There is no one-size-fits-all answer when it comes to retirement income. Depending on your unique circumstances, you may need more or less money to comfortably cover your costs in retirement. However, there are some general trends that can give you an idea of what to expect.
In this article, we’ll take a look at average retirement incomes by zip code. We’ll also provide some tips on how to max out your retirement savings so that you can enjoy a comfortable retirement, no matter where you live.
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Average Retirement Income in the United States
The cost of living in the United States can vary greatly depending on where you live. If you’re thinking about retiring, it’s important to consider how much income you’ll need to cover your expenses.
The Average Retirement Income in the United States According to Census in 2021 is 29 628 USD per year.
| State | Average Retirement Income |
| United States | 29 628 USD |
| Alabama | 25 869 USD |
| Alaska | 37 595 USD |
| Arizona | 30 173 USD |
| Arkansas | 24 353 USD |
| California | 35 615 USD |
| Colorado | 34 112 USD |
| Connecticut | 33 308 USD |
| Delaware | 31 147 USD |
| District of Columbia | 43 744 USD |
| Florida | 31 335 USD |
| Georgia | 29 806 USD |
| Hawaii | 34 826 USD |
| Idaho | 28 246 USD |
| Illinois | 31 977 USD |
| Indiana | 21 774 USD |
| Iowa | 24 411 USD |
| Kansas | 24 785 USD |
| Kentucky | 25 616 USD |
| Louisiana | 26 447 USD |
| Maine | 26 991 USD |
| Maryland | 36 289 USD |
| Massachusetts | 33 116 USD |
| Michigan | 25 612 USD |
| Minnesota | 26 971 USD |
| Mississippi | 25 816 USD |
| Missouri | 25 378 USD |
| Montana | 29 687 USD |
| Nebraska | 25 832 USD |
| Nevada | 32 286 USD |
| New Hampshire | 30 255 USD |
| New Jersey | 31 784 USD |
| New Mexico | 30 910 USD |
| New York | 30 639 USD |
| North Carolina | 26 867 USD |
| North Dakota | 27 764 USD |
| Ohio | 27 285 USD |
| Oklahoma | 24 747 USD |
| Oregon | 31 409 USD |
| Pennsylvania | 25 567 USD |
| Rhode Island | 29 296 USD |
| South Carolina | 28 068 USD |
| South Dakota | 26 934 USD |
| Tennessee | 25 541 USD |
| Texas | 28 671 USD |
| Utah | 30 361 USD |
| Vermont | 27 921 USD |
| Virginia | 34 371 USD |
| Washington | 31 927 USD |
| West Virginia | 23 844 USD |
| Wisconsin | 26 277 USD |
| Wyoming | 30 625 USD |
The Top 10 States with the Highest Retirement Income
- District of Columbia – 43 744 USD
- Alaska – 37 595 USD
- Maryland – 36 289 USD
- California – 35 615 USD
- Hawaii – 34 826 USD
- Virginia – 34 371 USD
- Colorado – 34 112 USD
- Connecticut – 33 308 USD
- Massachusetts – 33 116 USD
- Nevada – 32 286 USD
The Top 10 States with the Lowest Retirement Income
- Indiana – 21 774 USD
- West Virginia – 23 844 USD
- Arkansas – 24 353 USD
- Iowa – 24 411 USD
- Oklahoma – 24 747 USD
- Kansas – 24 785 USD
- Missouri – 25 378 USD
- Tennessee – 25 541 USD
- Pennsylvania – 25 567 USD
- Michigan – 25 612 USD
Top 10 Highest Average Retirement Incomes by Zip Code
- Zip Code 70067 in Lafitte, Louisiana has an average retirement income of 543 762 USD.
- Zip Code 40927 in Closplint, Kentucky has an average retirement income of 281 902 USD.
- Zip Code 39841 in Damascus, Georgia has an average retirement income of 275 574 USD.
- Zip Code 28207 in Charlotte, North Carolina has an average retirement income of 269 676 USD.
- Zip Code 66850 in Elmdale, Kansas has an average retirement income of 268 014 USD.
- Zip Code 05766 in Ripton, Vermont has an average retirement income of 256 669 USD.
- Zip Code 11005 in Floral Park, New York has an average retirement income of 247 794 USD.
- Zip Code 65754 in Spokane, Missouri has an average retirement income of 231 262 USD.
- Zip Code 70453 in Pine Grove, Louisiana has an average retirement income of 223 848 USD.
- Zip Code 56294 in Wanda,Minnesota has an average retirement income of 206 040 USD.
Bottom 10 Lowest Average Retirement Incomes by Zip Code
- Zip Code 75207 in Dallas, Texas has an average retirement income of 995 USD.
- Zip Code 15716 in Black Lick, Pennsylvania has an average retirement income of 1 053 USD.
- Zip Code 15676 in Pleasant Unity, Pennsylvania has an average retirement income of 1 465 USD.
- Zip Code 41547 in Majestic, Kentucky has an average retirement income of1 645 USD.
- Zip Code 52760 in Moscow, Iowa has an average retirement income of 1 768 USD.
- Zip Code 53167 in Rochester, Wisconsin has an average retirement income of 1 956 USD.
- Zip Code 80649 in Orchard,Colorado has an average retirement income of 2 154 USD.
- Zip Code 75928 in Bon Wier, Texas has an average retirement income of 2 158 USD.
- Zip Code 68345 in Du Bois, Nebraska has an average retirement income of 2 189 USD.
- Zip Code 41149 in Isonville, Kentucky has an average retirement income of 2 300 USD.
How to Maximize Your Retirement Income
Invest in a Diversified Portfolio
No matter how much money you have saved for retirement, it is important to invest it in a diversified mix of assets in order to maximize your income and protect your savings. That generally means investing in stocks, bonds, and other types of investments.
For example, if you have $100,000 saved for retirement and you invest it all in stocks, you could potentially lose a lot of money if the stock market crashes. But if you invest that same $100,000 in a mix of stocks and bonds, you will still have some money even if the stock market goes down.
The best way to diversify your retirement portfolio is to invest in a mix of different types of assets, including stocks, bonds, and other investments like real estate or gold. This way, you can minimize your risk and maximize your chances of having a comfortable retirement.
Delay Social Security Benefits
Delaying Social Security benefits is one of the best things you can do to maximize your retirement income. By delaying benefits, you will receive a larger monthly payment for as long as you live.
The simplest way to delay benefits is to wait until Full Retirement Age (FRA) to start receiving them. For people born between 1943 and 1954, FRA is 66. If you start receiving benefits at FRA, you will receive the full amount of your benefits, as determined by your earnings history.
If you can wait even longer, you can delay benefits until age 70. For every year beyond FRA that you delay collecting benefits, your payments will increase by eight percent. So if your FRA benefit is $1,000 per month, delaying until age 70 will increase your benefit to $1,320 per month.
Consider Working Part-Time in Retirement
Whether you want to stay in the workforce or ease into retirement, part-time work can be a great way to supplement your fixed income and keep your mind sharp. If you’re not sure where to start, use our search tool to find part-time jobs by zip code.
You may also want to consider using your skills and experience as a consultant. If you have expertise in a particular field, you can offer your services to businesses on a project basis. This can be a great way to stay engaged and earn extra income without the commitment of a full-time job.
Another option is to start your own business. This could be anything from a home-based business to a small brick-and-mortar shop. If you’re not sure where to start, check out our guide on how to start a business.
Of course, starting your own business comes with some risk, but if you have a solid business plan and the drive to succeed, it could be the perfect way to supplement your retirement income.
Average Retirement Income by Zip Code [All Zip Codes In a Table]
Conclusion
In conclusion, when looking at the data it is evident that there are a few key things to take away. Firstly, it is important to consider the cost of living in the area in question as this will have a huge impact on the amount of money required for a comfortable retirement. Secondly, it is also worth taking into account the average retirement income of those in the same zip code as this can give you an indication of what to expect. Finally, it is also worth noting that the data does not take into account any pensions or Social Security payments which may be received.
