If I started withdrawing my SS now, 18 months shy of full retirement, it would be over $30K/year. At full retirement age, it will be about 12% higher (if it is still paying out in a year and a half)
SS is based on how much you contributed during your life, so if you live in a low income area all your life, and make typical salary for that area, you will receive less than someone who lived in a higher cost area, with presumably higher salaries. Another reason people leave NY when they retire :)
If I started withdrawing my SS now, 18 months shy of full retirement, it would be over $30K/year. At full retirement age, it will be about 12% higher (if it is still paying out in a year and a half)
Maybe its getting better with higher wages? I speak from a loved one retired for 25 years at max benifit.
SS is based on how much you contributed during your life, so if you live in a low income area all your life, and make typical salary for that area, you will receive less than someone who lived in a higher cost area, with presumably higher salaries. Another reason people leave NY when they retire :)