Salary Needed to Live in Springfield as a Retiree
A retired individual (65+) needs approximately $17,148/year to live comfortably in Springfield, IL — including 5% savings.
Comfortable Salary
$17,148
with 5% savings
Bare Minimum
$15,989
no savings buffer
Monthly Expenses
$986
18% below national avg
Detailed Monthly Budget for a Retiree in Springfield
| Expense | Springfield | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $86 | $121 | -29% |
| 🛒 Groceries | $21 | $16 | +31% |
| ⚡ Utilities | $11 | $15 | -27% |
| 🚗 Transportation | $17 | $18 | -6% |
| 🛡️ Car Insurance | $142 | $211 | -33% |
| 🏥 Health Insurance | $39 | $53 | -26% |
| Medicare Supplement | $174 | $200 | -13% |
| Prescription Drugs | $131 | $150 | -13% |
| Internet + Phone | $104 | $120 | -13% |
| Recreation & Social | $174 | $200 | -13% |
| Home Maintenance | $87 | $100 | -13% |
| Total Monthly | $986 | $1,204 | -18% |
How We Calculated the Salary
Monthly expenses:$986
Target savings (5%):$56/mo
Monthly after-tax needed:$1,042
Effective tax rate:26%
Gross annual salary needed:$17,148
Other Household Types in Springfield
Related Pages
FAQ
What salary does a retiree need in Springfield?
A retiree needs approximately $17,148/year ($1,429/month gross) to live comfortably in Springfield with a 5% savings rate.
How much is rent for a retiree in Springfield?
A 1-2br senior-friendly in Springfield costs approximately $86/month, which is the largest single expense at 9% of the total budget.
Is Springfield affordable for a retiree?
Yes, Springfield is 18% more affordable than the national average for a retiree.