10 U.S. Cities with the Highest Retirement Income

SmartAsset study ranks 345 largest U.S. cities according to mean retirement incomes for seniors, and also breaks down by cities with highest Social Security benefits

• Washington, D.C. area boasts 3 of the top 10 (including the top spot)

• City in Michigan boasts the largest Social Security benefits at $30,428 per year

• Hialeah, Fla. has the lowest total retirement income at $33,208

As we know from the swelling ranks of Thrift Savings Plan “millionaires,” a career in the federal government can make for a very comfortable retirement. In fact, a new SmartAsset study has found that a trio of cities in the Washington, D.C. area have some of the highest retiree incomes in the country—including the city with the highest retirement income.

The SmartAsset study ranks the 345 largest U.S. cities according to mean retirement incomes for seniors, including Social Security. Retirement account income includes income from pensions, 401(k)s, IRAs, and other accounts.

Before we get down to listing the top 10 cities where total retirement and Social Security income is highest, a few nuggets from the study:

• 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 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 study notes. Many retirees in these areas had careers in the federal government, where they participated in the 401(k)-like Thrift Savings Plan. According to data from the Federal Retirement Thrift Investment Board (FRTIB), there were 116,827 TSP millionaires as of the end of 2023—a 52% increase over the 76,889 who had at least seven-figure account balances at the end of 2022.

• 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.

• Social Security highlights: Retirees in Ann Arbor, Mich., have the largest average Social Security benefits at $30,428 per year. Carmel City, Ind., 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, Texas. 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. See page 2 of this slide show for top 10 cities by Social Security income.

10 Cities with Highest Total Retirement Income

1. Arlington, Va.

• 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%

2. Cambridge, Mass.

• 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%

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%

4. Berkeley, Calif.

• 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%

5. Alexandria, Va.

• 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%

6. Highlands Ranch, Colo.

• 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%

7. Naperville, Ill.

• 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%

8. Washington, D.C.

• 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%

9. Carlsbad, Calif.

• 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%

10. Thousand Oaks, Calif.

• 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%

Next page: 10 Cities with the Highest Social Security Income