Seniors In 5 States Getting More Social Security
Here’s what happened…
As you already know, Social Security benefits are going to increase in 2023 due to inflation. This increase is called Social Security’s cost-of-living adjustment often times referred to as “COLA”. What’s interesting about this however is that seniors in some state are going to receive more than others.
According to the Motley Fool, before the start of every new year the Social Security Administration releases statistical supplements containing mass amounts of data regarding how money will be allocated in 2023.
Seniors in some states will get more compared to others due a number of reasons including how much money was paid to eligible retired workers, their spouses, and their children, for each state.
Here are the 5 states which will be giving out more money to their seniors:
- Connecticut: Average benefits expected to rise by $146.87 to $1,835.06.
- New Jersey: Average benefits expected to rise by $146.67 to $1,832.60.
- Delaware: Average benefits expected to rise by $144.39 to $1,804.09.
- New Hampshire: Average benefits expected to rise by $143.67 to $1,794.99.
- Maryland: Average benefits expected to rise by $141.92 to $1,773.25.
