Social security paycheck state by state: Full list of states that tax benefits, offer furthest, thinnest

Social security paycheck often cover 40 per cent of the income and the retiral benefit amounts to $2,071 per month, which is reportedly an all-time high. However, the amount may vary state by state. There are eight states that still tax social security benefits of the seniors. There are states where social security payments are the highest and places where amount on the lower side.

Eight states across the United States of America slap taxes on the social security benefits. These eight states are -- Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, and Vermont.

States where the social security paycheck is the furthest - Kansas (44.8%), Oklahoma (44.1%), Indiana (43.5%), Minnesota (43%), Iowa (42.8%), Nebraska (42.5%), Alabama (42.3%), Missouri (42.2%), Michigan (42.2%), and Tennessee (42%).


States where the social security paycheck is the thinnest - Hawaii (21.3%), Massachusetts (26.5%), California (27.1%), District of Columbia (28.6%), Alaska (29%), New York (30.5%), Maine (31.9%), Montana (33.3%), Oregon (34.4%), and Vermont (34.6%).

America is aging fast. By 2030, 1 in 5 Americans will be 65 or older, and by 2034 older adults will outnumber children for the first time, according to the Census Bureau. This year, the oldest baby boomers turn 80.

That demographic shift is reshaping a vast share of the U.S. economy, from participation in the labor force to retirement savings, Social Security and Medicare outlays, health care spending, housing and financial services. Retirement is one of the largest -- and fastest-growing -- forces in the economy.

But aging in America is unfolding unevenly. Wealth inequality, inadequacies in retirement plan coverage, and rising health and long-term care costs mean that some households are enjoying remarkable financial security in retirement while others are struggling to afford it at all. And poverty rates among older Americans are rising -- the only age group to see an increase in recent years.