(NewsNation/WKRN) — Retirees in Ann Arbor, Michigan, collect the most in Social Security income nationwide, according to a May report.
The mean amount of Social Security income for retirees in Ann Arbor, Michigan, is $30,428, a SmartAsset analysis found.
The retirement benefit amount is tied to how much one paid in Social Security taxes over the course of a career, with higher income equaling a bigger benefit, according to AARP. There is a limit to the size of the monthly check, however, with payments maxing out at $3,822.
The top 10 cities with the highest retiree Social Security income are:
- Ann Arbor, Michigan — $30,428
- Carmel, Indiana —$30,069
- Goodyear, Arizona — $29,157
- Cambridge, Massachusetts —$28,219
- Allen, Texas — $27,735
- Sugar Land, Texas — $27,725
- The Woodlands, Texas — $27,661
- Highlands Ranch, Colorado — $27,443
- Olathe, Kansas — $27,151
- Fishers, Indiana — $27,133
However, Social Security makes up just a portion of the income retirees take home. Once mean retirement account incomes are accounted for, Ann Arbor ranks 12th, while Arlington, Virginia, sits atop the list at a cumulative $90,140.
Of the 345 cities researchers analyzed, the following six are located in Tennessee, all of which are in the bottom half of SmartAsset's list based on their total retirement income:
Rank | City | Retirement account income | Social Security income | Total retirement income |
186 | Murfreesboro | $27,316 | $23,308 | $50,624 |
195 | Knoxville | $28,937 | $20,888 | $49,825 |
225 | Clarksville | $27,853 | $20,231 | $48,084 |
226 | Nashville | $25,052 | $23,015 | $48,067 |
243 | Chattanooga | $25,231 | $21,895 | $47,126 |
272 | Memphis | $25,953 | $19,445 | $45,398 |
Those totals include income from pensions, 401(k)s, IRAs and other accounts.