Maryland is the top state for retirement income with a mean of $32,199, according to a study conducted by GOBankingRates. Rounding out the top three are California and Virginia, with mean retirement incomes of $30,242 and $29,972, respectively.
Indians ranks last among all states with a mean income of only $18,119 while West Virginia follows closely with a low $18,159 average. Arkansas ranks third-to-last with mean retirement income of $19,576. The study compared income from sources like pensions, 401(k), and Social Security across states. CNBC’s Patrick Graham reports:
The study found that retirees in the three richest states collect nearly $20,000 a year in Social Security benefits, while those in the bottom three bring in less than $17,000. In fact, Indiana retirees were dead last in Social Security income, collecting barely more than $16,000 a year.
The poorer states in terms of retirement income are clustered in the Rust Belt and Deep South, Graham reports, while richer states are spread throughout the Northeast and west of the Rockies.Read More