Salary Needed to Live in Lakewood as a Retiree
A retired individual (65+) needs approximately $24,054/year to live comfortably in Lakewood, NJ — including 5% savings.
Comfortable Salary
$24,054
with 5% savings
Bare Minimum
$22,383
no savings buffer
Monthly Expenses
$1,343
9% above national avg
Detailed Monthly Budget for a Retiree in Lakewood
| Expense | Lakewood | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $158 | $121 | +31% |
| 🛒 Groceries | $23 | $16 | +44% |
| ⚡ Utilities | $15 | $15 | 0% |
| 🚗 Transportation | $19 | $18 | +6% |
| 🛡️ Car Insurance | $201 | $229 | -12% |
| 🏥 Health Insurance | $65 | $58 | +12% |
| Medicare Supplement | $224 | $200 | +12% |
| Prescription Drugs | $168 | $150 | +12% |
| Internet + Phone | $134 | $120 | +12% |
| Recreation & Social | $224 | $200 | +12% |
| Home Maintenance | $112 | $100 | +12% |
| Total Monthly | $1,343 | $1,227 | +9% |
How We Calculated the Salary
Monthly expenses:$1,343
Target savings (5%):$76/mo
Monthly after-tax needed:$1,419
Effective tax rate:28%
Gross annual salary needed:$24,054
Other Household Types in Lakewood
Related Pages
FAQ
What salary does a retiree need in Lakewood?
A retiree needs approximately $24,054/year ($2,005/month gross) to live comfortably in Lakewood with a 5% savings rate.
How much is rent for a retiree in Lakewood?
A 1-2br senior-friendly in Lakewood costs approximately $158/month, which is the largest single expense at 12% of the total budget.
Is Lakewood affordable for a retiree?
Lakewood is roughly average for retiree costs, requiring a salary close to the national median.