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Social Security and Retirement Income Are Highest in These Cities – 2024 Study

Published on
Written by Jaclyn DeJohn, CFP®
Edited by Arturo Conde, CEPF®
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Depending on employment and investment returns, the size of a retirement nest egg will look different for everyone. The number of work years, salary and retirement age will impact Social Security benefits. Meanwhile, both worker and employer contributions, investment allocations and timing will determine the value of retirement accounts like 401(k)s, IRAs and pension payouts. Additionally, average retirement income will vary from place to place, which could indicate where retirees may live most comfortably.

With this in mind, SmartAsset ranked 345 of the largest U.S. cities according to the mean retirement incomes for seniors, including from retirement accounts and Social Security benefits. 

Key Findings

  • DC-area retirees have the highest incomes. Arlington, VA has the highest- paid retirees with a mean income of $90,140. Alexandria, VA ranks fifth overall with an average of $77,952, and Washington, D.C. ranks eighth overall with an average retirement income of $75,088. Most of this is due to higher income from pensions, IRAs and other retirement accounts, rather than Social Security payments. 
  • The average retirement income for large U.S. cities is $52,723. Between retirement accounts and Social Security benefits, retirees’ average income is significantly lower than the median U.S. household income of $74,580.
  • Ann Arbor, MI retirees have the largest Social Security benefits at $30,428 per year. This helps Ann Arbor reach a 12th overall ranking for the highest retirement income. Carmel City, IN, which ranks 29th overall, is the only other city where retirees average over $30,000 annually in Social Security benefits ($30,069).
  • Retirees rely on Social Security most in Lewisville, TX. More than 54.4% of retiree income in Lewisville comes from Social Security, with an average annual benefit of $23,880. This is compared to an average of $20,006 from retirement accounts like IRAs, 401(k)s and pensions. Retirees also depend on Social Security for more than half of their retirement income in 13 other cities including: Spring Hill, FL; South Bend, IN; Kansas City, KS; and Spokane, WA.

Top 10 Cities With the Highest Total Retirement Income

  1. Arlington, Virginia
    • Total income: $90,140
    • Income from pensions, IRAs, and other retirement accounts: $65,844
    • Social security income: $24,296
    • Social Security as a part of total retirement income: 27.0%
    • Number of people aged 65 or over: 27,765
    • Percent of population 65 or older: 11.9%
  2. Cambridge, Massachusetts
    • Total income: $79,563
    • Income from pensions, IRAs, and other retirement accounts: $51,344
    • Social security income: $28,219
    • Social Security as a part of total retirement income: 35.5%
    • Number of people aged 65 or over: 16,408
    • Percent of population 65 or older: 13.8%
  3. The Woodlands, Texas
    • Total income: $79,539
    • Income from pensions, IRAs, and other retirement accounts: $51,878
    • Social security income: $27,661
    • Social Security as a part of total retirement income: 34.8%
    • Number of people aged 65 or over: 21,094
    • Percent of population 65 or older: 17.9%
  4. Berkeley, California
    • Total income: $78,949
    • Income from pensions, IRAs, and other retirement accounts: $55,317
    • Social security income: $23,632
    • Social Security as a part of total retirement income: 29.9%
    • Number of people aged 65 or over: 17,834
    • Percent of population 65 or older: 15.0%
  5. Alexandria, Virginia
    • Total income: $77,952
    • Income from pensions, IRAs, and other retirement accounts: $51,409
    • Social security income: $26,543
    • Social Security as a part of total retirement income: 34.1%
    • Number of people aged 65 or over: 20,651
    • Percent of population 65 or older: 13.3%
  6. Highlands Ranch, Colorado
    • Total income: $77,458
    • Income from pensions, IRAs, and other retirement accounts: $50,025
    • Social security income: $27,433
    • Social Security as a part of total retirement income: 35.4%
    • Number of people aged 65 or over: 15,181
    • Percent of population 65 or older: 14.6%
  7. Naperville, Illinois
    • Total income: $75,245
    • Income from pensions, IRAs, and other retirement accounts: $48,262
    • Social security income: $26,983
    • Social Security as a part of total retirement income: 35.9%
    • Number of people aged 65 or over: 23,253
    • Percent of population 65 or older: 15.7%
  8. Washington, District of Columbia
    • Total income: $75,088
    • Income from pensions, IRAs, and other retirement accounts: $54,266
    • Social security income: $20,822
    • Social Security as a part of total retirement income: 27.7%
    • Number of people aged 65 or over: 87,354
    • Percent of population 65 or older: 13.0%
  9. Carlsbad, California
    • Total income: $74,345
    • Income from pensions, IRAs, and other retirement accounts: $49,515
    • Social security income: $24,830
    • Social Security as a part of total retirement income: 33.4%
    • Number of people aged 65 or over: 19,137
    • Percent of population 65 or older: 16.8%
  10. Thousand Oaks, California
    • Total income: $73,634
    • Income from pensions, IRAs, and other retirement accounts: $48,096
    • Social security income: $25,538
    • Social Security as a part of total retirement income: 34.7%
    • Number of people aged 65 or over: 25,136
    • Percent of population 65 or older: 20.2%

Top 10 Cities With the Highest Social Security Income

  1. Ann Arbor, Michigan
    • Total retirement income: $72,108
    • Income from pensions, IRAs, and other retirement accounts: $41,680
    • Social security income: $30,428
    • Social Security as a part of total retirement income: 42.2%
    • Number of people aged 65 or over: 14,303
    • Percent of population 65 or older: 11.9%
  2. Carmel, Indiana
    • Total retirement income: $66,232
    • Income from pensions, IRAs, and other retirement accounts: $36,163
    • Social security income: $30,069
    • Social Security as a part of total retirement income: 45.4%
    • Number of people aged 65 or over: 15,914
    • Percent of population 65 or older: 15.7%
  3. Goodyear, Arizona
    • Total retirement income: $63,794
    • Income from pensions, IRAs, and other retirement accounts: $34,637
    • Social security income: $29,157
    • Social Security as a part of total retirement income: 45.7%
    • Number of people aged 65 or over: 19,868
    • Percent of population 65 or older: 18.8%
  4. Cambridge, Massachusetts
    • Total retirement income: $79,563
    • Income from pensions, IRAs, and other retirement accounts: $51,344
    • Social security income: $28,219
    • Social Security as a part of total retirement income: 35.5%
    • Number of people aged 65 or over: 16,408
    • Percent of population 65 or older: 13.8%
  5. Allen, Texas
    • Total retirement income: $61,038
    • Income from pensions, IRAs, and other retirement accounts: $33,303
    • Social security income: $27,735
    • Social Security as a part of total retirement income: 45.4%
    • Number of people aged 65 or over: 13,321
    • Percent of population 65 or older: 11.9%
  6. Sugar Land, Texas
    • Total retirement income: $69,904
    • Income from pensions, IRAs, and other retirement accounts: $42,179
    • Social security income: $27,725
    • Social Security as a part of total retirement income: 39.7%
    • Number of people aged 65 or over: 20,828
    • Percent of population 65 or older: 19.0%
  7. The Woodlands, Texas
    • Total retirement income: $79,539
    • Income from pensions, IRAs, and other retirement accounts: $51,878
    • Social security income: $27,661
    • Social Security as a part of total retirement income: 34.8%
    • Number of people aged 65 or over: 21,094
    • Percent of population 65 or older: 17.9%
  8. Highlands Ranch, Colorado
    • Total retirement income: $77,458
    • Income from pensions, IRAs, and other retirement accounts: $50,025
    • Social security income: $27,433
    • Social Security as a part of total retirement income: 35.4%
    • Number of people aged 65 or over: 15,181
    • Percent of population 65 or older: 14.6%
  9. Olathe, Kansas
    • Total retirement income: $54,140
    • Income from pensions, IRAs, and other retirement accounts: $26,989
    • Social security income: $27,151
    • Social Security as a part of total retirement income: 50.1%
    • Number of people aged 65 or over: 21,475
    • Percent of population 65 or older: 14.7%
  10. Fishers, Indiana
    • Total retirement income: $61,580
    • Income from pensions, IRAs, and other retirement accounts: $34,447
    • Social security income: $27,133
    • Social Security as a part of total retirement income: 44.1%
    • Number of people aged 65 or over: 10,689
    • Percent of population 65 or older: 10.5%

Data and Methodology

To find the places where retirees have the highest income and Social Security benefits, we examined data for 345 of the largest U.S. cities, including:

  • Average retirement income. This is all income which comes from retirement accounts such as pension plans, annuities, IRA plans, or 401(k)s. Data comes from the U.S. Census Bureau’s 2022 1-year American Community Survey.
  • Average Social Security retirement income. This includes Social Security pensions and survivors benefits and permanent disability insurance payments made by the Social Security Administration. Data comes from the U.S. Census Bureau’s 2022 1-year American Community Survey.

Questions about our study? Contact us at press@smartasset.com

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