Retirement isn’t a time when most people expect to be wealthy, as many people are relying on a lower income than they had during their working years. However, depending on a number of factors, some people find themselves better off in retirement than others. And this varies from state to state.
To find the 25 states with the richest retirees, GOBankingRates analyzed all 50 states for key factors, such as median household income, mean household Social Security income, and total population of people ages 65 and over.
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It’s worth noting that while these are the states with the richest retirees, their incomes are by no means what you might consider wealthy — but they’re enough for a comfortable retirement.
Read on to find out which states find retirees enjoying their retirement with plenty of funds to pad the way.
South Carolina
- Median income of 65-plus households: $50,287
- Average Social Security income: $22,938
- Percentage of population that is 65-plus: 19.09%
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Iowa
- Median income of 65-plus households: $52,006
- Average Social Security income: $22,839
- Percentage of population that is 65-plus: 18.40%
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Michigan
- Median income of 65-plus households: $51,010
- Average Social Security income: $23,068
- Percentage of population that is 65-plus: 18.71%
Wisconsin
- Median income of 65-plus households: $50,167
- Average Social Security income: $23,279
- Percentage of population that is 65-plus: 18.71%
Kansas
- Median income of 65-plus households: $52,203
- Average Social Security income: $23,207
- Percentage of population that is 65-plus: 17.24%
New York
- Median income of 65-plus households: $55,878
- Average Social Security income: $22,138
- Percentage of population that is 65-plus: 18.12%
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Idaho
- Median income of 65-plus households: $52,132
- Average Social Security income: $23,406
- Percentage of population that is 65-plus: 16.99%
Maine
- Median income of 65-plus households: $51,870
- Average Social Security income: $22,275
- Percentage of population that is 65-plus: 22.59%
Florida
- Median income of 65-plus households: $52,625
- Average Social Security income: $22,956
- Percentage of population that is 65-plus: 21.55%
California
- Median income of 65-plus households: $65,628
- Average Social Security income: $21,919
- Percentage of population that is 65-plus: 15.78%
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Massachusetts
- Median income of 65-plus households: $60,810
- Average Social Security income: $22,453
- Percentage of population that is 65-plus: 18.05%
Oregon
- Median income of 65-plus households: $55,973
- Average Social Security income: $23,327
- Percentage of population that is 65-plus: 19.26%
Vermont
- Median income of 65-plus households: $53,245
- Average Social Security income: $23,546
- Percentage of population that is 65-plus: 21.61%
Colorado
- Median income of 65-plus households: $63,445
- Average Social Security income: $22,784
- Percentage of population that is 65-plus: 15.68%
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Minnesota
- Median income of 65-plus households: $56,839
- Average Social Security income: $23,991
- Percentage of population that is 65-plus: 17.40%
Virginia
- Median income of 65-plus households: $61,447
- Average Social Security income: $23,086
- Percentage of population that is 65-plus: 16.84%
Utah
- Median income of 65-plus households: $63,225
- Average Social Security income: $24,100
- Percentage of population that is 65-plus: 11.94%
Arizona
- Median income of 65-plus households: $57,507
- Average Social Security income: $23,704
- Percentage of population that is 65-plus: 18.78%
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Washington
- Median income of 65-plus households: $62,597
- Average Social Security income: $23,744
- Percentage of population that is 65-plus: 16.81%
Maryland
- Median income of 65-plus households: $69,070
- Average Social Security income: $22,585
- Percentage of population that is 65-plus: 16.92%
New Hampshire
- Median income of 65-plus households: $59,946
- Average Social Security income: $23,895
- Percentage of population that is 65-plus: 20.21%
Connecticut
- Median income of 65-plus households: $65,053
- Average Social Security income: $23,854
- Percentage of population that is 65-plus: 18.30%
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New Jersey
- Median income of 65-plus households: $65,988
- Average Social Security income: $24,070
- Percentage of population that is 65-plus: 17.40%
Delaware
- Median income of 65-plus households: $62,733
- Average Social Security income: $25,040
- Percentage of population that is 65-plus: 20.83%
Hawaii
- Median income of 65-plus households: $77,957
- Average Social Security income: $23,296
- Percentage of population that is 65-plus: 20.46%
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 that receive Social Security income, [4] total households, [5] total population, and [6] population ages 65 and over all sourced from the U.S. Census American Community Survey’s B19049 and S0201. For each state, the inbound and outbound moving truck shipments were 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, and the percentage of the 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 February 29, 2024.
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This article originally appeared on GOBankingRates.com: 25 States With the Richest Retirees
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