Top 15 States With Highest Retirement Income
Often discussed are the top states in which to retire, but which states claim the crown for having the highest earning retirees? GOBankingRates took a look at the average retirement income — including account withdrawals, pensions and earned income from those still working — and Social Security income in each of the 50 states using U.S. Census Bureau data. It also reviewed and included in the study the average rates of those 65 and older moving into the state and out to see if there was any correlation. The gallery above shows the top 15 states ranked by mean retirement income and inbound and and outbound migration per individual for those 65 and older. (Social Security income ranged from $16,081 in the lowest income state, Indiana, to $19,849 in the highest. These numbers are not included in the totals.)
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Pay attention to migration rates. Some states, known for high taxes and pension headaches (you know who you are, Illinois), may have higher rates of retirees exiting although their mean retirement income is higher. The lowest income states are Nebraska, Iowa, Arkansas, West Virginia and Indiana. However, there are some interesting migration notes: Despite its lowly position in the ranking, more people are entering Indiana than exiting, by a small amount. No retirees seem to be moving to North Dakota, and no one seems to be exiting Vermont. --- Related on ThinkAdvisor:
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