billion
Total Number of Recipients: 6,150,009
As you can see, the State that receives the most money for Social Security is California, followed by Florida, Texas, New York and Pennsylvania. These states receive an amount of money that they then have to distribute among all pensioners. The amount for each pensioner is different and is directly influenced by several factors.
Factors influencing SSA
Now that we know which states receive the most money from SSA it is time to know the factors for determining pension payments. There are many factors to consider, but there are three that are fundamental and that we can control, as a general rule. These factors are retirement age, years worked and money contributed.
Claiming retirement at age 62 causes you to lose around 30% of your total benefit. To get 100%, you must apply for retirement at age 67. On the other hand, the final average payment is calculated on the basis of the 35 years worked with the highest salary. Therefore, the money contributed during the years of work also has an influence.