Retirees in Maryland were found to have the highest mean retirement income at $32,199 in a new study from Go Banking Rates. California and Virginia trailed with retirement incomes of $30,242 and $29,972, respectively.
Indiana was the state with the lowest mean retirement income in the study, $18,119. Experts explain that the income gap may be attributed to access to well-paying jobs. David John of AARP's Public Policy Institute says that many retirees may not have saved enough for retirement while working, "We know that one of the big reasons is that 55 million Americans don't have access to workplace retirement savings plans." While the richest states were in the Northeast and west of the Rockies, CNBC reports that the poorest were in the Rust Belt and Deep South.
To create its look at the rich state-poor state retirement divide, the website compared income from sources such as pensions and 401(k) plans as well as Social Security for Americans age 65 or older. The study found that retirees in the three richest states collect nearly $20,000 a year in Social Security benefits, while those in the bottom three bring in less than $17,000. In fact, Indiana retirees were dead last in Social Security income, collecting barely more than $16,000 a year.
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