Social Security average payments can be about $1,915 as of April 2024. However, retirees should rely on just retirement benefits. For example, they may have savings accounts or other investments.
According to Smartasset‘s latest study, Arlington (Virginia) has the highest total retirement income in the United States in 2024. In fact, the total retirement income in Arlington is $90,140, including Social Security.
Social Security income in Arlington
The Social Security income is $24,296 in Arlington. Even if this city has the highest retirement income in the USA, it is not the case now. There are other cities that have a higher SSA income.
For example, Ann Harbor (Michigan) has the highest Social Security Income. This study reveals that it is about $30,428. But which city comes after Arlington regarding the highest total retirement income?
In second place comes Cambridge (Massachusetts). Its total retirement income is worth $79,563. Cambridge also has a higher Social Security Income than Arlington with $28,219.
Social Security Income in The Woodlands
Right after Arlington and Cambridge comes The Woodlands (Texas). Its Social Security income is higher than Arlington too. It is about $27,661. In fact, retirees have a total retirement income of $79,539. So, quite similar to the one in Cambridge.
The last two cities with the highest total retirement income are Berkeley (California) and Alexandria (Virginia). Their total retirement incomes are $78,949 and $77,952 respectively.
Berkely has a smaller SSA income than Alexandria. Another interesting fact to highlight has to do with the first and the fifth position. Both cities are in the State of Virginia.
To make you retirement benefits larger, you will have to delay retirement until you are 70 and get a well-paid job. Working for a minimum of 35 years will also be essential if you do not want to get a reduction from the Administration. Currently, the largest benefit can be $4,873, up from $4,555 in 2023.