What's the average Social Security payment in Minnesota? See where the state ranks nationally
The average monthly payment collected by Social Security recipients in Minnesota is higher than in all but a handful of states.
CNBC used the most recent Social Security Administration data to compile a list showing the average monthly payments received by beneficiaries by state. There are only six states with a higher average monthly payment than Minnesota.
At least one poll shows that more than half of workers in the U.S. who have not yet retired are planning to rely on Social Security benefits to pay their necessary expenses once they do. However, it also found that most U.S. adults, whether retired or not, are concerned about receiving their benefits if the Social Security fund runs out.
More: When can you get Social Security Social Security changes in 2025: How old you need to be for full benefits in Minnesota
The CNBC report notes that average monthly payments can be skewed by a relatively small number of people who receive more or less than most recipients.
Here's more about Social Security payments in Minnesota.
The average monthly payment in Minnesota is $2,016, while the median payment is $1,982.
More than 1.1 million people in Minnesota received a total of about $2.1 billion in monthly benefits in December 2023, according to the Social Security Administration.
Here are the states with the highest average monthly payments.
Connecticut ($2,114)
New Jersey ($2,110)
New Hampshire ($2,094)
Here are the states with the lowest average monthly payments.
Mississippi ($1,756)
Louisiana ($1,759)
Arkansas ($1,790)
In 1983, Congress passed a law that gradually increased the full retirement age from 65 to 67 due to "increases in longevity and potential improvements in the health status of workers," a Congressional Research Service report says.
Now, for anyone born in 1960 or later, the full retirement age is 67 years old – the age to reach to claim full Social Security benefits. However, it's possible to start getting Social Security benefits at 62 years old, but the payments won't be as much.
To get higher payments, it's also possible to put off claiming benefits past full retirement age. The benefit increases by a certain percentage every month past full retirement age until age 70.
This article originally appeared on St. Cloud Times: How much are monthly Social Security payments in Minnesota?
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