Average Retirement Income in the U.S.

Planning for retirement is a crucial part of long-term financial security. Understanding retirement income across the U.S. shows how financially prepared people are and what they can expect to earn later in life.

Retirement income varies widely by age, state, gender, and marital status, with some households living comfortably on six-figure incomes while others rely on far less. 

Social Security provides the foundation for most retirees, but pensions, savings, and part-time work also contribute. In this article, we break down the latest retirement income statistics by state, household, and individual to illustrate how income levels vary in later life.

Key statistics

• According to the 2024 Current Population Survey Annual Social and Economic Supplement (CPS-ASEC), the average retirement income (total income at retirement age) was $83,950 across all sources of income, including wages, Social Security, pensions, and investments.[1]
• In 2023, adults 65 to 74 reported a median annual income of $61,830, while those between 75 and over reported $45,440, highlighting the decline in income as retirees age.[1]
• Retirement income varies significantly by state, with household incomes ranging from $43,080 in the District of Columbia to $20,542 in Indiana, according to 2022 data from pensions, retirement accounts, and annuities.[1]
• Retirement savings increase with age, with the median balance peaking at $89,716 for those 55–64. It then declines to $87,725 for those 65 and over, even as the average balance rises to nearly $280,000.[1]
• Marital status has an impact on retirement income, as married couples 65 and over had a median annual income of $76,490 in 2022, more than twice the $30,160 reported by unmarried individuals.[2]
• Gender disparities remained pronounced in 2021, with women 66 and older receiving 32.6% less in combined retirement income than men, and additional gaps in Social Security benefits (24.7%) and pensions (18.7%).[3]
• Social Security is the most common source of retirement income, with 83% of adults 65 and older receiving benefits in 2022, followed by income from assets (69%), pensions (30%), and continued earnings from work (23%).[2]

Average income at retirement age in the U.S.

The average retirement income in the U.S. is $83,950 for all those over 65 years old, according to the 2024 Current Population Survey Annual Social and Economic Supplement (CPS-ASEC). The median income for the same age group is $54,710, allowing for a clear reflection without anomalies (such as high or low income data) skewing the figures. 

These figures represent the total income from all sources for adults 65 and older, which may include wages, Social Security benefits, pensions, and investment income.[1]

Retirement income by state

Retirement income varies widely across the country, and Census Bureau data compiled by Wisevoter shows the average household retirement income is $27,617 per year. These figures are based only on pensions, retirement accounts, and annuities, excluding Social Security and wages, which is why they are lower than the broader national totals for individuals. 

At the top end, the District of Columbia reports an average of $43,080 per household ($3,590 per month), while Indiana has the lowest income at $20,542 ($1,712 per month).[4]

Source: [4]

States with the highest retirement incomes

The District of Columbia leads with household retirement income of $43,080 per year, or $3,590 per month. Other states reporting higher retirement incomes include Alaska ($36,023), Maryland ($35,732), Virginia ($35,306), and California ($34,737).[4] These states tend to have higher costs of living, meaning the larger reported incomes do not always translate into greater financial comfort for retirees.[5]

States with the lowest retirement incomes 

At the other end of the scale, Indiana reports the lowest household retirement income at $20,542 per year, or about $1,712 per month. Other states with lower incomes include West Virginia ($21,118), Arkansas ($21,967), Iowa ($22,308), and Kansas ($23,294).[4] While these figures are well below the national household average of $27,617, many of these states also have lower costs of living, which can help offset smaller retirement incomes.[5]

Income at retirement age

Retirement income changes with age, but these figures reflect all sources of income, not just pensions or retirement accounts. Census data shows that adults 65 to 74 have a median income of $61,830 per year, or approximately $5,152 per month, while those 75 and older report a median income of $45,440, or roughly $3,786 per month.

The totals may include wages, Social Security, pensions, withdrawals from retirement accounts, and other forms of income, such as dividends or rental payments. 

On average, incomes are higher when measured by the mean, at $83,950 for individuals 65 and over. For more specific age groups, the figures are $94,440 for individuals 65 to 74 and $69,710 for those 75 and over; however, these figures may be skewed by a smaller number of high earners.[1]

Source:[1]

Average retirement balances by age group

Savings grow with age, meaning that older individuals are more likely to have accumulated more savings for their retirement. Savings rise steadily with each age group, reflecting the impact of years of contributions.

Those under 25 years of age typically hold a median of just $1,786. This amount rises to $14,068 between the ages of 25 and 34 and $36,117 between the ages of 35 and 44. Balances climb more sharply in midlife, reaching a median of $61,530 for those 45-54, the biggest increase between age groups. 

The largest median ($89,716) is for those between 55 and 64, and the pattern then shifts, with those 65 and above seeing a smaller median balance. With that said, the average balance continues to rise as the age groups increase.[1]

Source: [1]

Retirement income by marital status

According to the latest data collected in 2022, married couples 65 and over reported a median annual income of $76,490, more than twice the $30,160 reported by unmarried individuals. These differences are expected, as the figures for married couples reflect combined household income, while the amounts for nonmarried individuals represent single-person incomes. Illustratively, that equates to $38,245 a year per married person, a significant amount more ($8,245) than those who aren’t married. 

Within that group, unmarried men report an average of $32,220, while unmarried women report an average of $27,350. The gap highlights how dual incomes and shared resources can enhance financial security for couples, as opposed to single retirees.[2] 

Source: [2]

Gender gap in retirement income

Women face a persistent gap in retirement income compared to men, reflecting differences in lifetime earnings. Women 66 and older receive 32.6% less in combined retirement income (pensions, defined contribution accounts, and social security) than men. The disparities also extend to Social Security benefits, pensions, and account balances.[3]

Source:[3]

Older adults’ income by source

Retirement income can come from various sources, including pensions, Social Security, assets, earnings, and other forms of income.

In 2022, the majority (83%) of people aged 65 or older received Social Security benefits, making it the most common source of retirement income, followed by assets (stocks, bonds, and real estate). Pensions were reported as the third most common source of retirement income, with almost a third of the population receiving some form of pension or retirement plan.[2]

Source: [4]

Sources

1. U.S. Census Bureau. “Table HINC-02. Age of Householder — Households, by Total Money Income, Type of Household, Race, and Hispanic Origin of Householder.” Accessed on October 15, 2025.
2. Pension Rights Center. “Sources of Income for Older Adults.” Accessed on October 1, 2025.
3. Institute for Women’s Policy Research (IWPR). “Retirement Income Gap Quick Figure 2024,” Accessed on October 15, 2025.
4. Wisevoter. “Average Retirement Income by State.” Accessed on October 1, 2025.
5. Pension Rights Center. “Income Received by Different Groups.” Accessed on October 1, 2025.