Here’s What To Expect In Social Security Payments In NH in 2020

CONCORD, N.H. — If you think your Social Security retirement payments are too low, you might want to avoid complaining to people in Louisiana, who will get less from the system in 2020 than recipients in any other state. Louisianans are expected to average $1,423.08 monthly, or $17,076.96 for the full year, according to a study by MoneyWise.com. By comparison, retirees in New Hampshire are slated to get $1,635.82 month, or $19,630 annually in Social Security benefits -- the fourth-highest figure in the nation.

The study used the most current data from the Social Security Administration to calculate the average monthly and annual payments that retirees can expect to collect in each state during the new year, according to MoneyWise. The results factor in in the 1.6 percent cost-of-living raise that will take effect Jan. 1.

Social Security beneficiaries in New Jersey will receive the largest amounts from the retirement system in 2020, averaging about $20,264 over the course of the year, according to MoneyWise.

The differences between the states result from several factors, including the size of annual earnings during working years and the age workers decide to retire -- in general, the later one retires, the higher the benefit.

“It's reasonable to conclude that smaller average benefit amounts are found in states with lower overall incomes and economic pressures that cause seniors to pull the trigger on Social Security at earlier ages,” said Doug Whiteman, MoneyWise editor-in-chief, in a news release.

MoneyWise finds these are the five states where retirees stand to collect the most from Social Security next year, on average:

1. New Jersey: $1,688.66 monthly, $20,263.92 for the full year
2. Connecticut: $1,683.52 monthly, $20,202.24 for the full year
3. Delaware: $1,654.54 monthly, $19,854.48 for the full year
4. New Hampshire: $1,635.82 monthly, $19,629.84 for the full year
5. Michigan: $1,620.13 monthly, $19,441.56 for the full year

In these five states, Social Security recipients can expect the smallest average amounts next year.

1. Louisiana: $1,423.08 monthly, $17,076.96 for the full year
2. Mississippi: $1,430.12 monthly, $17,161.44 for the full year
3. Maine: $1,432.06 monthly, $17,184.72 for the full year
4. New Mexico: $1,439.43 monthly, $17,273.16 for the full year
5. Montana: $1,448.33 monthly, $17,379.96 for the full year

The Social Security Administration estimates the average retired worker nationwide will receive $1,503 per month in 2019. MoneyWise finds that benefits will be below average in 20 states and the District of Columbia. They'll be above the national average in the other 30 states.

How MoneyWise.com conducted its study can be found here. See a ranking of the states, going from the smallest 2020 benefits to the largest.