Salary Needed to Live in Chicago as a Retiree
A retired individual (65+) needs approximately $21,461/year to live comfortably in Chicago, IL — including 5% savings.
Comfortable Salary
$21,461
with 5% savings
Bare Minimum
$20,011
no savings buffer
Monthly Expenses
$1,234
2% above national avg
Detailed Monthly Budget for a Retiree in Chicago
| Expense | Chicago | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $146 | $121 | +21% |
| 🛒 Groceries | $22 | $16 | +38% |
| ⚡ Utilities | $12 | $15 | -20% |
| 🚗 Transportation | $16 | $18 | -11% |
| 🛡️ Car Insurance | $158 | $211 | -25% |
| 🏥 Health Insurance | $56 | $53 | +6% |
| Medicare Supplement | $214 | $200 | +7% |
| Prescription Drugs | $161 | $150 | +7% |
| Internet + Phone | $128 | $120 | +7% |
| Recreation & Social | $214 | $200 | +7% |
| Home Maintenance | $107 | $100 | +7% |
| Total Monthly | $1,234 | $1,204 | +2% |
How We Calculated the Salary
Monthly expenses:$1,234
Target savings (5%):$70/mo
Monthly after-tax needed:$1,304
Effective tax rate:26%
Gross annual salary needed:$21,461
Other Household Types in Chicago
Related Pages
FAQ
What salary does a retiree need in Chicago?
A retiree needs approximately $21,461/year ($1,788/month gross) to live comfortably in Chicago with a 5% savings rate.
How much is rent for a retiree in Chicago?
A 1-2br senior-friendly in Chicago costs approximately $146/month, which is the largest single expense at 12% of the total budget.
Is Chicago affordable for a retiree?
Chicago is roughly average for retiree costs, requiring a salary close to the national median.