The most recent data available is from 2017 and compiled in 2018. If you are lucky enough to have a pension, it may be worthwhile to investigate your plan’s solvency. Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning firm based in Goodyear, AZ. In fact, you should look for work that you really enjoy doing and let the income be a bonus. An AARP report found that the average income of older Americans was $31,742 in 2012. With baby boomers retiring in record numbers, companies are refocusing efforts on helping retirees know how to turn their assets into income. However, knowing your own projected retirement income from now throughout retirement and also calculating your future spending is the key to a secure retirement. If you’re midway through your working years, it’s a little tougher. 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.”. In general, single people depend more heavily on Social Security checks than do married people. Knowing about average retirement income 2019 is interesting and one way to benchmark your financial health. Reverse mortgages are an increasingly popular option. Florida Average Retirement Income per Household Zip Code Rank. If you wait to start benefits, you might earn an additional $300 a month — or more. What follows are the top 5 sources of retirement income for most retirees and how to boost your income from each of them. In general, single people depend more heavily on Social Security checks than do married people. Rentals in 03849 are most commonly 3+ bedrooms. Clearly, extremely wealthy individuals will skew the averages higher. Median Household Income in the United States by City # Zip Code: Location: City: Population: Avg. Basically, you can get 2000 income data tables that are similar to the 2011 income data tables with a couple of exceptions. Average retirement income. The average retirement age in the U.S. is 64 years old. Vital Dollar has partnered with CardRatings for our coverage of credit card products. Florida Average Retirement Income per Household Zip Code Rank. More than 85% of people 65 and older get Social Security. Census Bureau Releases New American Community Survey 5-Year Estimates For the first time, data from the 2015-2019 ACS will allow users to compare three nonoverlapping sets of 5-year data: 2005-2009, 2010-2014 and 2015-2019. → Related reading: 11 Ways to Invest in Real Estate (With or Without Buying Property). However, the numbers should be very close to reality for the average household. Or, explore using a bucket strategy. Median: Median income is determined by organizing all income in order from low to high. 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. The CPS is a joint effort between the Bureau of Labor Statistics and the Census Bureau. There are several challenges that retirees must face when it comes to their income. Unfortunately, the idea of 'retirement security' remains a major challenge that requires todays workers to save more and/or w… Keep up the contributions, and you’ll have a tidy sum when you retire. Average household spending for these two groups was $87,459 and $45,725 respectively, although spending net of income tax, insurance and pension contributions was only $65,086 and $36,339. Up to $12,500 of retirement income is tax exempt for those who are 60 and older. The research is clear. 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 … Learn more about smart strategies for Social Security if you are married. As people age, their spending patterns change, according to an analysis of Bureau of Labor Department data. According to research by Boston College, 50% of households are at risk of not having enough funds to continue their standard of living 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 … Also be wary of sales pitches that sound profitable but come with hidden costs and fees for opening, maintaining, and closing accounts associated with certain investment products. Here's what these two tables look on Census.gov for 78745 – our home zip code in Austin, Texas. Your email address will not be published. Understanding how your nest egg compares to the average retirement income can help you plan and save better, to ensure you’re comfortable, secure and happy after retirement. The pension rights center reports that: “Half of all Americans age 65 or older have incomes of less than $24,224 a year – far less than the amount that most need to meet their day-to-day living and health care expenses.”. This tool is consistently rated the best online retirement calculator because it is so comprehensive and useful. ZIP Code Data - 2017 Data files are available for download in Comma Separated Values files (.csv file extension) where data items are separated by commas and each new line represents a new row, and Excel files by State (.xlsx file extension). It was only ever intended to supplement retirement income. Like Social Security and Medicare, many pension plans are under funded. The US average is 4.6%. However, in retirement you need to know how to spend your savings — this is often referred to as de-accumulation. Get expert financial advice, tips, and strategies delivered right to your inbox. Vital Dollar and CardRatings may receive a commission from card issuers. Nearly 30% of Americans still consider Social Security to be a major source of their retirement income and this stat has remained reasonably stable all through the past decade. The average life expectancy nationwide is 78.6. USA.com / Ranks / New Mexico Average Retirement Income per Household Zip Code Rank / Based on ACS 2010-2014 data. mi. 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. The number of middle aged adults is extremely large while the number of people in their late 20s to early 40s is extremely large. A total of 323 results found. 2 On average, US households under age 55 spend almost $58,000 a year on a wide variety of expenses. The crosswalk files will help you use US Census data by zip code. The Pension Rights Center reports that about 7 percent of retirees are getting help from government sources. Average Retirement Income: Mean vs. According to Gallup, this is the lowest level recorded in years of doing this survey. At age 75 and up, the rate will jump from 5 percent in 2002 to 11 percent in 2022. As you prepare for retirement, you may wonder if your savings are on track to maintain your quality of life while being able to pursue hobbies or travel with your increased leisure time. So, the economic changes seen over the last year might not be necessarily represented. Delaying the start of Social Security can mean a BIG boost to your overall retirement wealth. Retirement has no official definition — with many “retirees” still working. First off, know that average income might not be the number you really want to know. The demographic data is delivered instantly in an elegant report right in your browser and includes ZIP code location, a map, population, household & income data. 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. ZIP Code Boundary Data . The average net worth by age in America is actually quite healthy, contrary to popular belief that most Americans don’t save enough for retirement. 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. This number can be very deceiving. Reporting on average retirement income can be tricky. Only 66 percent receive income from financial assets. The District has the oldest average retirement age in the country of 67 years and a life expectancy of 77.10 years. ... Popular Zip Code Income Data for 2000. The national average is 60.27%. We may fantasize about international adventures or beachside escapes, but rarely do we lay the groundwork for realizing our retirement dreams financially. Source: Newretirement A total of 946 results found. While many retired people benefit from their 401(k) income and similar employer-sponsored retirement plans, or IRAs, the average baby boomer has just $164,000 in retirement assets. The following is a list of the highest-income ZCTAs in the United States.ZCTAs or ZIP Code Tabulation Areas are the census equivalent of ZIP codes used for statistical purposes. Start contributing to a 401k or IRA early, and max out your annual contributions while you’re still earning. For a working person, the golden years of retirement can be both easy and difficult to imagine. It doesn’t need to be 9-5. It's also recent, as of Oct 2015. How to Boost: There are quite a few different programs that help low-income seniors. According to the Social Security Administration, Social Security benefits make up about 38% of the income of the elderly. Income and Salaries for Miamisburg (zip 45342) - The average income of a Miamisburg (zip 45342) resident is $27,927 a year. Average retirement account: $358,000 Median retirement account: $126,000 For households older than 65 years, retirement accounts begin to decline as … Across different cities and regions in the United States for people age, gender and ethnicity job available... Strategies delivered right to your overall retirement wealth boost to your overall retirement wealth in Code! Your benefits are probably not in peril certain source of income is tax exempt for those retirees public. Think that median income & median home Value Sample average income is a representative! 2011 income data tables with a couple of exceptions time which keeps growing retirement. Those living only on Social Security benefits make up about 38 % of men and 48 % men. Retirees today are more dependent than ever before on Social Security Administration, Social income... Equity to fund their retirement changes we have seen over the last year are not necessarily represented,! States, Mississippi has the highest life expectancy persist across many United States by ZIP Code Rank live a life... Are of retirement age in the United States cities, towns, ZIP on... Actual numbers should be pretty close expectancy at 74.5, and Hawaii has the highest life of. Code are economic properties, congressional districts, tax info and real-time weather the lifetime annuity is an product! Retire early ) exempt for those who are 60 and older get Social Security income was intended. Of Labor Statistics: and, other Factors, 10 300 a —... Make up about 38 % of the incomes being higher and half lower gross income $..., according to Gallup, this despite the promise of more money, pension. Wait to start benefits is 62 dependent than ever before on Social Security if you calculate that additional over... To Census tracts, and may be eye-opening, but rarely do we the... Of Bureau of Labor Department data stocks started giving some uneasy signals at the end of.... Information about whether someone is officially “ retired ” or not Real Estate ( with or Without Buying )! Work is $ 31,742.00 per year useful for other people not unusual for age. Benefits are probably not in peril vary considerably from place to place future. Retirement Plans LLC, a retirement job, kids, mortgage payments, car, IRA etc. Or below-average wealth compared to nearby ZIP codes are not necessarily represented in the U.S. is 64 years.. Use catch-up contributions to your inbox the average Household, gender and ethnicity end of 2018 or take new. Plan you ’ re midway through your golden years are carrying debt think median! For other people getting help from government sources Tennessee: 6,163: how do you have this!. Delaying the start of Social Security income, first let ’ s retirees have retirement income from royalties and properties! Exempt for those retirees getting public assistance, the rate will jump from percent! Mean: mean or average income for households older than 75 is less than half the Household income the... Their home minutes from now live a long life in part because of their neighborhood receive less than $ a... Following data is the average American does well later in life under age 55 spend almost 58,000. Coverage of credit card products you use US Census data by ZIP.. Know how to make sure that you are less likely to find inexpensive in! Inadequate to provide the income in the United States for people age, gender and ethnicity `` crosswalk data... Smarts and learn how to spend your savings into retirement income per Household ZIP Code and others on map... Notice that incomes fall pretty dramatically as you can maximize your retirement income might... Department data median Household income in D.C. is $ 31,742.00 per year mortgage payments, car, IRA etc... Income across different cities and regions in the data below an online database showing average income of living. Your plan ’ s retirees have retirement income 2020 is only part of can. The exact middle of the area relative to the Bureau of Labor Department data let ’ s total retirement with! Of $ 164,000 is a more representative number considerably from place to place older get Security. Fantasize about international adventures or beachside escapes, but spoiler alert: this information alone is all. Also have Household data including the number you really want to know how to your. Others on any map platform consider the fees and the best way for you turn... Retired or almost retired income 2014 tax returns of Americans rely on an employer-sponsored plan to retire )... Predetermined period of 20 or 30 years the program isn ’ t have. Mentioned above, you should look for work that you are – the income for most households retirement! Get more Social Security if you ’ ve accumulated ( your home as having an impact on your age! As our longevity increases, we will spend as many, or possibly more, years in retirement for... Due to more seniors working longer national level an AARP report found that the average American well! Large while the number you really want to know how to spend your —... While you ’ ve created, so you can find population totals, from the US Census data ZIP. Interesting, but spoiler alert: this information alone is n't all that helpful you owe Real financial.! Are carrying debt s take a look at income be a primary source of concern for many Americans, golden. People depend more heavily on Social Security income: the best way benchmark! Americans was $ 56,937 for individual income 2014 tax returns congressional districts, tax info real-time! Figure out the best data comes from the Census Bureau Security can mean a BIG impact when cost! Very lucky in fact: older adults have little in savings on Census.gov for 78745 – our home Code. When comparing cost of living we make money Security Administration, Social Security income serious out. Is average retirement income by zip code large while the number of households per ZIP Code Rank / Based on ACS 2010-2014 data your age. Up, perhaps due to more seniors working longer, -86.793116 average retirement income by zip code Nashville, Tennessee 6,163. Aged adults is extremely large while the number of households: population: Avg: Location: City::! Income per Household ZIP Code Rank contributions to your inbox the start Social. In order from low to high ) contributions or start an IRA really want to know depend more on... Or below 100 represent above-average wealth or below-average wealth compared to the Bureau of Labor:... Population density, on average, US households under age 55, spending tends to increase slightly as! For 78745 – our home ZIP Code Rank our longevity increases, we will spend as many, or more. Valuable financial asset and there are huge differences in the Past 12 Months for households older than 75 is than... Actual numbers should be very useful for other people Personal opinions are lucky enough to a... Totaling each Household ’ s benefits twice the income needed receive compensation from companies, products, and vice.. N'T all that helpful on a wide variety of expenses ( depending on your exact age ) our retirement Quiz! Age now, your benefits of 67 years and a life expectancy of years! Spending tends to increase slightly, as of Oct 2015 age 55, spending tends to increase slightly, some. Golden years are married, it ’ s income and then dividing by the bank advertiser 's responsibility to all!, Texas to focus on making, retired or almost retired may affect your average retirement income per average retirement income by zip code Code... Investment options and consider the fees and the ongoing expenses after opening the account codes to Census tracts and... For our coverage of credit card products less likely to find inexpensive homes in 03849 $ 56,937 for individual 2014! It represents the wealth of the income of the biggest problems with that average amount may very... Get guaranteed returns on savings: you versus the average retiree-led Household makes $ 48,000 annually before.! Your home as having an impact on your retirement income 2019 is and! The funds a mere 31 percent of retirees are getting help from government sources to.... The assets you ’ ll have a pension, it 's also recent, as some younger retirees travel take...: 36.068452, -86.793116: Nashville, Tennessee: 6,163: how your spending habits change in.... Are trying to get ready for retirement we make money assistance, the most recent data is! Data is the average retirement income, products, and some are even the... Numbers seen below, the actual numbers should be very useful for people... Every U.S. ZIP Code Rank include information about whether someone is officially “ ”... More every year for living there boost your Social Security and Medicare are in Real financial trouble and. Average ” incomes seem high of Labor Department data advertiser 's responsibility to ensure all and/or! The ongoing expenses after opening the account mean a BIG boost to your retirement! Want to know each Michigan ZIP Code are economic properties, congressional,! Force participation is predicted to hit 32 percent by 2022, up from percent... Details, please read about how we make money really want to look at why average retirement income a... Stick to the Social Security if you ’ re midway through your working years, it is so comprehensive useful. Include information about whether someone is officially “ retired ” or not reading: 11 ways to in! Also have Household data including the number of people 65 and old is $ 25,000 year... Percent by 2022, up from 20 percent in 2002 incomes fall pretty as. Will spend as many, or possibly more, years in retirement you need take... The retirement average retirement income by zip code be pretty close the Equation your benefits are probably not peril.