Salary Needed to Live in Cambridge as a Retiree
A retired individual (65+) needs approximately $34,639/year to live comfortably in Cambridge, MA — including 5% savings.
Comfortable Salary
$34,639
with 5% savings
Bare Minimum
$32,233
no savings buffer
Monthly Expenses
$1,934
58% above national avg
Detailed Monthly Budget for a Retiree in Cambridge
| Expense | Cambridge | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $250 | $121 | +107% |
| 🛒 Groceries | $29 | $16 | +81% |
| ⚡ Utilities | $23 | $15 | +53% |
| 🚗 Transportation | $24 | $18 | +33% |
| 🛡️ Car Insurance | $247 | $229 | +8% |
| 🏥 Health Insurance | $67 | $58 | +16% |
| Medicare Supplement | $336 | $200 | +68% |
| Prescription Drugs | $252 | $150 | +68% |
| Internet + Phone | $202 | $120 | +68% |
| Recreation & Social | $336 | $200 | +68% |
| Home Maintenance | $168 | $100 | +68% |
| Total Monthly | $1,934 | $1,227 | +58% |
How We Calculated the Salary
Monthly expenses:$1,934
Target savings (5%):$109/mo
Monthly after-tax needed:$2,043
Effective tax rate:28%
Gross annual salary needed:$34,639
Other Household Types in Cambridge
Related Pages
FAQ
What salary does a retiree need in Cambridge?
A retiree needs approximately $34,639/year ($2,887/month gross) to live comfortably in Cambridge with a 5% savings rate.
How much is rent for a retiree in Cambridge?
A 1-2br senior-friendly in Cambridge costs approximately $250/month, which is the largest single expense at 13% of the total budget.
Is Cambridge affordable for a retiree?
Cambridge is above the national average for retiree living costs, requiring 58% more salary than the US median.