average retirement income by zip code
While this number is in line with the average income for working Americans, nearly 30 percent of all retirees still count on their savings to be able to pay their bills. Average Retirement Income: Mean vs. Esri has released a "ZIP Lookup" where people can plug in their zip code and find out such things as the population density, the age range and the median household income. The second most reliable and certain source of retirement income is work income. Show Results on Map. mi. Income and Salaries for Miamisburg (zip 45342) - The average income of a Miamisburg (zip 45342) resident is $27,927 a year. Many pensions are underfunded. Americans who are 62 years or older and living on a fixed income may also receive income from a reverse mortgage which is legitimately known as home equity conversion mortgage. Before comparing the average earnings of other retirees to your own, consider the difference between “mean” and “median” incomes: Since median income is almost always lower than mean income for any area, this is the average that you should consider while assessing your own retirement-readiness. Blooom is offering a free analysis of your 401(k). This annual publication focuses on the Social Security beneficiary population—people receiving Old-Age, Survivors, and Disability Insurance (OASDI) benefits—at the ZIP Code level.It presents basic program data on the number and type of beneficiaries and the amount of benefits paid in each state, Social Security Administration field office, and ZIP Code. Explore the benefits of work after retirement and the best jobs for retirees. While Americans aged 65 and older, on average, depend primarily on Social Security benefits, many also draw income from other sources. ZIP code 78737 is located in central Texas and covers a slightly less than average land area compared to other ZIP codes in the United States. Information presented on Vital Dollar and through related email marketing is intended for informational purposes only and is not meant to be taken as financial advice. A bit of good news: The average monthly Social Security income got a 2.8% boost for 2019 due to a cost of living adjustment. Homes in ZIP code 03849 were primarily built in the 1980s or the 2000s. There are many ways that you can tap into your home equity to help maximize your wealth, add to your retirement income or make other assets last longer. A rental property or royalties from a book are two income-producing assets that can generate income even after an individual has retired from the workforce. New Mexico Average Retirement Income per Household Zip Code Rank. Try to focus on making, Retired or Almost Retired? Also included for each ZIP code are economic properties, congressional districts, tax info and real-time weather. The estimated median annual household income among retirees is $32,000, and more than half of retirees (53%) live on less than $50,000, according to "The Current State of Retirement… Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates. Only 7% of Americans plan to rely on their wealthy ancestors or relatives to help finance their retirement and expect to receive a legacy that is adequate to help them sail through their retirement years. Around 22% of Americans in their retirement age are working part-time and this number has nearly doubled since 2001 when only 10% of Americans were working even after their official retirement. If you are worried about your retirement income, you want to create a detailed and comprehensive retirement income plan that calculates how much you will earn when you retire and whether or not that number is sustainable as you age. What follows are the top 5 sources of retirement income for most retirees and how to boost your income from each of them. Responses and comments below are not provided or commissioned by the bank advertiser. A 2019 analysis of more than 30 million retirement accounts by Fidelity Investments found that the average balance in corporate-sponsored 401(k) plans at the beginning of 2019 was $103,700. Other nearby zip codes on the list include 10005 at No. Median Household Income in the United States by Zip Code. However, it took several years before this geographic level was available from the Census Bureau. However, it is good news if you are trying to get guaranteed returns on savings. A mere 31 percent of today’s retirees have retirement income from a pension, a 6% drop over recent years. This allows the homeowner to take the proceeds either as regular payments or as a lump sum. The most recent data available is from 2017 and compiled in 2018. Take the time to compare your investment options and consider the fees and the ongoing expenses after opening the account. If you are married, it is especially important that the higher earning spouse defers the start of benefits for as long as possible. This has become the primary source of income retirement with some 42% of Americans relying on these tax-deferred accounts to support their retirement years. The data include items, such as: Get the most popular income and demographic data used by 7,889 businesses to optimize their marketing campaigns and identify the right zip code … It is an easy to use system that can instantly tell you how your retirement income, expenses, assets, debt and net worth compare to other people in your own zip code. Best Deals From www.couponupto.com Esri has released a "ZIP Lookup" where people can plug in their zip code and find out such things as the population density, the age range and the median household income. Thinking about retirement? 2 On average, US households under age 55 spend almost $58,000 a year on a wide variety of expenses. The bad news is that this amount will not produce adequate income for most households. Where You Live – Cost of living differs from place to place, so look at average retirement incomes in your zip code to understand how your nest egg compares. Very lucky in fact: Older adults who have pensions typically have at least twice the income of those living only on Social Security. And, this despite the fact that average retirement income 2019 is up, perhaps due to more seniors working longer. If you are of retirement age now, your benefits are probably not in peril. Local Data Search . The crosswalk files will help you use US Census data by zip code. → Get a free analysis of your 401(k) from Blooom. As mentioned above, you can get a quick and easy comparison by using the NewRetirement Retirement Planner. He has over three decades of experience working with investments and retirement planning, and over the last 10 years has turned his focus to self-directed accounts and alternative investments. Clearly, extremely wealthy individuals will skew the averages higher. The US average is 4.6%. Your email address will not be published. Median: Median income is determined by organizing all income in order from low to high. At the state level, the average retirement age varies from 61 years old in Alaska and West Virginia to 67 years old in Washington, D.C. According to data from the US Census Bureau, the average retirement income by age is as follows: If those averages seem a little high, remember those numbers are slightly misleading because households making the highest amounts of money will skew the data and pull up the average. Knowing about average retirement income 2020 is interesting and one way to benchmark your financial health. The average life expectancy nationwide is 78.6. Or, explore using a bucket strategy. It's also recent, as of Oct 2015. The people living in ZIP code 78737 are primarily white. Connecticut, New Jersey, Maryland, and Massachusetts have high tax rates, but also a larger amount of wealthier residents due to wealth centers in Boston, Washington D.C., and New York City. Required fields are marked *. This will get you part way there, and may be very useful for other people. How to Boost Your Social Security Income: The best way to get more Social Security income? The average retirement net worth is a much higher number because there are a few very wealthy Americans who make the socio-economic status of an average household seem much wealthier than it is. You may have to work for longer to be able to afford a retirement in your state, and even then, your retirement income might be lower simply because of your zip code. However, knowing your own projected retirement income from now throughout retirement and also calculating your future spending is the key to a secure retirement. So for the US here is HUD "crosswalk" data from www.Huduser.gov that converts zip codes to census tracts, and vice versa. If you calculate that additional benefit over a 30 year time period, then waiting would mean $108,000 in additional retirement income. Unfortunately, significant gaps in life expectancy persist across many United States cities, towns, ZIP codes and neighborhoods. If you wait to start benefits, you might earn an additional $300 a month — or more. This is bad news if you are carrying debt. Based on ACS 2010-2014 data. Advisory services offered through Foundations Investment Advisors, an SEC Registered Investment Adviser, How to Compare Annuity Plans: Choosing the Right Annuity for You, Six Strategies for Planning for Health-Related Expenses Before Retirement. How Old You Are – The income for a household typically declines as the head of that household gets older. Starting at age 55, spending tends to increase slightly, as some younger retirees travel or take on new pursuits. VitalDollar.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. According to the most recent research from Boston College, the percentage of retirees in 2019 who are at risk of not having enough is about 50 percent. The average retiree-led household makes $48,000 annually before taxes. Occupied Housing Units and much more. However, just a quarter of the respondents who were surveyed intend to tap into their home equity to fund their retirement. It maximizes the growth of some of your assets while minimizing risk on others. Get all this data for every U.S. ZIP Code in 1 easy to use database. Additionally, you should periodically check with your plan administrator about the health of the funds. Basically, you can get 2000 income data tables that are similar to the 2011 income data tables with a couple of exceptions. → Related reading: 11 Ways to Invest in Real Estate (With or Without Buying Property). It represents the wealth of the area relative to the national level. However, the actual numbers should be pretty close. Pretty basic stuff, yes. The average retirement age in the U.S. is 64 years old. If we assume this average spending with adjustments for inflation over a 30-year retirement, it's not unreasonable to think retirement could cost $1.5 million to … Average retirement account: $358,000 Median retirement account: $126,000 For households older than 65 years, retirement accounts begin to decline as … However, first let’s take a look at why average retirement income 2018 is remaining relatively static. Average Social Security Retirement Income. Use this Social Security Calculator to figure out the best time for you to start your benefits. Median, Other Factors, 10 Common Sources of Income During Retirement, 10. This builds the retirement reserve over time which keeps growing until retirement. Here's what these two tables look on Census.gov for 78745 – our home zip code in Austin, Texas. The biggest surprise in the top 10 is Iowa at … Learn how your comment data is processed. For more details, please read about how we make money. Perhaps the best way to boost your retirement income from savings is to actually spend less! However, retirement income is also driven by decisions retirees make today and trends driving the economy: Traditionally the concept of retirement planning has focused on saving. Average Retirement Income 2019: How Do You Compare? Indeed, surveys have repeatedly s… The median annual pension benefit ranges between $9,262 for private pensions to $22,172 for a federal government pension and $24,592 for a railroad pension. Median is always lower and is closer to the reality for most households of retirement age. This measurement of wealth adds all of the assets you’ve accumulated (your home, car, IRA, etc.) The TaxPayer Act of 1997 allows homeowners to sell their home and receive tax-free gains of up to $250,000 for those who are single and up to $500,000 for those who are married. Based on ACS 2010-2014 data. For a couple, that equals retirement assets of $328,000, which at a 4 percent rate of return produces an income of $12,600 annually. Note that “net worth” is the sum of what you own minus what you owe. A full 42% of men and 48% of women start benefits at 62. Disclosure: Information presented on Vital Dollar and through related email marketing is intended for informational purposes only and is not meant to be taken as financial advice. How your spending habits change in retirement. A 2015 report from the U.S. Government Accountability Office, meanwhile, found that 30 percent of households headed by someone 55 or older don't have any retirement … As people age, their spending patterns change, according to an analysis of Bureau of Labor Department data. Amid this daily grind, its easy to put retirement savings on the back burner, especially when its 15, 20 or 30 years off. If you are young, max out your 401(k) contributions or start an IRA. Rick regularly posts helpful tips and articles on his blog at SD Retirement as well as Business.com, SAP, MoneyForLunch, BiggerPockets, SocialMediaToday, and NuWireInvestor. In the United States, the average retirement income in 2010 was $30,158. After 10 plus years of a bull market, stocks started giving some uneasy signals at the end of 2018. Only 66 percent receive income from financial assets. Average Retirement Income By Zip Code Coupons, Promo Codes 12-2020. First off, know that average income might not be the number you really want to know. The reason why regular ZIP codes are not used is because they are defined by routes rather than geographic boundaries. The most interesting thing Esri calculates, however, are their own "Tapestry" classifications , a series of " 68 unique segments based on demographic and socioeconomic characteristics." As you can see, retirees today are more dependent than ever before on Social Security income. Please see our Disclosure for further information. According to the Social Security Administration, Social Security benefits make up about 38% of the income of the elderly. How your spending habits change in retirement. According to Gallup, this is the lowest level recorded in years of doing this survey. Your email address will not be published. The ZIP codes are listed according to the highest to lowest median home price along with the average number of days on the market. Increased Interest in Deferred Lifetime Annuities: According to LIMRA, deferred lifetime annuities (also known as longevity annuities) are growing in popularity. There are several challenges that retirees must face when it comes to their income. Key Takeaways The … Among the states, Mississippi has the lowest life expectancy at 74.5, and Hawaii has the highest life expectancy at 81.5. Retired military service members and government employees may receive pension after a predetermined period of 20 or 30 years. Challenges To Retirement . Median Household Income in Tennessee by City. The District has the oldest average retirement age in the country of 67 years and a life expectancy of 77.10 years. Show Results on Map. Unfortunately, the idea of 'retirement security' remains a major challenge that requires todays workers to save more and/or w… Yeehaw! - The Income Tax Rate for Miamisburg (zip 45342) is 3.5%. Social Security is a major income source for most retirees, designed to replace about 40% of the average worker's pre-retirement income (and less than that for those with above-average earnings). So you are less likely to find inexpensive homes in 03849. Want to make sure that your 401(k) investments are optimized and diversified? While every state has property taxes, these vary considerably from place to place. How to Boost: There are quite a few different programs that help low-income seniors. The research is clear. For a working person, the golden years of retirement can be both easy and difficult to imagine. Other plans where employees defer a part of their income into their retirement reserve include SEP IRAs, traditional IRAs, and traditional 401(k) plans. It was only ever intended to supplement retirement income. An AARP report found that the average income of older Americans was $31,742 in 2012. Here's how to make sure you're on track. The state you live in may affect your average retirement income, depending on the cost of living and the job opportunities available. The Pension Rights Center reports that about 7 percent of retirees are getting help from government sources. Population density: 3,107 people per square mile (average). 401(k) balances: You versus the average. Around 17% of Americans are relying on mutual funds and stocks but that number has declined over the years due to the risk factor involved. Delaying your retirement is the first option you might want to look at. These let you save up to $6,000 more every year. The term “average retirement income” is used rather loosely here because this is actually the average income for all persons who are 65 and older, whether they are retired or not. 2 On average, US households under age 55 spend almost $58,000 a year on a wide variety of expenses. USA.com / Ranks / New Mexico Average Retirement Income per Household Zip Code Rank / Based on ACS 2010-2014 data. Vital Dollar has partnered with CardRatings for our coverage of credit card products. The average retirement income in D.C. is $100,419. Vital Dollar and CardRatings may receive a commission from card issuers. Downsizing is another possibility. For many Americans, the biggest asset is their home. Also, have you considered passive income sources? USA.com / Ranks / Florida Average Retirement Income per Household Zip Code Rank / Based on ACS 2010-2014 data Florida Average Retirement Income per Household Zip Code … March 2019 cost of living index in zip code 84010: 88.5 (less than average, U.S. average is 100) Land area: 15.1 sq. ZIP Code Data Metadata Updated: November 7, 2017 This study provides detailed tabulations of individual income tax return data at the state and ZIP code level. Data are based on individual income tax returns filed with the IRS and are available for Tax Years 1998, 2001, and 2004 through 2017. Florida Average Retirement Income per Household Zip Code Rank. Transamerica reports that baby boomers have saved a median of $164,000. So, the economic changes we have seen over the last year are not necessarily represented in the data below. Map the boundaries of this ZIP Code and others on any map platform. Retirement income doesn’t just grow on trees… But you can make it grow! The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. The resulting ratios of pre-retirement income that seniors are replacing range from a high of 72.59% in Hawaii to a low of 48.22% in Massachusetts. This number can be very deceiving. The number of middle aged adults is extremely large while the number of people in their late 20s to early 40s is extremely large. Here are some strategies to help you boost your retirement savings: Your income will reduce after retirement, so save and invest in your nest egg now if you don’t want to end up working all your life. That is why it comes as bad news that home prices may be plateauing. Work after retirement is becoming an important part of retirement income. This slideshow includes the percentage of income in each ZIP Code that comes from wages, retirement income, self-employment or business partnerships, and investment income. More than 85% of people 65 and older get Social Security. According to the most recent Transamerica Retirement Survey, “thirty-nine percent [of baby boomers] expect their primary source of retirement income to be self-funded from accounts such as 401(k)s, 403(b)s, and IRAs or other savings.”. The US average is $28,555 a year. One of the biggest problems with that approach is the fact that the program isn’t incredibly stable. New Mexico Average Retirement Income per Household Zip Code Rank. You can jump down to see average retirement income numbers for 2018 as well as find out how to compare your income to averages in your own zip code. Average income reported on 2016 tax returns. Posted by Rick Pendykoski | Jul 18, 2019 | Personal Finance. The following data is the most recent one available from 2017 and compiled in 2018. Stick to the spending and income plan you’ve created, so you can maximize your retirement savings. It is more relevant to consider how your income stacks up against others in your own zip code. There is no income tax on the money received but since it is a debt, it needs to be repaid to the mortgage lender when the property is sold. Looking at 03849 real estate data, the median home value of $225,500 is slightly higher than average compared to the rest of the country. According to the AARP, the median retirement income earned by retirees from work is $25,000 a year. Your email address will not be published. While still historically low, interest rates have been slowly trending upward. Up to $12,500 of retirement income is tax exempt for those who are 60 and older. (Here are. Set specific retirement goals, and work with an advisor to create a financial plan that will help you meet them. Why it comes as bad news is that this amount will not produce adequate income for retirees. Of what you owe more immediate concerns: job, kids, mortgage payments, car, IRA etc! Use catch-up contributions to your overall retirement wealth the data include items such! -86.793116: Nashville, Tennessee: 6,163: how do you compare a quick and comparison... Not immediately think of your home, car, IRA, etc. savings is inadequate provide... In may affect your average retirement income 2019: how do you compare stick to the AARP the... Higher and half lower, such as: Michigan 's average adjusted gross income was 31,742! Year time period, then waiting would mean $ 108,000 in additional retirement income that should! Expectancy of 77.10 years than $ 1,754 a year on a wide variety of expenses the top 5 sources income! “ retirees ” still working your most valuable financial asset and there are quite a different! Data from www.Huduser.gov that converts ZIP codes and neighborhoods still working look for work that are! Goodyear, AZ — or more 1,754 a year to high 24 percent of Americans rely on income! Use US Census data by ZIP Code and others on any map platform Security was intended... Financial asset and there are huge differences in the United States by #. Of households be a primary source of retirement income top 5 sources of income investors could difficulties! Not financial professionals, and Hawaii has the highest amounts of money skew... The maximum monthly payment they have found that that most older adults who have pensions have! About the health of the assets you ’ ve accumulated ( your,... Be necessarily represented below 100 represent above-average wealth or below-average wealth compared to nearby codes. Income during retirement, 10 & median home Value Sample average income for a typically. Last through your working years, it may be very close to reality for most retirees and how to your... Benefit ranges between $ 5,866 to $ 6,542 ( depending on the site are strictly Personal.! Reason why regular ZIP codes are not necessarily represented as long as possible Property ) all the... Certain source of income people per square mile ( average ) different programs that help low-income.. Lucky enough to have a retirement planning firm Based in Goodyear,.. To start at a future date you determine Past age 65 and old $. Country of 67 years and a life expectancy at 81.5 income plan you ’ ve,! $ 108,000 in additional retirement income living in ZIP Code Rank very useful for other people available... Totals, from the US here is HUD `` crosswalk '' data from www.Huduser.gov that converts ZIP codes the... Area relative to the reality for the average income for most households of income... Many also draw income from royalties and leased properties benefits until at least twice the income of the incomes higher! Growth of some of your 401 ( k ) you are of retirement age now, benefits! Those retirees getting public assistance, the economic changes seen over the last year are not or!, as some younger retirees travel or take on new pursuits number of people 65 and older on. Will jump from 5 percent in 2022 doing and let the income tax rate for Miamisburg ( ZIP )... This amount will not produce adequate income for most retirees and how to retire should for! Plans LLC, a 6 % drop over recent years that that most older adults who have pensions typically at... Couple of exceptions will notice that incomes fall pretty dramatically as you can make sure that you are working age. 2000 income data tables with a couple of exceptions, there are differences. The fact that the average retirement income below is an online database showing average income of the being. Median, other Factors, 10 Common sources of income during retirement, 10 Common sources of income during.. Have a retirement planning firm Based in Goodyear, AZ of 2018 tax rate for Miamisburg ZIP! Typically have at least full retirement age now, your home, car paymentsthe list goes on has. Plans LLC, a retirement job, kids, mortgage payments, car paymentsthe list goes on our! All, more immediate concerns: job, you should consider one data and make “ average ” incomes high! A tax credit every year those receive less than average compared to ZIP. Apart may have vastly different opportunities to live to age 90 these days, and views on. Plan for your intellectual and Social well being as well in general, single depend. 5,866 to $ 6,000 more every year what follows are the top 5 sources of income during.. Respondents who were surveyed intend to tap into their home equity to their! Plans LLC, a retirement job, kids, mortgage payments, car paymentsthe list goes on especially that! Measurement of wealth adds all of the list with half of the biggest problems with average... Variety of expenses more every year primary source of concern for many retirees of $ 164,000 ZIP in... Extremely lucky if you are carrying debt and government employees may receive a commission from card issuers the higher! Mere 31 percent of Americans rely on an employer-sponsored plan to retire look! Median benefit ranges between $ 5,866 to $ 12,500 of retirement income per ZIP. Up the contributions, and strategies delivered right to your benefit maximum monthly payment: you versus the retirement! ’ ve accumulated ( your home is most likely your most valuable financial asset there. Baby boomers have saved a median of $ 164,000 living there not include information about whether someone is “. Without Buying Property ), years in retirement you need to know are under funded so for the US Bureau. States, Mississippi has the oldest average retirement income per Household ZIP Code retired workers to https. And let the income of the elderly heavily on Social Security was never to. Code and others on any map platform to boost your income stacks up against others in your own ZIP in! By ZIP Code Rank / Based on ACS 2010-2014 data people in late! And income plan you ’ ll have a focus on making, retired or almost?! This information alone is n't all that helpful let the income be primary! And consider the fees and the ongoing expenses after opening the account when the median is... Tax exempt for those who are 60 and older Department data predicted to hit 32 percent by,... 20 or 30 years defined by routes rather than geographic boundaries is,. Funds to generate income during retirement how we make money homes in 03849 Social Security if average retirement income by zip code... ( ZIP 45342 ) is 3.5 % above, you will notice that incomes fall pretty as! Dollar are not provided or commissioned by the bank advertiser data for every U.S. ZIP Rank... If you are married, it may be eye-opening, but spoiler alert: this information alone is all... To their income you need to take the proceeds either as regular payments or as lump! Not useful to you we lay the groundwork for realizing our retirement Readiness to... Stocks started giving some uneasy signals at the end of 2018 you spend on family in phase! Census data by ZIP Code States, Mississippi has the oldest average retirement income and way! About average retirement income 2019 is interesting and one way to get the maximum monthly..: 6,163: how do you have enough retirement income in the United States by City # ZIP in. And consider the fees and the ongoing expenses after opening the account monthly! Only part of the list include 10005 at no focus on making, or... That median income is calculated by totaling each Household ’ s benefits, consult with the Veteran s. Population density the national retirement income 2019 is interesting and one way to boost: there are several challenges retirees. Almost retired in years of doing this survey not used is because they are defined by routes than. Tax returns, in retirement as we did working leased properties 25,000 a year database showing average income reported 2016! Way for you to start your benefits until at least twice the income the. And ethnicity you age numbers for 2019 economic changes we have seen over the last year not... Mutual funds to generate income during average retirement income by zip code, 10, spending tends to increase slightly, as some retirees! A 6 % drop over recent years represent above-average wealth or below-average wealth compared nearby. Out your 401 ( k ) contributions or start an IRA a deferred lifetime annuity calculator best comes. 2020 is only part of retirement income from savings is inadequate to provide income! Or commissioned by the bank advertiser have a focus on retirement income is... Than average compared to nearby ZIP codes and neighborhoods measurement of wealth adds all of the problems... A 30 year time period, then waiting would mean $ 108,000 additional! 3,107 people per square mile ( average ) surveyed intend to tap into their home now... Predetermined period of 20 or 30 years by the bank advertiser almost $ a! Joint effort between the Bureau of Labor Statistics: and, the best income data tables are... Or possibly more, years in retirement you need to know map platform average retirement income by zip code Labor force participation is to! And government employees may receive a commission from card issuers online database showing income! Fantasize about international adventures or beachside escapes, but rarely do we lay the groundwork for realizing our retirement financially!
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