Retirement marks a significant milestone in life, a time when individuals seek to savor the fruits of their labor and embrace a newfound sense of freedom. Yet, amidst the excitement of retirement planning, one crucial question often looms large: What is a good monthly retirement income for a couple? Understanding this pivotal question requires a nuanced approach, considering many factors such as lifestyle preferences, geographic location, and healthcare needs.
As couples embark on this journey, it's essential to navigate the financial landscape with clarity and foresight. To shed light on this matter, Colonial Van Lines, in collaboration with experts in retirement planning, delves into the intricacies of determining a comfortable monthly retirement income for couples. Leveraging research data on the average monthly costs for Assisted Living, Memory Care, and Independent Living communities across all 50 states, we aim to provide valuable insights and guidance.
Look Forward to Retirement
Whether you're on the brink of retirement or simply planning ahead, this guide promises to be a valuable resource in charting a course towards financial security and peace of mind in your golden years.
In looking at a recent national survey published by A Place for Mom in November 2023, Colonial Van Lines recognized that moving after retirement could be a best solution for many families. We wanted to provide our customers with the best information available for state-by-state average monthly costs across senior living care types. Below is some of the coordinated research from A Place for Mom.
State | Assisted Living | Memory Care | Independent Living |
$3,637.00 | $4,862.00 | $2,376.00 | |
$4,406.00 | $5,895.00 | $2,738.00 | |
$4,130.00 | $5,400.00 | $2,529.00 | |
$5,088.00 | $6,063.00 | $3,466.00 | |
$5,130.00 | $6,246.00 | $3,116.00 | |
$6,165.00 | $8,248.00 | $3,885.00 | |
$4,195.00 | $4,995.00 | $3,067.00 | |
$3,995.00 | $4,450.00 | $2,995.00 | |
$4,600.00 | $5,350.00 | $2,907.00 | |
$5,100.00 | $6,595.00 | $2,701.00 | |
$4,315.00 | $5,547.00 | $2,550.00 | |
$5,130.00 | $6,504.00 | $2,590.00 | |
$4,100.00 | $5,000.00 | $3,000.00 | |
$3,830.00 | $4,806.00 | $2,469.00 | |
$5,885.00 | $7,000.00 | $3,895.00 | |
$6,460.00 | $8,248.00 | $3,770.00 | |
$5,098.00 | $5,995.00 | $2,635.00 | |
$4,655.00 | $7,110.00 | $2,518.00 | |
$3,745.00 | $4,805.00 | $3,375.00 | |
$4,637.00 | $6,400.00 | $2,905.00 | |
$4,907.00 | $7,515.00 | $3,020.00 | |
$4,913.00 | $6,099.00 | $3,098.00 | |
$5,162.00 | $6,163.00 | $3,285.00 | |
$7,200.00 | $8,623.00 | $4,193.00 | |
$6,690.00 | $8,200.00 | $3,340.00 | |
$4,108.00 | $4,900.00 | $2,813.00 | |
$5,504.00 | $7,395.00 | $3,300.00 | |
$4,950.00 | $6,000.00 | $3,280.00 | |
$4,800.00 | $5,908.00 | $2,872.00 | |
$4,458.00 | $5,527.00 | $2,495.00 | |
$5,595.00 | $7,135.00 | $2,995.00 | |
$4,848.00 | $6,050.00 | $3,060.00 | |
$5,180.00 | $6,795.00 | $4,492.00 | |
$4,158.00 | $4,400.00 | $2,919.00 | |
$4,250.00 | $5,182.00 | $2,679.00 | |
$4,715.00 | $5,656.00 | $2,640.00 | |
$4,095.00 | $4,795.00 | $2,710.00 | |
$5,160.00 | $6,090.00 | $3,248.00 | |
$5,125.00 | $7,160.00 | $3,480.00 | |
$4,395.00 | $5,803.00 | $3,020.00 | |
$5,235.00 | $6,630.00 | $2,938.00 |
As we explore the question of what constitutes a good monthly retirement income for couples, it's crucial to consider not only the financial aspect but also the broader lifestyle considerations that come into play. We've examined the average costs of senior care across various states, shedding light on the financial realities retirees may face when it comes to healthcare and housing expenses.
However, determining the ideal retirement income isn't solely about crunching numbers—it's also about finding the perfect place to call home during the golden years. Transitioning from the data on average cost of living by state across senior care types, let's delve into the key factors that retirees weigh when deciding where best to live in retirement. From climate preferences to proximity to family and healthcare access, each aspect plays a pivotal role in shaping retirees' relocation decisions and ultimately influences their financial planning for retirement.
Cost of Living
Retirees may choose to relocate to areas with a lower cost of living to stretch their retirement income further. This includes factors such as housing costs, taxes, healthcare expenses, and everyday necessities.
Lowest Cost of Living States | Highest Cost of Living States | |
Hawaii | ||
Climate and Weather
Many retirees opt to move to regions with a more favorable climate, whether it's warmer weather for year-round outdoor activities or milder temperatures for health reasons.
City, State | Avg. Temp Low | Avg. Temp High |
35 | 95 | |
35 | 92 | |
43 | 88 | |
46 | 106 | |
54 | 92 |
Healthcare Access
Access to quality healthcare services is crucial for retirees, especially as they age. Proximity to hospitals, medical specialists, and healthcare facilities often influences relocation decisions.
State | Rationale |
100+ public parks and lowest % of uninsured seniors (3%) when compared to US averages. | |
No taxes on retirement income for residents | |
Lowest % of uninsured seniors, large variety of nursing homes and hospice providers |
Lifestyle Preferences
Retirees often seek communities that align with their lifestyle preferences and interests. This can include access to recreational activities, cultural amenities, dining options, and social opportunities.
City, State | Community | Rationale |
2,530-acre community with 7,700 single family homes with views of the Las Vegas Strip & mountains. 3 Golf courses and 80+ clubs to join | ||
3 Golf courses, sports clubs, swimming pools, fitness studios and 175+ resident clubs to join. | ||
10 Minutes away from the ocean, 18,500 senior residents enjoying 2 golf courses, 5 swimming pools, arts center, tennis courts. Choose from 80 residential floor plans. | ||
3,000 Activities and clubs available, plus 50+ golf courses along with town shops, restaurants and nightly entertainment. | ||
Gated community within minutes of Charleston. Resort-style amenities, fitness center, swimming pools, pickleball courts and clubhouses. |
Family and Social Support
For some retirees, proximity to family members, friends, or social support networks plays a significant role in their decision to move. Being closer to loved ones can provide emotional support and assistance as they age. Learn more about this list of top retirement cities.
City, State | Walkability Score | Num. of Nearby Airports |
68 | 5 | |
72 | 3 | |
52 | 5 | |
33 | 4 | |
46 | 4 | |
42 | 3 | |
37 | 1 | |
37 | 1 | |
61 | 3 | |
43 | 2 |
Housing Options
The availability of suitable housing options, such as age-restricted communities, senior apartments, or assisted living facilities, may influence retirees' relocation choices, especially if they're downsizing or seeking specific amenities.
Housing Option | |
Aging in Place | May require home renovations to support in-home care and organizational changes |
Moving in With the Kids | The key to making these arrangements work is to set clear guidelines from the start. Make sure everyone has the same expectations about communal living, personal space and bill sharing. |
House Sharing | Seniors who still own a home could find a housemate to cover some of their living expenses, and renters can halve their monthly bills. |
Independent Living Communities | These buildings may have some amenities such as a pool or gym, but they don’t offer any additional services such as meals or transportation. |
Assisted Living | These properties may have individual apartments for residents along with communal spaces for meals and social activities. Staff may help with a variety of tasks related to housekeeping, personal hygiene and medication reminders. |
Life Plan Communities | These communities may have contracts that are set up under different terms. Some require the purchase of a property in the community while others charge an entrance fee and then assess a monthly charge. Depending on the contract, that charge may stay the same regardless of the level of care provided or it could rise as a resident's needs increase. If a resident reaches the point where they can no longer afford that rate, some communities have foundations or assistance programs to cover the cost |
Subsidized Housing | Housing for seniors based on income may be available through a variety of local, state and federal housing programs. However, subsidized housing programs at all levels can be complex to navigate. Each may have its own eligibility criteria and application process. |
Transportation and Accessibility
Easy access to transportation options, including public transit, airports, and major highways, can enhance retirees' mobility and independence, enabling them to stay engaged in activities and visit loved ones more easily.
Metro Areas | Rationale |
93% of public transit stations are ADA compliant | |
53% of public transit stations are ADA compliant | |
53% of public transit stations are ADA compliant | |
93% of public transit stations are ADA compliant | |
100% of public transit stations are ADA compliant |
Tax Considerations
Retirees often consider the tax implications of relocating to different states, including income taxes, property taxes, and estate taxes. States with favorable tax policies for retirees may be more attractive options.
State | Rationale |
Of all the states that won’t take a cut of traditional retirement income, Mississippi has the lowest property taxes, with a median tax bill of $1,052. | |
Along with no state income tax, Tenn also boasts some of the lowest property tax bills in the country. | |
No state income tax, Wyoming also does not take estate or inheritance taxes. | |
Another state without state income tax, lower than average property tax rates, along with no estate or inheritance taxes. | |
Florida, all around, offers warm weather plus no state income tax, homestead tax exemption on entire taxable value of their property, along with no estate or inheritance taxes. |
Safety and Security
Retirees prioritize safety and security when choosing a new location to call home. Factors such as crime rates, emergency services, and community safety measures can influence their decision-making process.
City, State | Rationale |
Crime rate: 1.05 per 1,000 residents | |
Crime rate: 1.96 per 1,000 residents | |
Crime rate: 2.38 per 1,000 residents | |
Crime rate: 2.57 per 1,000 residents | |
Crime rate: 2.83 per 1,000 residents |
By carefully weighing these factors, retirees can make informed decisions about where to live during their retirement years, ensuring a fulfilling and comfortable lifestyle that meets their needs and preferences.
In conclusion, determining a suitable monthly retirement income for couples involves a multifaceted approach that extends beyond mere financial considerations. While the data provided shed light on the average costs of senior care across various states, it's essential to recognize that the ideal retirement destination is deeply personal and influenced by a myriad of factors.
Take the First Step
From climate preferences to proximity to family and healthcare access, retirees weigh various aspects when deciding where to spend their golden years. Lifestyle preferences, housing options, transportation accessibility, tax considerations, and safety and security all play pivotal roles in shaping relocation decisions.
Colonial Van Lines has strived to provide comprehensive insights into the intricacies of determining an optimal retirement income for couples. By delving into these key factors and offering actionable guidance, we aim to empower retirees to make informed choices that align with their unique needs and aspirations.
As you embark on this journey, we encourage you to carefully consider the factors discussed in this article, leveraging the provided data and insights to chart a course towards a fulfilling and comfortable retirement lifestyle. With thoughtful planning and foresight, you can pave the way for financial security, peace of mind, and meaningful experiences in your retirement years.