Arlington, Virginia, boasts the highest retirement incomes nationwide among its residents, according to a recent analysis of Census data by SmartAsset. The average retirement income in large cities across the country falls short at $52,723, a figure lower than the median US household income. The analysis also reveals that one in five older Americans admit to having no retirement savings, as reported by AARP.
In addition to Arlington, Virginia, other cities like Cambridge, Massachusetts, and The Woodlands, Texas, also rank high in terms of retirement income and Social Security benefits. The analysis conducted by SmartAsset delves into the details, showing that the average retirement income in these cities, where Census data is available, is significantly lower than the median US household income.
While retirees in Arlington, Virginia, enjoy an average total retirement income of $90,140, split between Social Security income and income from pension plans, annuities, IRA plans, or 401(k)s, neighboring cities like Alexandria and Washington, DC also boast impressive figures. The study highlights the importance of various income sources for retirees in these areas, emphasizing higher pension and IRA incomes over Social Security payments.
Cities like Cambridge, Berkeley, Highlands Ranch in Colorado, and Naperville in Illinois also feature among the list of cities with total retirement incomes above $75,000. The significance of Social Security income is not lost either, with cities like Ann Arbor and Carmel, Indiana, ranking high in this category.
Overall, the study sheds light on the varying sources of retirement income for Americans across different cities and the concerns surrounding retirement savings. It underscores the growing apprehension among older Americans regarding their financial preparedness for retirement, as well as the challenges faced by younger generations in saving enough for their future.