Salary Needed to Live in Elizabeth as a Retiree
A retired individual (65+) needs approximately $24,501/year to live comfortably in Elizabeth, NJ — including 5% savings.
Comfortable Salary
$24,501
with 5% savings
Bare Minimum
$22,800
no savings buffer
Monthly Expenses
$1,368
11% above national avg
Detailed Monthly Budget for a Retiree in Elizabeth
| Expense | Elizabeth | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $170 | $121 | +40% |
| 🛒 Groceries | $21 | $16 | +31% |
| ⚡ Utilities | $16 | $15 | +7% |
| 🚗 Transportation | $19 | $18 | +6% |
| 🛡️ Car Insurance | $211 | $229 | -8% |
| 🏥 Health Insurance | $53 | $58 | -9% |
| Medicare Supplement | $228 | $200 | +14% |
| Prescription Drugs | $171 | $150 | +14% |
| Internet + Phone | $137 | $120 | +14% |
| Recreation & Social | $228 | $200 | +14% |
| Home Maintenance | $114 | $100 | +14% |
| Total Monthly | $1,368 | $1,227 | +11% |
How We Calculated the Salary
Monthly expenses:$1,368
Target savings (5%):$77/mo
Monthly after-tax needed:$1,445
Effective tax rate:28%
Gross annual salary needed:$24,501
Other Household Types in Elizabeth
Related Pages
FAQ
What salary does a retiree need in Elizabeth?
A retiree needs approximately $24,501/year ($2,042/month gross) to live comfortably in Elizabeth with a 5% savings rate.
How much is rent for a retiree in Elizabeth?
A 1-2br senior-friendly in Elizabeth costs approximately $170/month, which is the largest single expense at 12% of the total budget.
Is Elizabeth affordable for a retiree?
Elizabeth is above the national average for retiree living costs, requiring 11% more salary than the US median.