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What pensions do New Yorkers receive?

'14.06.2024'

Olga Feoktistova

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Over three million New Yorkers are retired. They typically receive higher monthly payments than the average American, but not as much as some neighboring states, reports Silive.

State of residence does not directly affect size pensions – it depends on the income history of a particular resident. That is, states with higher average incomes have higher average monthly payments—and vice versa.

Numbers

However, four of New York's five neighboring states—Connecticut, New Jersey, Massachusetts and Pennsylvania—had higher average pension benefits: $2, $020,41, $2 and $020,14, respectively.

On the subject: The man lived in the USA all the time, worked in the police for 50 years, but it turned out that he had no citizenship, and therefore he was not entitled to a pension

That is, Connecticut and New Jersey boast the highest average monthly benefit of any state. They are followed by Delaware, New Hampshire and Washington. They round out the top five with average monthly payouts of $1, $988,21, and $1, respectively.

Near the bottom of the list is Mississippi, with the lowest average monthly payments at $1. It is followed by Louisiana ($688,52), Arkansas ($1), New Mexico ($690,27) and Kentucky ($1).

Annual increase

Social Security benefits are subject to an annual cost of living adjustment (COLA) based on the rate of inflation. This ensures that monthly payments keep pace with rising expenses.

Retirees received a 3,2% COLA increase in 2024, significantly less than 8,7% in 2023. This increase was the largest in four decades.

If we take into account current inflation data from Consumer price index, the 2025 COLA is expected to be 2,66%.

The projected 2,6% increase would be the smallest since 2020, when monthly benefits increased just 1,3%.

The 2024 Senior Citizens Survey found that an overwhelming majority of respondents (71%) said last year's COLA rate of 3,2% was not enough to cope with rising household costs. That is, an increase of 2,66% next year could make the situation even worse.

Possible change

New federal legislation aims to change COLA calculations to better align Social Security benefits with the actual costs retirees incur.

The Enhanced Benefits and COLA for Retirees Act, introduced by Arizona Democrat Rep. Ruben Gallego, proposes changes to how COLAs are calculated for pension recipients.

In the US they want to change the way pension indexation is calculated. If this happens, their amounts will increase.

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