States With the Richest and Poorest Retirees
Retirement is supposed to be one of the happiest times in your life. You’ve spent your entire career saving and preparing, and your golden years are for enjoying time with family and friends and living relatively carefree.
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However, the type of lifestyle you can afford will depend on where you live. A new study from GOBankingRates looked at the income levels for retirees in each state, revealing that there are considerable disparities between the best and worst states for retirees.
51. Louisiana
Ages 65+ median household income: $42,215
Mean Social Security of households with Social Security income: $19,247
Louisiana’s senior citizens have the lowest income level than seniors in any other state, but a low cost of living could help ease that sting. It’s one of the states where $1 million will last the longest in retirement.
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50. Mississippi
Ages 65+ median household income: $41,013
Mean Social Security of households with Social Security income: $19,912
Income levels in retirement are rock bottom, on average, but Mississippi retirees may be well-suited to afford it as the state requires the smallest nest egg to survive retirement.
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49. Kentucky
Ages 65+ median household income: $43,927
Mean Social Security of households with Social Security income: $20,703
Kentucky is No. 49 when ranking median income in the country, and with such low income levels in retirement, retirees in this state may struggle.
48. Arkansas
Ages 65+ median household income: $42,943
Mean Social Security of households with Social Security income: $20,900
The average retiree household in Arkansas earns close to $21,000 a year in Social Security. This isn’t the worst, of course, but it’s far from ideal.
47. West Virginia
Ages 65+ median household income: $41,438
Mean Social Security of households with Social Security income: $21,332
West Virginia’s low average income level for senior citizens is only compounded by the fact that the state is among the 10 highest poverty rates in the country.
46. Oklahoma
Ages 65+ median household income: $47,259
Mean Social Security of households with Social Security income: $21,518
Oklahoma slumps in at no. 46 on this list. Retirees can at least catch a break given that the state sports a notably lower cost of living than the national average.
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45. Texas
Ages 65+ median household income: $52,331
Mean Social Security of households with Social Security income: $21,205
Texas, fortunately, isn’t an expensive state to live in, but with so many retirees making so little, it still could be a tough place to get by.
44. Alabama
Ages 65+ median household income: $47,114
Mean Social Security of households with Social Security income: $21,488
This is another “affordable” state, but the concept of that word may clash with retirees, who are definitely on the poor end on a national level.
43. District of Columbia
Ages 65+ median household income: $55,975
Mean Social Security of households with Social Security income: $20,822
For a location with such a high cost of living, it’s jarring to see that D.C. is only No. 43 for the state with the richest retirees.
42. New Mexico
Ages 65+ median household income: $50,240
Mean Social Security of households with Social Security income: $20,615
Fortunately, the cost of living in New Mexico is beneath the national average, because retirees here are among the poorest in the country.
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41. Ohio
Ages 65+ median household income: $49,081
Mean Social Security of households with Social Security income: $21,255
Ohio is another example of a state with a lower than average cost of living, so retirees have a better opportunity here to make ends meet more comfortably.
40. Missouri
Ages 65+ median household income: $48,298
Mean Social Security of households with Social Security income: $21,633
Another state where the cost of living is lower than the national average, Missouri ranks No. 39 on this list.
39. Georgia
Ages 65+ median household income: $51,664
Mean Social Security of households with Social Security income: $21,670
With cost of living expenses in the Peach State notably lower than the national average, retirees could set up an adequate financial life here.
38. Montana
Ages 65+ median household income: $48,165
Mean Social Security of households with Social Security income: $21,381
The cost of living in Montana is right on par with the national average, but is this income enough for retirees to get by in style?
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37. South Dakota
Ages 65+ median household income: $50,655
Mean Social Security of households with Social Security income: $21,368
We start to see a little bump in annual median household income for seniors in South Dakota — more than $2,000 more than in Montana, which is more expensive and precedes it on this list.
36. Tennessee
Ages 65+ median household income: $48,478
Mean Social Security of households with Social Security income: $22,477
The annual cost of living in Tennessee is lower than the national average, which makes it, potentially, a suitable location for retirees on a budget.
35. Nevada
Ages 65+ median household income: $54,959
Mean Social Security of households with Social Security income: $21,342
Nevada is the 35th richest state when it comes to retirees. Not great when considering that the cost of living here is a small percentage higher than the national average.
34. Indiana
Ages 65+ median household income: $48,309
Mean Social Security of households with Social Security income: $22,983
With a lower cost of living than the national average, Indiana residents can make their Social Security benefits stretch.
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33. North Carolina
Ages 65+ median household income: $49,781
Mean Social Security of households with Social Security income: $22,539
Falling right in line with the pattern of lower than average cost of living and lesser household income for those 65 and older is North Carolina.
32. North Dakota
Ages 65+ median household income: $56,319
Mean Social Security of households with Social Security income: $21,262
In North Dakota, you’ll find lower than average cost of living, so that more than $56,000 could go a long way.
31. Pennsylvania
Ages 65+ median household income: $50,330
Mean Social Security of households with Social Security income: $22,575
In Pennsylvania, the cost of living is lower than the national average, which means retirees could prosper here.
30. Nebraska
Ages 65+ median household income: $51,974
Mean Social Security of households with Social Security income: $22,897
The cost of living in Nebraska is less than the national average. Ideally, that close to $52,000 in income for people 65 and over will stretch well.
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29. Wyoming
Ages 65+ median household income: $53,229
Mean Social Security of households with Social Security income: $22,305
Since Wyoming boasts a cheaper cost of living than the national average, retirees should be able to make that more than $53,000 a year go a long way.
28. Rhode Island
Ages 65+ median household income: $55,691
Mean Social Security of households with Social Security income: $21,658
The cost of living in Rhode Island is higher than the national average, indicating that this mean household income for retirees may not be enough to get by on.
27. Illinois
Ages 65+ median household income: $55,071
Mean Social Security of households with Social Security income: $22,298
Illinois could be a great spot to retire since the cost of living here is lower than the national average.
26. Alaska
Ages 65+ median household income: $62,292
Mean Social Security of households with Social Security income: $20,601
You may be astonished to learn that the cost of living in chilly Alaska is radically higher than the national average, but at least retirees aren’t making a terrible amount of money to sustain themselves.
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25. South Carolina
Ages 65+ median household income: $50,287
Mean Social Security of households with Social Security income: $22,938
Given that the cost of living in South Carolina is cheaper than the national average, retirees could coast pretty well here.
24. Iowa
Ages 65+ median household income: $52,006
Mean Social Security of households with Social Security income: $22,839
The cost of living in Wisconsin is a tad lower than the national average, meaning your money will go further here.
23. Michigan
Ages 65+ median household income: $51,010
Households with Social Security income: $23,068
Living in Michigan means living in a state where the cost of living is higher than the national average, but if you’re mindful and have a solid budget in place, you could work out a fairly comfortable life in your golden years.
22. Wisconsin
Ages 65+ median household income: $50,167
Mean Social Security of households with Social Security income: $23,279
With cost of living hovering at a bit lower than the national average, Wisconsin retirees could enjoy a prosperous retirement.
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21. Kansas
Ages 65+ median household income: $52,203
Mean Social Security of households with Social Security income: $23,207
The cost of living in Kansas is dramatically lower than the national average. That $52,203 could stretch quite far here.
20. New York
Ages 65+ median household income: $55,878
Mean Social Security of households with Social Security income: $22,138
Given that the cost of living in New York is so much higher than the national average, retirees could find themselves up against some financial hurdles here in retirement, especially if they’re in or near NYC.
19. Idaho
Ages 65+ median household income: $52,132
Mean Social Security of households with Social Security income: $23,406
In Idaho, you’ll enjoy a cost of living that is markedly lower than the national average, so that $52,000 in median household income could be extra powerful.
18. Maine
Ages 65+ median household income: $51,870
Mean Social Security of households with Social Security income: $22,275
Since the cost of living in Maine is a bit lower than the national average, retirees should feel somewhat confident setting up home here.
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17. Florida
Ages 65+ median household income: $52,625
Mean Social Security of households with Social Security income: $22,956
Florida sports a cost of living average that is a hair lower than the national average. That may be one of the reasons that it’s a popular location for retirees to settle in.
16. California
Ages 65+ median household income: $65,628
Mean Social Security of households with Social Security income: $21,919
Given that California ranks among the most expensive states to live in, it’s rather disappointing that its median household income isn’t higher.
15. Massachusetts
Ages 65+ median household income: $60,810
Mean Social Security of households with Social Security income: $22,453
Massachusetts is also among the most expensive states to live in. Is even the relatively near $61,000 in median household income for those 65 and older enough?
14. Oregon
Ages 65+ median household income: $55,973
Mean Social Security of households with Social Security income: $23,327
Living in Oregon means steep costs. Why isn’t the state a richer state for retirees?
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13. Vermont
Ages 65+ median household income: $53,245
Mean Social Security of households with Social Security income: $23,546
Retirees will dish out quite a bit more to live in Vermont than in most others. It’s somewhat shocking that this isn’t among wealthier ranks for those living out their golden years.
12. Colorado
Ages 65+ median household income: $63,445
Mean Social Security of households with Social Security income: $22,784
Colorado residents spend more to get by than those belonging to most other states. It’s surprising it’s not ranking as richer on this list.
11. Minnesota
Ages 65+ median household income: $56,839
Mean Social Security of households with Social Security income: $23,991
If you’re pondering places to retire, Minnesota should be on your list of possible destinations, since it has a lower cost of living than the national average
10. Virginia
Ages 65+ median household income: $61,447
Mean Social Security of households with Social Security income: $23,086
The cost of living in Virginia is lower than the national average, so it adds up that the state would also have retirees who make relatively good income.
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9. Utah
Ages 65+ median household income: $63,225
Mean Social Security of households with Social Security income: $24,100
With the cost of living in Utah being a touch higher than the national average, it’s reassuring to see that retirees are, when compared to other states, doing OK.
8. Arizona
Ages 65+ median household income: $57,507
Mean Social Security of households with Social Security income: $23,704
The cost of living in Arizona is higher than the national average, but retirees aren’t doing poorly here (literally).
7. Washington
Ages 65+ median household income: $62,597
Mean Social Security of households with Social Security income: $23,744
The cost of living in Washington is notably higher than the national average, so it’s unsurprising that it’s a pretty wealthy place for retirees.
6. Maryland
Ages 65+ median household income: $69,070
Mean Social Security of households with Social Security income: $22,585
Maryland would never win any affordability contest given its steep cost of living, but it does have a higher median household income.
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5. New Hampshire
Ages 65+ median household income: $59,946
Mean Social Security of households with Social Security income: $23,895
You’ll pay more than the national average to get by in New Hampshire, but you could also enjoy a richer retirement.
4. Connecticut
Ages 65+ median household income: $65,053
Mean Social Security of households with Social Security income: $23,854
Those living in Connecticut bear the brunt of high cost of living, but they also are on the higher end when it comes to median household incomes.
3. New Jersey
Ages 65+ median household income: $65,988
Mean Social Security of households with Social Security income: $24,070
Though the cost of living in New Jersey is dramatically less than the cost of living in neighboring New York, it still is more expensive than many other states. Good thing retirees get pretty good money, comparatively.
2. Delaware
Ages 65+ median household income: $62,733
Mean Social Security of households with Social Security income: $25,040
The cost of living in Delaware is just a touch higher than the national average, but among the richest for retirees.
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1. Hawaii
Ages 65+ median household income: $77,957
Mean Social Security of households with Social Security income: $23,296
Hawaii is by far the richest state in terms of retirement income, and that adds up since it’s also the most expensive state to retire in.
Joel Anderson contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed all 50 states to find the states with the richest and poorest retirees. First GOBankingRates found the [1] median household income for all ages, [2] median household income for ages 65 and over, [3] mean household social security income for households whom receive Social Security income, [4] total households, [5] total population, and [6] population ages 65 and over all sourced from the US Census American Community Survey’s B19049 and S0201. For each state the inbound and outbound moving truck shipments was sourced from the United Van Lines 2023 Annual National Movers Study. The household median income for ages 65 and over was scored and weighted at 1.50, the social security income was scored and weighted at 1.00, the percent population 65 and over was scored and weighted at 0.50. All three scores were combined and sorted to show the states with the richest and poorest retirees. All data was collected and is up to date as of April 4, 2024.
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This article originally appeared on GOBankingRates.com: States With the Richest and Poorest Retirees
