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As the program's full retirement age gradually increased from 65 in 2000 to 67 in 2022, Social Security's "replacement rate" decreased. In February 2023, the average Social Security retirement payment was $1,782 per month or around $21,384 annually.
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The SSI benefits are largely location-neutral. Only $75.38 a month separates North Dakota, which has the lowest average SSI payout, from Washington, D.C., which has the highest average SSI benefit.
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A recipient of Social Security or Supplemental Security Income (SSI) benefits is known as a beneficiary. SSI and Social Security are two distinct programs.
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