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10 states disbursing huge Social Security checks
Why is it that a little more than 25% of the retirees in just 10 states bring home at least $6,000 in annual Social Security retirement benefits above the national average? That’s the focus of this piece by Foxbusiness.com. Before digging into the details as to why average monthly payouts can be so different between states, the article explores the four major factors that are used to determine a workers’ full retirement benefit: work history, earnings history, birth year, and claiming age.
In the following 10 states, between 24% and 30.5% of retired workers were receiving at least $500 per month ($6,000 per year) more than the national average as of December 2019: New Jersey, Connecticut, Maryland, Massachusetts, New Hampshire, Delaware, Washington, Utah, Colorado, New York. To get to the why, read the full piece here.