If you live in Florida, then you're used to seeing many retired people. Florida is a well-known state for retirement, and people love the sandy beaches, warm weather and tropical vibes.
What's interesting about Florida, though, is how many people collect Social Security there. Whether it's retirement benefits or disability benefits, Florida ranks high on the list.
The Social Security Administration (SSA) reported paying out $85.3 billion to over 63.3 million Americans in March, with around 70% of that money going to retirees. The remainder went to those with disabilities and those receiving survivor benefits.
Approximately 16.17% of Florida's population receives retirement or disability benefits from the SSA. This is just slightly lower than two other states, Maine and Vermont. Why are the numbers so high in those states? They tend to be where baby boomers have retired, shifting the numbers there.
Did you know that certain areas in Florida are among the fastest growing areas in the country for retirees? The Villages in Florida is one such place, and around a third of residents there receive benefits of some kind from the SSA.
Disability, retirement and survivor benefits may be threatened in the future if these numbers keep growing because the SSA is paying out more than it brings in. However, for now, benefits are not being cut to prevent deficits.
If you have a long-term disability, don't be afraid to seek the benefits you're owed. The money may be what you need to live comfortably throughout your life, whether you decide to retire on it or remain a part-time worker.