Salary Needed to Live in Newark as a Retiree
A retired individual (65+) needs approximately $25,021/year to live comfortably in Newark, NJ — including 5% savings.
Comfortable Salary
$25,021
with 5% savings
Bare Minimum
$23,283
no savings buffer
Monthly Expenses
$1,397
14% above national avg
Detailed Monthly Budget for a Retiree in Newark
| Expense | Newark | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $189 | $121 | +56% |
| 🛒 Groceries | $21 | $16 | +31% |
| ⚡ Utilities | $17 | $15 | +13% |
| 🚗 Transportation | $17 | $18 | -6% |
| 🛡️ Car Insurance | $179 | $229 | -22% |
| 🏥 Health Insurance | $50 | $58 | -14% |
| Medicare Supplement | $240 | $200 | +20% |
| Prescription Drugs | $180 | $150 | +20% |
| Internet + Phone | $144 | $120 | +20% |
| Recreation & Social | $240 | $200 | +20% |
| Home Maintenance | $120 | $100 | +20% |
| Total Monthly | $1,397 | $1,227 | +14% |
How We Calculated the Salary
Monthly expenses:$1,397
Target savings (5%):$79/mo
Monthly after-tax needed:$1,476
Effective tax rate:28%
Gross annual salary needed:$25,021
Other Household Types in Newark
Related Pages
FAQ
What salary does a retiree need in Newark?
A retiree needs approximately $25,021/year ($2,085/month gross) to live comfortably in Newark with a 5% savings rate.
How much is rent for a retiree in Newark?
A 1-2br senior-friendly in Newark costs approximately $189/month, which is the largest single expense at 14% of the total budget.
Is Newark affordable for a retiree?
Newark is above the national average for retiree living costs, requiring 14% more salary than the US median.