30. Tennessee
Tennessee, home to the country’s most visited national park, the Great Smoky Mountains National Park, sounds like a fantastic place to retire for active people that love exploring the great outdoors.
But let’s be honest, you also have to consider your finances before you relocate here. Seniors in the Volunteer State have received a total of around $18,178.54 in Social Security benefits in 2020- $1,514.88 per month.
In 2021, all 995,471 that benefit from the program should expect a 1.3% raise, meaning that they’ll get $18,415 in total and $1,534.57 per month.
29. Florida
Florida is known as one of the top places that retirees relocate to during retirement. And who could blame them? With so many wonderful beaches and without Uncle Sam taking a share of your Social Security, why not?
In 2020, some 3.51 million retirees received $1,517.69 a month, $18,212.30 per year. However, residents of the Sunshine State will receive an estimated $18,449 in 2021, meaning that you’ll have $1,537.42 to spend as you please per month. Hopefully, you’ll also have a little extra by then to really enjoy your retirement without feeling constrained by finances.
28. Hawaii
Though a lot of seniors relocate to Florida, Hawaii is actually known as the best state for retirement. The 218,219 who received Social Security benefits in 2020 got $1,520.65 per month- $18,247.86 in annual income.
What about next year? In 2021, thanks to the 1.3% raise, beneficiaries will get $18,485 overall 12 months, $1,540.42 per installment.
Remember that if you wish to retire to Hawaii you might bump into some problems when it comes to real estate. Here, homes are known to be very expensive, so you’ll very likely have to downsize… significantly!
27. North Carolina
Did you know that in 1950, 65-year-old seniors were expected to live another 14 years? Thanks to advances in medicine as well as added day to day safety nets, seniors can expect to live another 20 years! This is why it’s imperative for you to plan out your retirement funds way ahead of time!
In 2020, seniors in the Tar Heel State received around $18,338.34 in benefits, $1,528.19 per month. In 2021, our calculations say they should expect $18,577 instead- not much but still a little extra, we suppose. That translates to $1,548.06 per month.
26. Oregon
The 998,643 retired workers in Beaver State received $18,383 for the full year in 2020. Therefore, their benefits came to an average of $1,531.92 per month.
Next year those numbers will rise to $18,622 and $1,551.84 respectively.
Make sure to speak to a financial advisor to ask how you can stretch these dollars for as long as possible every month, especially if your overall savings are lacking and you don’t have much time left to add to them!
25. Iowa
We’re halfway through the list. Has your home state shown up yet? If not, in which position do you think you’ll find it?
In Iowa, 482,117 received $18,425.48 in benefits for the year 2020, meaning that, per month, they received around $1,535.46.
Don’t let the program solely dictate how you’ll spend your retirement. You don’t want a lack of funds to stop you from enjoying your golden years! In 2021, seniors are expected to get $18,665, or $1,555.42 per month.
24. Nebraska
257,481 retirees currently live in the Cornhusker State. Our calculations show that in 2020 they received around $1,538.18 per month through the Social Security program, meaning their yearly income from this alone must have been $18,458.11.
In 2021 it is estimated that those numbers will rise to $18,698 and $1,558.17 per month. Sadly, Nebraskans will not be able to enjoy their benefits in their entirety since the state does apply taxes on Social Security. This is just one of the reasons as to why some retirees might rethink wanting to settle down here.
23. South Carolina
The retirees in South Carolina can enjoy $18,519.36 for the full year in 2020. On a monthly basis they’d get $1,543.28, but next year that number will go up to $1,563.34.
In 2021, therefore, all 828,566 seniors who are accessing the funds will get $18,760 thanks to COLA.
22. Colorado
Seniors in Colorado also have to pay taxes on their Social Security, so the fact that they only got $18,543.68 in 2020 wasn’t all that great ($1545.31 per month on average).
Despite having to part ways with some of the money because Uncle Sam says so, at least they too will benefit from COLA, at least a little bit. So, beneficiaries in the Centennial State will likely get around $18,785 in 2021, or $1,565.40 per month.
If this isn’t nearly enough for your lifestyle you might want to consider investing. A diversified portfolio will help shield you from risk, and an expert can help guide you through the confusing world of the Stock Market, so don’t hesitate and start today!
21. Vermont
The first monthly Social Security check was issued on January 31st, 1940, to Ida May Fuller. The retired legal secretary from Ludlow, Vermont, received $22.54. In today’s dollars, that translates to $421.48.
Shocking, isn’t it? To realize that retirees today would receive around $1,551.65 per month compared to back then, right? On average, the 109,498 seniors who benefit from the program will have gained $18619.81 for the full year.
The 1.3% raise will ensure a little bit more money in 2021 so we’ll see an average of $18,862 per year and $1,571.82 per month in the Green Mountain State.
