Salary Needed to Live in Lowell as a Retiree
A retired individual (65+) needs approximately $23,534/year to live comfortably in Lowell, MA — including 5% savings.
Comfortable Salary
$23,534
with 5% savings
Bare Minimum
$21,900
no savings buffer
Monthly Expenses
$1,314
7% above national avg
Detailed Monthly Budget for a Retiree in Lowell
| Expense | Lowell | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $139 | $121 | +15% |
| 🛒 Groceries | $19 | $16 | +19% |
| ⚡ Utilities | $15 | $15 | 0% |
| 🚗 Transportation | $15 | $18 | -17% |
| 🛡️ Car Insurance | $211 | $229 | -8% |
| 🏥 Health Insurance | $68 | $58 | +17% |
| Medicare Supplement | $220 | $200 | +10% |
| Prescription Drugs | $165 | $150 | +10% |
| Internet + Phone | $132 | $120 | +10% |
| Recreation & Social | $220 | $200 | +10% |
| Home Maintenance | $110 | $100 | +10% |
| Total Monthly | $1,314 | $1,227 | +7% |
How We Calculated the Salary
Monthly expenses:$1,314
Target savings (5%):$74/mo
Monthly after-tax needed:$1,388
Effective tax rate:28%
Gross annual salary needed:$23,534
Other Household Types in Lowell
Related Pages
FAQ
What salary does a retiree need in Lowell?
A retiree needs approximately $23,534/year ($1,961/month gross) to live comfortably in Lowell with a 5% savings rate.
How much is rent for a retiree in Lowell?
A 1-2br senior-friendly in Lowell costs approximately $139/month, which is the largest single expense at 11% of the total budget.
Is Lowell affordable for a retiree?
Lowell is roughly average for retiree costs, requiring a salary close to the national median.