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Maryland, California and Virginia have the highest retirement income

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Still from “The Golden Girls”: Estelle Getty as Sophia Petrillo, Bea Arthur as Dorothy Petrillo Zbornak, Rue McClanahan as Blanche Devereaux, Betty White as Rose Nylund

Maryland holds the No. 1 spot as the state the place retirees have the highest imply retirement income: $32,199, a examine has discovered.

Ranking final is Indiana, whose retirees pull in solely $18,119 for his or her golden years, in accordance with GOBankingRates, which performed the examine.

Rounding out the prime three behind Maryland are California and Virginia, with respective retirement incomes of $30,242 and $29,972.

West Virginia barely beat out Indiana for second-to-last place. The Mountain State’s retirees usher in $18,159, adopted by Arkansas at $19,576.

To create its take a look at the wealthy state-poor state retirement divide, the web site in contrast income from sources akin to pensions and 401(ok) plans in addition to Social Security for Americans age 65 or older.

The examine discovered that retirees in the three richest states acquire practically $20,000 a yr in Social Security advantages, whereas these in the backside three usher in lower than $17,000. In reality, Indiana retirees have been useless final in Social Security income, amassing barely greater than $16,000 a yr.

Overall, the poorest states are clustered in the Rust Belt and Deep South. In distinction, the richest states have been these in the Northeast and west of the Rockies.

So what’s driving these massive retirement income variations between the states?

Retirement specialists say the hole between wealthy and poor might stem from entry to well-paying jobs, akin to these in the federal authorities, which can clarify the prime rankings of Maryland and Virginia.

But David John of AARP’s Public Policy Institute mentioned the disparity could also be a telling indication that many Americans merely didn’t save sufficient for retirement after they have been working. “We know that one of the big reasons is that 55 million Americans don’t have access to workplace retirement savings plans,” he mentioned.

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About Virgie Powell

Virgie B. Powell writes for Reiterment Planning and Tax Advice sections in AmericaRichest.

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