Salary Needed to Live in Waco as a Retiree
A retired individual (65+) needs approximately $49,680/year to live comfortably in Waco, TX, including 5% savings.
Direct Answer
A retiree needs about $49,680/year to live comfortably in Waco, TX. The bare-minimum salary is $46,368/year, but the comfortable figure includes a 5% savings target and a monthly after-tax budget of $3,061.
The minimum scenario leaves about $2,898/mo after tax and no planned savings. The comfortable scenario uses $4,140/mo gross pay to cover expenses, taxes, and a savings buffer.
Hybrid salary estimateBLS, HUD, ACS inputsLast verified May 2026
Comfortable Salary
$49,680
with 5% savings
Bare Minimum
$46,368
$3,864/mo gross, no savings buffer
Monthly Expenses
$2,898
22% below national avg
Detailed Monthly Budget for a Retiree in Waco
| Expense | Waco | Nat'l Avg | Diff |
|---|---|---|---|
| 1-2BR Senior-Friendly Rent | $874 | $1,448 | -40% |
| Groceries | $180 | $189 | -5% |
| Utilities | $174 | $183 | -5% |
| Transportation | $218 | $211 | +3% |
| Car Insurance | $162 | $223 | -27% |
| Health Insurance | $659 | $672 | -2% |
| 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 | $2,898 | $3,696 | -22% |
How We Calculated the Salary
Monthly expenses:$2,898
Target savings (5%):$163/mo
Monthly after-tax needed:$3,061
Effective tax rate:25%
Gross annual salary needed:$49,680
What Drives the Salary Number?
Housing
$874
1-2BR Senior-Friendly rent is 30% of this monthly budget.
Taxes
25%
Estimated federal plus TX state tax reserve used to convert take-home needs into gross salary.
Savings target
5%
$163/mo is reserved for savings so the salary is not just break-even.
Local index
82/100
Waco is below the national baseline; the model adjusts baseline spending by local rent and cost data.
Compare Salary Needed in Nearby south Cities
Salary Planning Checklist
- Keep 1-2br senior-friendly housing near $874/mo or adjust the salary target upward.
- Budget $631/mo for persona-specific costs such as Medicare Supplement and Prescription Drugs.
- Use $46,368/year as the survival floor and $49,680/year as the healthier negotiation target.
Other Household Types in Waco
Related Pages
FAQ
What salary does a retiree need in Waco?
A retiree needs approximately $49,680/year ($4,140/month gross) to live comfortably in Waco with a 5% savings rate.
How much is rent for a retiree in Waco?
A 1-2br senior-friendly in Waco costs approximately $874/month, which is the largest single expense at 30% of the total budget.
Is Waco affordable for a retiree?
Yes, Waco is 22% more affordable than the national average for a retiree.