Social Security and Retirement Income Are Highest in These Cities

According to the Social Security Administration, the average annual retirement benefit nationwide is just shy of $24,000. Meanwhile, supplemental income from designated retirement accounts, such as a pension, 401(k), 403(b), or Roth or traditional IRA, averages just over an additional $30,000 annually for retirees across U.S. cities. A combined average of about $54,000 puts many retirees well below the national median household income of $80,610. However, these average retirement account and Social Security benefits pulls can vary greatly from city to city, ranging from just $33,000 to over $85,000.

With this in mind, SmartAsset ranked 344 of the largest U.S. cities based on the total average retirement income, including Social Security benefits. Annual changes in retiree income were also evaluated.

Key Findings

These three cities top the list with an average retirement income of over $85,000. Carlsbad, CA has the highest retirement income studywide at $85,442, jumping up from 9th place last year. Bellevue, WA ($85,061) has the second highest retirement income, followed by Naperville, IL ($85,055). All three cities saw double-digit growth in the average retirement income year over year.
Social Security benefits top $30,000 annually in these cities. The Woodlands, TX has the highest average Social Security retirement benefit at $31,752, followed closely by Carmel, IN at $31,736. Retirees in Cary, NC ($31,147); Naperville, IL ($30,921); Centennial, CO ($30,570); Frisco, TX ($30,393); and Highlands Rach, CO ($30,367) also have particularly high retirement income from Social Security.
The average retirement income grew most in Irving, TX. Irving saw a 43.5% increase in the average retirement income over one year, going from $42,542 in 2022 to $61,057 in 2023. Of this, an average of $37,545 comes from retirement accounts, while another $23,512 comes from Social Security benefits.
Retirees are most reliant on Social Security in these cities. Allentown, PA retirees rely most heavily on Social Security benefits with 56.1% of their income coming from this source alone. The average benefit here is also relatively low at $16,282 annually. More than half of retirement income also comes from Social Security benefits in 19 cities studywide, including Evansville, IN; Olathe, KS; Murfreesboro, TN; Arlington, TX; Billings, MT.
The average retirement income is the smallest in Hartford, CT. Accounting for income across both retirement accounts and Social Security benefits, the average retirement income in Hartford sits at just $33,949, after a 6.1% decline year over year. Elizabeth, NJ has the second lowest average retirement income at $35,265.

10 Cities With the Highest Retirement Income

Carlsbad, California

Total retirement income: $85,442
Average income from retirement accounts: $56,685
Average Social Security income: $28,757
Percent of population aged 65 and up: 18.97%
Retiree reliance on Social Security: 33.7%
Average total retirement income in 2024: $74,345
Year-over-year change: 14.9%

Bellevue, Washington

Total retirement income: $85,061
Average income from retirement accounts: $55,346
Average Social Security income: $29,715
Percent of population aged 65 and up: 14.75%
Retiree reliance on Social Security: 34.9%
Average total retirement income in 2024: $60,246
Year-over-year change: 41.2%

Naperville, Illinois

Total retirement income: $85,055
Average income from retirement accounts: $54,134
Average Social Security income: $30,921
Percent of population aged 65 and up: 15.48%
Retiree reliance on Social Security: 36.4%
Average total retirement income in 2024: $75,245
Year-over-year change: 13.0%

Arlington, Virginia

Total retirement income: $82,252
Average income from retirement accounts: $55,856
Average Social Security income: $26,396
Percent of population aged 65 and up: 12.42%
Retiree reliance on Social Security: 32.1%
Average total retirement income in 2024: $90,140
Year-over-year change: -8.8%

Sugar Land, Texas

Total retirement income: $80,901
Average income from retirement accounts: $52,946
Average Social Security income: $27,955
Percent of population aged 65 and up: 18.52%
Retiree reliance on Social Security: 34.6%
Average total retirement income in 2024: $69,904
Year-over-year change: 15.7%

Norman, Oklahoma

Total retirement income: $80,177
Average income from retirement accounts: $55,056
Average Social Security income: $25,121
Percent of population aged 65 and up: 16.91%
Retiree reliance on Social Security: 31.3%
Average total retirement income in 2024: $58,871
Year-over-year change: 36.2%

Alexandria, Virginia

Total retirement income: $79,273
Average income from retirement accounts: $53,697
Average Social Security income: $25,576
Percent of population aged 65 and up: 13.68%
Retiree reliance on Social Security: 32.3%
Average total retirement income in 2024: $77,952
Year-over-year change: 1.7%

The Woodlands, Texas

Total retirement income: $79,033
Average income from retirement accounts: $47,281
Average Social Security income: $31,752
Percent of population aged 65 and up: 16.58%
Retiree reliance on Social Security: 40.2%
Average total retirement income in 2024: $79,539
Year-over-year change: -0.6%

Boulder, Colorado

Total retirement income: $78,186
Average income from retirement accounts: $50,280
Average Social Security income: $27,906
Percent of population aged 65 and up: 12.93%
Retiree reliance on Social Security: 35.7%
Average total retirement income in 2024: $67,020
Year-over-year change: 16.7%

Carrollton, Texas

Total retirement income: $77,921
Average income from retirement accounts: $54,319
Average Social Security income: $23,602
Percent of population aged 65 and up: 13.61%
Retiree reliance on Social Security: 30.3%
Average total retirement income in 2024: $60,819
Year-over-year change: 28.1%

10 Cities With the Highest Social Security Benefits

The Woodlands, Texas

Average Social Security income: $31,752
Total retirement income: $79,033
Average income from retirement accounts: $47,281
Percent of population aged 65 and up: 16.58%
Retiree reliance on Social Security: 40.2%
Average total retirement income in 2024: $79,539
Year-over-year change: -0.6%

Carmel, Indiana

Average Social Security income: $31,736
Total retirement income: $65,087
Average income from retirement accounts: $33,351
Percent of population aged 65 and up: 13.97%
Retiree reliance on Social Security: 48.8%
Average total retirement income in 2024: $66,232
Year-over-year change: -1.7%

Cary, North Carolina

Average Social Security income: $31,147
Total retirement income: $75,505
Average income from retirement accounts: $44,358
Percent of population aged 65 and up: 14.32%
Retiree reliance on Social Security: 41.3%
Average total retirement income in 2024: $64,950
Year-over-year change: 16.3%

Naperville, Illinois

Average Social Security income: $30,921
Total retirement income: $85,055
Average income from retirement accounts: $54,134
Percent of population aged 65 and up: 15.48%
Retiree reliance on Social Security: 36.4%
Average total retirement income in 2024: $75,245
Year-over-year change: 13.0%

Centennial, Colorado

Average Social Security income: $30,570
Total retirement income: $66,844
Average income from retirement accounts: $36,274
Percent of population aged 65 and up: 19.04%
Retiree reliance on Social Security: 45.7%
Average total retirement income in 2024: $62,913
Year-over-year change: 6.2%

Frisco, Texas

Average Social Security income: $30,393
Total retirement income: $68,264
Average income from retirement accounts: $37,871
Percent of population aged 65 and up: 9.12%
Retiree reliance on Social Security: 44.5%
Average total retirement income in 2024: $61,595
Year-over-year change: 10.8%

Highlands Ranch, Colorado

Average Social Security income: $30,367
Total retirement income: $72,237
Average income from retirement accounts: $41,870
Percent of population aged 65 and up: 15.72%
Retiree reliance on Social Security: 42.0%
Average total retirement income in 2024: $77,458
Year-over-year change: -6.7%

Ann Arbor, Michigan

Average Social Security income: $29,850
Total retirement income: $66,025
Average income from retirement accounts: $36,175
Percent of population aged 65 and up: 13.31%
Retiree reliance on Social Security: 45.2%
Average total retirement income in 2024: $72,108
Year-over-year change: -8.4%

Bellevue, Washington

Average Social Security income: $29,715
Total retirement income: $85,061
Average income from retirement accounts: $55,346
Percent of population aged 65 and up: 14.75%
Retiree reliance on Social Security: 34.9%
Average total retirement income in 2024: $60,246
Year-over-year change: 41.2%

Irvine, California

Average Social Security income: $29,031
Total retirement income: $65,787
Average income from retirement accounts: $36,756
Percent of population aged 65 and up: 10.46%
Retiree reliance on Social Security: 44.1%
Average total retirement income in 2024: $72,458
Year-over-year change: -9.2%

Data and Methodology

This study ranked 344 of the largest U.S. cities with available data based on the retirement income, including funds from designated accounts such as pensions, 401(k)s, IRAs, and 403(b)s, as well as income from Social Security retirement benefits. Data comes from the U.S. Census Bureau’s 2023 1-year American Community Survey.

Questions about our study? Contact us at press@smartasset.com

Photo credit: Grok