What Is the Average Monthly Retirement Income in Pennsylvania and Other States?
Are you putting away enough money for your retirement? The answer may depend on where you live. The average retirement income varies from state to state, and looking at the numbers could help you decide where you want to settle in your golden years.
According to Wisevoter, the national average retirement income is $27,617. In 14 states, the average income is over $30,000. And in 17 states, the average retirement income is below $25,000. The data are based on figures from the U.S. Census Bureau.
What Is Retirement Income?
Your retirement income may consist of several different sources, such as:
· Retirement savings
· Social Security payments
· Pension or other employer-paid benefits
Which State Has the Highest Retirement Income?
The place with the highest retirement income is the District of Columbia, where the average is $43,100. This makes sense because many retired government workers live in D.C., and a lot of them receive pensions.
The state with the highest retirement income is actually quite a bit behind D.C. It is Alaska, which has an average retirement income of $36,000. One reason for this could be that Alaska is one of a handful of states that does not have state income taxes, which may draw wealthier people in retirement.
How Much Is the Average Retirement Income in Pennsylvania?
Alaska certainly looks beautiful, but you may not be up for a cross-country move. So how much do people in Pennsylvania make in retirement? According to the data, Pennsylvania does not have a high average retirement income.
The commonwealth is tied for 36th among all states, with an average income of $34,400, the same as Kentucky. One reason may be that Pennsylvania has a very high percentage of retirees, and the broad range of income levels means overall, the numbers are lower.
Why is PA a place people flock to in retirement? One reason is undoubtedly that the commonwealth doesn’t tax pensions for people over age 60. That’s an excellent prospect for those getting a pension from their former employers.
What Are the Top 10 States for Retirement Income?
Maryland, Virginia, California and Colorado follow Alaska to round out the top five states with the highest average retirement income. Maryland and Virginia are not surprises. Again, many former government workers with pensions live in the area.
Occupying slots six through 10 are Hawaii, Connecticut, Delaware, Illinois and Massachusetts.
What Are the Bottom 10 States for Retirement Income?
Indiana ranks very last with an average $20,500. West Virginia ranks just ahead at $21,100, while Arkansas ranks 48th at $22,000. West Virginia and Arkansas are two of the states with the lowest income overall in the nation, so it makes sense that they’d also rank low among retirees. Kansas and Iowa close out the bottom five.
Ranking just ahead of them are North Dakota, Mississippi, Tennessee, Nebraska and Oklahoma.
Of course, the average income in retirement doesn’t mean that’s what yours will be. The best way to secure your retirement future is to look out for it now. Get in touch with Jay today to discuss your options.
