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Share

The 10 states where retirement incomes are skimpiest

Jill Cornfield @jill_cornfield
May 25, 2016  in  Retirement

1 of 11

States where retiree incomes are skimpiest | bklyngrl/Moment/Getty Images
States where retiree incomes are skimpiest

bklyngrl/Moment/Getty Images

Older Americans in most parts of the country are struggling to afford retirement. A widely accepted rule of thumb is that seniors need at least 70% of their pre-retirement income to live comfortably after their working years, but a Bankrate analysis of median income data from the U.S. Census Bureau’s American Community Survey finds that only retirees in Hawaii, Alaska and South Carolina are reaching that goal.

These states were lowest for income replacement in retirement, counting down to the state ranked last.

ADVISER SEARCH: Find a financial adviser today.

The Bankrate Daily

2 of 11

New York | Image Source/Getty Images
New York

Image Source/Getty Images

Income replaced in retirement: 56.05%

Median income:

  • After retirement age: $39,278
  • Before retirement: $70,076

Source: U.S. Census Bureau 2014 American Community Survey (the most recent)

3 of 11

Rhode Island | Lyle Vincent/Moment Open/GettyImages
Rhode Island

Lyle Vincent/Moment Open/GettyImages

Income replaced in retirement: 55.77%

Median income:

  • After retirement age: $38,391
  • Before retirement: $68,843

4 of 11

Wisconsin | Steve Smith/Blend Images/GettyImages
Wisconsin

Steve Smith/Blend Images/GettyImages

Income replaced in retirement: 55.75%

Median income:

  • After retirement age: $36,606
  • Before retirement: $65,665

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5 of 11

Pennsylvania | Zave Smith/Image Source/GettyImages
Pennsylvania

Zave Smith/Image Source/GettyImages

Income replaced in retirement: 55.32%

Median income:

  • After retirement age: $36,415
  • Before retirement: $65,822

6 of 11

New Hampshire | pchoui/E+/Getty Images
New Hampshire

pchoui/E+/Getty Images

Income replaced in retirement: 54.34%

Median income:

  • After retirement age: $43,069
  • Before retirement: $79,256

7 of 11

Connecticut | Image Source/Getty Images
Connecticut

Image Source/Getty Images

Income replaced in retirement: 53.33%

Median income:

  • After retirement age: $46,216
  • Before retirement: $86,666

8 of 11

Minnesota | Kathy Quirk-Syvertsen/DigitalVision/Getty Images
Minnesota

Kathy Quirk-Syvertsen/DigitalVision/Getty Images

Income replaced in retirement: 53.03%

Median income:

  • After retirement age: $40,041
  • Before retirement: $75,500

9 of 11

New Jersey | Blend Images - Jose Luis Pelaez Inc/Getty Images
New Jersey

Blend Images – Jose Luis Pelaez Inc/Getty Images

Income replaced in retirement: 51.95%

Median income:

  • After retirement age: $46,170
  • Before retirement: $88,866

10 of 11

North Dakota | Jupiterimages/Stockbyte/GettyImages
North Dakota

Jupiterimages/Stockbyte/GettyImages

Income replaced in retirement: 48.99%

Median income:

  • After retirement age: $37,196
  • Before retirement: $75,931

11 of 11

Massachusetts | Meg Haywood-Sullivan/GettyImages
Massachusetts

Meg Haywood-Sullivan/GettyImages

Income replaced in retirement: 48.22%

Median income:

  • After retirement age: $41,489
  • Before retirement: $86,036
Related Links:
  • Meet 3 ordinary people with bigger-than-usual retirement savings
  • Bankrate study: Seniors’ incomes in 47 states don’t go far enough
  • Woman with 2 ex-husbands seeks best Social Security deal
Related Articles:
  • Taxing survivors benefits
  • Living to 100 or longer
  • Pay debts from trust

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