A new analysis by life insurance company, Coventry Direct looked at retirement income by state. Retirement finances may seem like a scary thing, but it doesn’t mean the end of an income for most people. There are things like social security and pension plans that provide some funds for retirees.
But retirement income differs for each person based on their career, investments, and where they live.
Coventry Direct says they used U.S. Census Bureau data to get a full breakdown of what retirement income looks like in every state. From the data, they found that retirees in D.C. brought in the most retirement income per household in 2019, with an average of $43,601. Alaska was not too far behind with an average of $39,214.
On the other side of the spectrum, retirees in Indiana might be struggling. Indiana finished last in the country, with retirees only receiving $20,521 per household, which is nearly 28% below the national average.
The analysis also looked at how much total income retirees in every state were receiving. In 2019, retirees received over $850 billion in income, that averages out to about $16.7 billion per state. On a state-by-state level, more populated states like California, Florida, and New York lead the way with retirement income, with California finishing at the top with almost $100 billion all by themselves, well clear of second-place Florida’s $62 billion.
They found that the South received more retirement income than any other part of the country, and by a substantial amount. Southern retirees received nearly $100 trillion more than the next closest region, which was the West.
If you have ever wondered how much money retirees in your state are pulling in, check out the full analysis.