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June 27, 2023 at 09:53 AM
The hard work of preparing for retirement doesn’t end for people when they leave the workforce. Most retirees have to carefully monitor their money, given that their income is fixed through Social Security payments, pensions and conservative portfolio shifts.
According to a new report from SmartAsset, the average annual retirement income across the U.S. is $29,600. The actual number will depend not only on the retiree but on where they live, with average retirement income by location ranging from $12,892 to $65,982.
Where they live also influences how far retirees’ money stretches, as their income can be taxed like regular income, and local costs of living may further dent a fixed cash flow.
To determine where retirement incomes go furthest, SmartAsset examined data for the 100 U.S. Census Designated Places with the largest number of those 65 and older as a percentage of the total population. Mean retirement income data came from the U.S. Census Bureau’s 1-Year American Community Survey DP03 for 2021.
Researchers determined tax rates by using SmartAsset’s Paycheck Calculator for relevant income levels, assuming an individual tax filer with no dependents for each location. Cost-of-living data came from the Q3 2022 Cost of Living Index from the Council for Community and Economic Research.
See the gallery for the 15 places where retirement income stretches furthest, according to SmartAsset.
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