Retirement income statistics: what is the average retirement income in the US? 

1 min readLast updated February 28, 2024by Unbiased team

Discover what the average retirement income is from state to state, looking at factors such as inflation, Social Security benefits, average wages, cost of living increases, and more.


  • The average income from retirement in the US is $27,617. However, the averages vary significantly from state to state. 

  • Over 50% of Americans believe they are not saving enough to retire comfortably. 

  • Most Americans supplement their retirement income with personal savings. 

  • Rising inflation is challenging the way US retirees approach retirement. 

What is the average retirement income by state? 

The average income from retirement in the United States is $27,617 - but this can drastically vary depending on location.  

The average retirement income varies by state, with Washington, New York, and Maryland among the top.  

Let’s take a look at each state’s average income:  

StateAverage retirement income
Alabama $24,896
Alaska $36,023
Arizona $28,725
Arkansas $21,967
California $34,737
Colorado $32,379
Connecticut $32,052
Delaware $31,283
District of Columbia $43,080
Florida $30,158
Georgia $27,961
Hawaii $32,294
Idaho $24,752
Illinois $31,223
Indiana $20,542
Iowa $22,308
Kansas $23,294
Kentucky $24,419
Louisiana $26,512
Maine $25,545
Maryland $35,732
Massachusetts $31,198
Michigan $24,389
Minnesota $26,385
Mississippi $23,347
Missouri $24,125
Montana $25,463
Nebraska $23,821
Nevada $31,171
New Hampshire $26,395
New Jersey $30,660
New Mexico $29,707
New York $30,326
North Carolina $25,324
North Dakota $23,347
Ohio $26,316
Oklahoma $23,963
Oregon $28,565
Pennsylvania $24,392
Rhode Island $27,118
South Carolina $26,227
South Dakota $24,020
Tennessee $23,715
Texas $27,471
Utah $28,632
Vermont $24,870
Virginia $35,306
Washington $29,351
West Virginia $21,118
Wisconsin $25,378
Wyoming $26,465

Where does the majority of retirement income come from for retirees? 

Retirement income can come from different sources, typically Social Security, government pensions, annuities, Roth accounts, or personal savings. However, according to Statista, two-thirds of Americans expect their main source of retirement income to come from Social Security.  

Social Security benefits play a major role in how most US seniors are able to retire. In order to qualify for these benefits, citizens must earn a minimum of 40 Social Security credits, which can be earned by working and paying Social Security taxes on time.  

Meanwhile, when it comes to retirement income planning, 33% of Americans expect that their main source of income will be financed by themselves. 51% of Americans aged 71 and older expect to cover their retirement expenses with their personal savings.  

What is the average Social Security retirement benefit? 

2022 saw an 8.6% inflation impact, with the largest price increases seen in cars, food, and gasoline, making day-to-day life more difficult. This has impacted senior Americans' retirement income strategies and challenged their respective savings plans.  

There is a limit to what you can receive in relation to Social Security retirement benefits, depending on the age at which you start to receive them.  

In 2004, the average Social Security retirement benefit was $417; in 2014, this increased to $529. Every decade for the past three decades, the average Social Security retirement benefit has had to increase significantly due to inflation.  

As of 2024, the average monthly federally administered SSI payment is $1,781.63.  

Will my retirement income be enough? 

According to a Schwarb participant study, the average American with a 401(k) thinks they’ll need $1.7 million to retire, and half thought they would be able to reach this goal.  

However, most people aren’t investing enough to reach this retirement income goal.  

There are also multiple questions to consider when considering your future retirement income, including:  

  • What is a good monthly retirement income for a couple? 

  • What taxes on retirement income will you be liable for? 

  • How much money do you want to pass to your beneficiaries?  

The answer to these differ from person to person, depending on their lifestyle, dependants, and circumstances.   

A study by the Peter G. Peterson Foundation states that “labor economists attribute the increasing retirement age to a variety of factors such as improved health, changing pension and Social Security incentives, new anti-discrimination laws, evolving social norms, and new health insurance features and costs.” 

Based on the changing financial trends, overall inflation, and US retirement income statistics, seniors approaching retirement are now being prompted to cultivate more robust personal savings plans and make more diverse investments. This allows them to supplement the rising costs of living and ensure their retirement income planning will enable them to relax and remain comfortable in their senior years.  

Get expert financial advice 

The average retirement income fluctuates depending on which state you live in. But at present, the national average comes to $27,617.  

To be fully prepared for a comfortable retirement, seniors may need to rely on personal savings, government pensions, and Social Security benefits, the latter of which tends to change in relation to rising inflation rates.  

If you want to learn more about retirement planning and managing your financial affairs as you prepare to leave the workforce, Unbiased will match you with an expert financial advisor.  

Find a financial advisor now 


Unbiased team

Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.