Retired Americans on Social Security will be sipping on a rather bitter COLA — as in "cost-of-living adjustment." Seniors are receiving a raise in 2020 of just 1.6%, down from the 2.8% increase they got for 2019.
The Social Security Administration announced that the average monthly benefit rose from $1,479 in 2019 to $1,503 in 2020. Annually, that's $17,748 to $18,036.
But the amounts vary by state.
Here's how all 50 states and the District of Columbia rank for Social Security benefits, going from the smallest average payments to the largest. The list is based on recently released numbers of retired workers on Social Security in each state and the total benefits they received in 2018.
And remember, no matter how much you get, be sure to deposit that check in a high-interest savings account to squeeze all the value you can out of it.
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