Interest.com, a website that publicizes banks’ and credit unions’ interest rates, released a study Monday comparing retirement incomes in each state.
We didn’t like how they did it — they used income of households where the person who filled out the Census form was 65 or older — but it got us thinking, how do our state’s retirees compare?
The Census does specifically track retirement income from pensions and from Social Security. In Connecticut, the average household receiving Social Security was paid $17,697, and about two-thirds of those households also had pension income, bringing the total to $43,070. That covers both singles and couples, but does not include any pay from working, even if one of the couple is still working. The retirement income figure also doesn’t capture distributions from IRAs or 401(k)s.
That’s top five in the country. Maryland looks best for retirees, with about a 76 percent ratio of pensioners, and an average combined retirement income of $46,984.
Virginia, where about 77 percent of retirees collect pensions, has an average combined retirement income of $44,611.
In California, where about 61 percent have pensions, it’s $43,628
Hawaii’s retirees with pensions, about two-thirds of the total, are at $43,226.
Even though it’s not a great way to capture retirement income, it was interesting to look at income for households where the person who answered the Census survey was over 65. Of that group in Connecticut, the single most common income band was between $75,000 and $100,000, with about 28,000 households. Next was $15,000 to $20,000, with about 27,500 households. The third most common stratum was 60,000 to $75,000, with about 27,000.