canada goose What Social Security could look like 20 years from now in every state Matthew Michaels May 5, 2018, 8:33 AM Your retirement may depend on Social Security benefits.Flickr/Timothy KrauseSocial Security benefits for retirees grew by an average of 2.54% every year over the last three decades.If this growth continues, the average Social Security benefit for retirees will grow to $2,318.89 per month by 2038.However, that amount will be offset by a higher cost of living. For many American retirees, paying their monthly bills is possible because of their Social Security retirement benefits— but the program’s future isn’t exactly clear. Several factors will determine what happens to Social Security benefits going forward. The US has an aging population with many people nearing retirement age. Combined with longer life spans and fewer workers contributing to Social Security, retirement funds may feel a crunch in the future. As it stands now, the Social Security Administration makes a cost of living adjustment to increase retirement benefits by a certain amount every year. Over the past 30 years, from 1989 to 2018, the average cost of living adjustment was 2.54%. But not every year sees the same increase. Social Security benefits increased by 2.0% in 2018, 0% in 2016, and 3.6% in 2012. Business Insider calculated what Social Security benefits could look like in 20 years if this trend continues. Using the 2.54% average cost of living adjustment, the typical retiree could expect to receive a monthly check worth $2,318.89 in 2038. Currently, the average monthly retirement benefit is $1,404.15. While that may sound like a more reasonable amount, don’t change your retirement plans just yet. The increase in retirement benefits will be nominal because overall cost of living will increase at the same rate. Meaning, the benefits retirees receive in 20 years will be worth about the same amount as they are now, in terms of spending power. Below, see the average Social Security retirement benefit in 2018 compared to the estimated benefit 20 years from now for every state and Washington DC, ranked from the lowest to the highest. 1/ 51. Louisiana Pierre Jean Durieu/Shutterstock Average Social Security benefits in 2018: $1,311.72 Estimated Social Security benefits in 2038: $2,166.24 2/ 50. Maine BW Folsom / Shutterstock Average Social Security benefits in 2018: $1,314.22 Estimated Social Security benefits in 2038: $2,170.37 3/ 49. Mississippi CrackerClips Stock Media/Shutterstock Average Social Security benefits in 2018: $1,319.06 Estimated Social Security benefits in 2038: $2,178.37 4/ 48. New Mexico Snowpeak/Flickr Average Social Security benefits in 2018: $1,323.16 Estimated Social Security benefits in 2038: $2,185.14 5/ 47. Montana Shutterstock Average Social Security benefits in 2018: $1,331.30 Estimated Social Security benefits in 2038: $2,198.58 6/ 46. Arkansas mwesselfoto/Shutterstock Average Social Security benefits in 2018: $1,333.93 Estimated Social Security benefits in 2038: $2,202.93 7/ 45. South Dakota Sopotnicki / Shutterstock Average Social Security benefits in 2018: $1,336.28 Estimated Social Security benefits in 2038: $2,206.80 8/ 44. Kentucky silicon640c/Flickr Average Social Security benefits in 2018: $1,340.30 Estimated Social Security benefits in 2038: $2,213.45 9/ 43. Washington, DC Sean Pavone/Shutterstcok Average Social Security benefits in 2018: $1,342.98 Estimated Social Security benefits in 2038: $2,217.87 10/ 42. Alaska Maridav/Shutterstock Average Social Security benefits in 2018: $1,343.39 Estimated Social Security benefits in 2038: $2,218.55 11/ 41. North Dakota Matt Zimmerman/Flickr Average Social Security benefits in 2018: $1,344.48 Estimated Social Security benefits in 2038: $2,220.35 12/ 40. Oklahoma Paul Brady Photography/Shutterstock Average Social Security benefits in 2018: $1,368.52 Estimated Social Security benefits in 2038: $2,260.05 13/ 39. Idaho B Brown/Shutterstock Average Social Security benefits in 2018: $1,370.97 Estimated Social Security benefits in 2038: $2,264.09 14/ 38. Texas Shutterstock/Olddays Average Social Security benefits in 2018: $1,375.08 Estimated Social Security benefits in 2038: $2,270.88 15/ 37. California TierneyMJ/Shutterstock Average Social Security benefits in 2018: $1,377.54 Estimated Social Security benefits in 2038: $2,274.94 16/ 36. Nevada Andrew Zarivny/Shutterstock.com Average Social Security benefits in 2018: $1,378.14 Estimated Social Security benefits in 2038: $2,275.93 17/ 35. Alabama Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1,379.92 Estimated Social Security benefits in 2038: $2,278.88 18/ 34. Georgia Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1,382.27 Estimated Social Security benefits in 2038: $2,282.75 19/ 33. Missouri Tupungato/Shutterstock Average Social Security benefits in 2018: $1,384.10 Estimated Social Security benefits in 2038: $2 canada goose uk ,285.77 20/ 32. West Virginia Steve Heap/Shutterstock Average Social Security benefits in 2018: $1,384.50 Estimated Social Security benefits in 2038: $2,286.43 21/ 31. Ohio f11photo/Shutterstock Average Social Security benefits in 2018: $1,385.60 Estimated Social Security benefits in 2038: $2,288.25 22/ 30. Hawaii Nickolay Stanev/Shutterstock Average Social Security benefits in 2018: $1,391.79 Estimated Social Security benefits in 2038: $2,298.48 23/ 29. Tennessee Jeff Gunn/Flickr Average Social Security benefits in 2018: $1,393.61 Estimated Social Security benefits in 2038: $2,301.48 24/ 28. Florida MG_Photos/Shutterstock Average Social Security benefits in 2018: $1,395.31 Estimated Social Security benefits in 2038: $2,304.30 25/ 27. North Carolina Shutterstock Average Social Security benefits in 2018: $1,404.91 Estimated Social Security benefits in 2038: $2,320.14 26/ 26. Oregon Shutterstock Average Social Security benefits in 2018: $1,406.20 Estimated Social Security benefits in 2038: $2,322.28 27/ 25. Nebraska Steve O'Donnell/Shutterstock Average Social Security benefits in 2018: $1,406.96 Estimated Social Security benefits in 2038: $2,323.53 28/ 24. Colorado Shutterstock Average Social Security benefits in 2018: $1,407.49 Estimated Social Security benefits in 2038: $2,324.56 29/ 23. Iowa City of Cedar Rapids Iowa Government/Facebook Average Social Security benefits in 2018: $1408.79 Estimated Social Security benefits in 2038: $2,326.55 30/ 22. South Carolina Shutterstock/Sean Pavone Average Social Security benefits in 2018: $1,416.91 Estimated Social Security benefits in 2038: $2,339.96 31/ 21. Vermont Courtesy of Howardliuphoto/Dreamstime.com Average Social Security benefits in 2018: $1,419.44 Estimated Social Security benefits in 2038: $2,344.15 32/ 20. Wyoming Bill45/Shutterstock Average Social Security benefits in 2018: $1,426.58 Estimated Social Security benefits in 2038: $2,355.93 33/ 19. Rhode Island Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1,430.63 Estimated Social Security benefits in 2038: $2,362.62 34/ 18. Arizona welcomia/Shutterstock Average Social Security benefits in 2018: $1,432.72 Estimated Social Security benefits in 2038: $2,366.07 35/ 17. Illinois Henryk Sadura/Shutterstock Average Social Security benefits in 2018: $1,434.34 Estimated Social Security benefits in 2038: $2,368.74 36/ 16. Utah f11photo/Shutterstock Average Social Security benefits in 2018: $1,437.30 Estimated Social Security benefits in 2038: $2,373.63 37/ 15. Wisconsin Suzanne Tucker/Shutterstock Average Social Security benefits in 2018: $1,443.26 Estimated Social Security benefits in 2038: $2,383.48 38/ 14. Virginia Henryk Sadura/Shutterstock Average Social Security benefits in 2018: $1,444.06 Estimated Social Security benefits in 2038: $2,384.80 39/ 13. Massachusetts Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1 psryde.co.uk ,444.36 Estimated Social Security benefits in 2038: $2,385.29 40/ 12. Kansas TommyBrison/Shutterstock Average Social Security benefits in 2018: $1,450.99 Estimated Social Security benefits in 2038: $2,396.25 41/ 11. Pennsylvania Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1,454.99 Estimated Social Security benefits in 2038: $2,402.86 42/ 10. Minnesota photo.ua/Shutterstock Average Social Security benefits in 2018: $1,457.22 Estimated Social Security benefits in 2038: $2,406.53 43/ 9. New York Shutterstock/littlenystock Average Social Security benefits in 2018: $1,458.19 Estimated Social Security benefits in 2038: $2,408.13 44/ 8. Indiana Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1,464.61 Estimated Social Security benefits in 2038: $2,418.74 45/ 7. Washington Shutterstock Average Social Security benefits in 2018: $1,472.50 Estimated Social Security benefits in 2038: $2,431.77 46/ 6. Maryland m01229/Flickr Average Social Security benefits in 2018: $1,482.87 Estimated Social Security benefits in 2038: $2,448.89 47/ 5. Michigan Craig Sterken/Shutterstock Average Social Security benefits in 2018: $1,493.77 Estimated Social Security benefits in 2038: $2,466.90 48/ 4. New Hampshire Sean Pavone/Shutterstock Average Social Security benefits in 2018: $1,498.01 Estimated Social Security benefits in 2038: $2,473.90 49/ 3. Delaware David Kay/Shutterstock Average Social Security benefits in 2018: $1,517.11 Estimated Social Security benefits in 2038: $2,505.43 50/ 2. Connecticut Shutterstock Average Social Security benefits in 2018: $1,546.67 Estimated Social Security benefits in 2038: $2,554.25 51/ 1. New Jersey f11photo/Shutterstock Average Social Security benefits in 2018: $1,553.63 Estimated Social Security benefits in 2038: $2,565.74 Previous 1/ Next SEE ALSO: 50 places in the US where retirement is affordable, healthcare is excellent, and life is good DON'T MISS: Harvard researchers say you'll have more money in retirement if you choose the right savings account canada goose parka