Despite the fact that some of its citizens are moving to less expensive states, California still has a large lead in population, with almost 8 million more people living there than Texas, which comes in second. Although its average Social Security payment isn’t the largest, California is home to the greatest number of recipients of the program nationwide.
Social Security COLA; Source- MARCA
Social Security Benefits California
According to the Social Security Administration, there were over 6.2 million Social Security recipients residing in California as of December 2022. It was therefore far ahead of second-ranked Florida (about 5 billion) and third-ranked Texas (4.6 billion). According to the most recent data available, Social Security claimants in California received a total of $10.44 billion in payments at the end of 2022. In December 2022, the average Social Security check in the Golden State was around $1,670 per month, based on the number of recipients.
Average Social Security Benefits In Different States
In Florida, the average check was approximately $1,703, while in Texas, it was $1,642. According to the SSA, the average monthly Social Security benefit received nationwide in December 2022 was $1,688.35, with California earning somewhat less than the national average. Due to rapidly rising inflation, Social Security claimants worldwide received a cost-of-living adjustment of 8.7% in 2023 the highest level in almost forty years. California’s average monthly income last year would have increased to almost $1,815 with an 8.7% COLA. But remember, each month’s averages are subject to change as new beneficiaries join Social Security and others exit the program.
Average Monthly Payments In California
With this year’s 3.2% COLA, the average monthly salary in California would have likely increased to $1,873. However, it’s unlikely that’s what took place. According to the SSA, the average Social Security benefit received nationwide in January 2024 was $1,770.71; therefore, California’s average is probably closer to that amount. It’s also important to remember that there are differences between the typical Social Security retirement benefit and the average Social Security check. Benefits from Social Security Disability Insurance and Supplemental Security Income are also included in the former category. For this reason, the average retirement benefit is typically greater than the average benefit in its entirety. The national average retirement benefit in January 2024 was $1,860.23, which is roughly $90 more than the average.
