For seniors who are planning their retirement, one common question is which state can provide the most benefits. Some of the states that provide the most benefits in terms of Social Security payout include New Jersey, Connecticut, and Delaware. In terms of tax benefits, Florida and Texas provide many exemptions for seniors.
Highest Average Monthly Retirement Payout Per State
Based on 2018 data from the SSA, average retirement benefits for seniors are about 1,409.91 a month, or about $16,919 a year. The top five states with the highest average monthly payouts include:
- New Jersey: $1,553.63
- Connecticut: $1,546.67
- Delaware: $1,517.11
- New Hampshire: $1,498.01
- Michigan: $1,493.77
This makes them good candidates for seniors looking to maximize their social security payouts. Other places to retire include Florida and Texas. Florida offers plenty of tax advantages for those aged 65 and older, including no income, and no inheritance tax or estate tax.
Similarly, Texas provides a comfortable climate and has a low cost of living. While property tax rates tend to be higher in that state, they provide plenty of tax exemptions for seniors.
To estimate your amount of retirement benefits, you can use this tool by the SSA.
If you’re looking to retire soon, learn more about the best senior retirement homes at Senior Strong today!
William Rivers is an editor with a master’s degree in Human Services Counseling at Maine State University. He has more than 20 years of experience working in the senior healthcare industry.