If You Live in These States, You Are One of the Richest Retirees in the USA

A recent study reviewed the 50 states of the United States in order to determine which retirees have the best income, or are in a more favorable economic position. The research took into account factors such as average household income, Social Security benefits and the proportion of seniors (people over 65 years of age) in each state. 

Let’s see, this type of study must be taken with a grain of salt, because it does not necessarily mean that all retirees have enough income to live on, or that they are rich in absolute terms. However, the income is sufficient to ensure a comfortable retirement, allowing them to cover their basic needs without major difficulties.

Retirement Ranking in the US — Geographic Diversity and Influential Factors

The study presented by GOBankingRates revealed significant regional contrasts, with states in which retirees are in a favorable financial position, while others are in a more difficult situation. Northeastern states such as Connecticut, New Jersey and Massachusetts are among the top places with household incomes exceeding $60,000 for households age 65 and older. These states, known for their high cost of living, demonstrate that a high income is essential to maintaining an adequate quality of life in retirement.

On the other hand, southern and midwestern states, such as South Carolina and Wisconsin, have more modest incomes but still rank among the top 25. This suggests that the lower cost of living in these regions allows retirees to maintain a comfortable life on relatively lower incomes.

Demographics and economic aspects of retirees

The demographics of the states have a lot to do with the reality of retirees. The percentage of people 65 years of age or older varies greatly from state to state. For example, Maine leads this category with 22.59% of its population in this age group, indicating a significant concentration of retired residents. At the other end of the table, Utah has the lowest percentage, with only 11.94%. 

States with higher proportions of retirees may face specific challenges regarding the availability of health care and social services, which affects the quality of life of these individuals.

The purchasing power of retirees in America

The study also highlighted differences in average Social Security earnings between states. Delaware leads with an average of $25,040 annually, while California has the lowest average in the top 25, at $21,919. These variations may reflect differences in residents’ work history and the cost of living in each state.

This is the ranking made by GOBankingRates, of the states with the retirees with the best income first and then the ones with the lowest income:

1. South Carolina
   • Median income: $50,287
2. Wisconsin
   • Median income: $50,167
3. Michigan
   • Median income: $51,010
4. Maine
   • Median income: $51,870
5. Iowa
   • Median income: $52,006
6. Idaho
   • Median income: $52,132
7. Kansas
   • Median income: $52,203
8. Florida
   • Median income: $52,625
9. Vermont
   • Median income: $53,245
10. Oregon
    • Median income: $55,973
11. New York
    • Median income: $55,878
12. Minnesota
    • Median income: $56,839
13. Arizona
    • Median income: $57,507
14. New Hampshire
    • Median income: $59,946
15. Massachusetts
    • Median income: $60,810
16. Virginia
    • Median income: $61,447
17. Washington
    • Median income: $62,597
18. Delaware
    • Median income: $62,733
19. Utah
    • Median income: $63,225
20. Colorado
    • Median income: $63,445
21. Connecticut
    • Median income: $65,053
22. California
    • Median income: $65,628
23. New Jersey
    • Median income: $65,988
24. Maryland
    • Median income: $69,070
25. Hawai
    • Median income: $77,957