Social Security and retirement incomes are highest in these US cities

(News Nation) — Washington DC area retirees are the most retirement According to a new survey, the country has the highest income.

of analysis Residents of Arlington, Virginia, had the highest average retirement income at $90,140, ​​according to SmartAsset’s research. Cambridge, Massachusetts ($79,563) and The Woodlands, Texas ($79,539) came in second and third.

Of the 345 largest metros analyzed, three of the top eight were in the Washington, D.C., area. Most of that was due to soaring pension, IRA and other retirement accounts, not Social Security, the report noted.

Several California cities made the top 10, including Berkeley ($78,949), Carlsbad ($74,345) and Thousand Oaks ($73,634). Highlands Ranch, Colorado, and Naperville, Illinois, also ranked highly, with retirement incomes exceeding $75,000.

The city’s total was calculated using U.S. Census data and includes all income from retirement accounts such as pension plans, IRAs and 401(k)s, as well as Social Security income. “Retirees” refers to people age 65 and older.

Retirement plans like 401(k)s and IRAs make up the bulk of most people’s retirement income, and high stock prices have helped. Elevate them It’s been balanced lately.

Last quarter, the number of retirement account millionaires reached a record high of 485,000, up 15% from the previous quarter and 43% from a year ago. New Data From Fidelity.

Individuals in this group had been participants in their 401(k) plan for an average of 26 years and had an average contribution rate of 17%.

But such accounts are uncommon, making up just 2% of Fidelity’s roughly 24 million defined-contribution accounts. Bloomberg reported.

Instead, SmartAsset’s city analysis suggests that most retirees are living on much less than the typical American household.

Across the metropolitan areas, the average retirement income is $52,723, well below the median household income of $74,580. Economic anxiety Many people feel this way today.

“You look at your 401(k) plan and your savings, and you start withdrawing $100 here and $50 there to make ends meet, and before you know it, you’re out of money,” said Shari Evans Buford, a Florida retiree. He told NewsNation.

be Recent AARP SurveyOne in five Americans over the age of 50 has no savings for retirement, and nearly two-thirds worry they won’t have enough money to get by.

The average person believes they need $1.46 million to retire comfortably, but savers have only put aside an average of $88,400. Northwestern Mutual Survey found.

As a general guideline, Faithfulness suggests By age 67, you should have saved 10 times your pre-retirement income to maintain your current lifestyle.

but, inflation It is eating into Americans’ budgets and hurting many retirees. More than 12%and came out of retirement this year.

Financial educator Shinobu Hindert said other retirees were taking a “soft retirement” approach, reducing their hours but continuing to work to earn benefits.

“They’re not dropping out of the labor market completely, but they’re finding part-time work that offers them additional health insurance,” Hindert told NewsNation.American Morning“

The SmartAsset report suggests that Social Security will be the main source of income for many: In 14 cities surveyed, residents rely on Social Security for more than half of their retirement income, including residents of Brownsville, Texas, South Bend, Indiana, and Spokane, Washington.

In dollar terms, Ann Arbor, Michigan had the highest Social Security income for retirees at $30,428, followed by Carmel, Indiana ($30,069) and Goodyear, Arizona ($29,157).

according to Federal DataThe average Social Security benefit for retired workers was $1,915 per month in April, though the amount varies based on how long they worked, how much they earned and when they began receiving benefits.

This year, on average Approximately 68 million people By 2035, the number of Americans over 65 who will receive monthly Social Security benefits is expected to reach 75 million.