Salary Needed to Live in Memphis as a Retiree
A retired individual (65+) needs approximately $16,149/year to live comfortably in Memphis, TN — including 5% savings.
Comfortable Salary
$16,149
with 5% savings
Bare Minimum
$15,072
no savings buffer
Monthly Expenses
$942
23% below national avg
Detailed Monthly Budget for a Retiree in Memphis
| Expense | Memphis | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $73 | $121 | -40% |
| 🛒 Groceries | $14 | $16 | -12% |
| ⚡ Utilities | $14 | $15 | -7% |
| 🚗 Transportation | $14 | $18 | -22% |
| 🛡️ Car Insurance | $149 | $223 | -33% |
| 🏥 Health Insurance | $47 | $56 | -16% |
| Medicare Supplement | $164 | $200 | -18% |
| Prescription Drugs | $123 | $150 | -18% |
| Internet + Phone | $98 | $120 | -18% |
| Recreation & Social | $164 | $200 | -18% |
| Home Maintenance | $82 | $100 | -18% |
| Total Monthly | $942 | $1,219 | -23% |
How We Calculated the Salary
Monthly expenses:$942
Target savings (5%):$53/mo
Monthly after-tax needed:$995
Effective tax rate:25%
Gross annual salary needed:$16,149
Other Household Types in Memphis
Related Pages
FAQ
What salary does a retiree need in Memphis?
A retiree needs approximately $16,149/year ($1,346/month gross) to live comfortably in Memphis with a 5% savings rate.
How much is rent for a retiree in Memphis?
A 1-2br senior-friendly in Memphis costs approximately $73/month, which is the largest single expense at 8% of the total budget.
Is Memphis affordable for a retiree?
Yes, Memphis is 23% more affordable than the national average for a retiree.