Salary Needed to Live in Lakewood as a Retiree
A retired individual (65+) needs approximately $68,866/year to live comfortably in Lakewood, NJ, including 5% savings.
Direct Answer
A retiree needs about $68,866/year to live comfortably in Lakewood, NJ. The bare-minimum salary is $64,083/year, but the comfortable figure includes a 5% savings target and a monthly after-tax budget of $4,062.
The minimum scenario leaves about $3,845/mo after tax and no planned savings. The comfortable scenario uses $5,739/mo gross pay to cover expenses, taxes, and a savings buffer.
Hybrid salary estimateBLS, HUD, ACS inputsLast verified May 2026
Comfortable Salary
$68,866
with 5% savings
Bare Minimum
$64,083
$5,340/mo gross, no savings buffer
Monthly Expenses
$3,845
3% above national avg
Detailed Monthly Budget for a Retiree in Lakewood
| Expense | Lakewood | Nat'l Avg | Diff |
|---|---|---|---|
| 1-2BR Senior-Friendly Rent | $1,322 | $1,448 | -9% |
| Groceries | $275 | $189 | +46% |
| Utilities | $177 | $183 | -3% |
| Transportation | $225 | $211 | +7% |
| Car Insurance | $201 | $229 | -12% |
| Health Insurance | $783 | $690 | +13% |
| 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 | $3,845 | $3,720 | +3% |
How We Calculated the Salary
Monthly expenses:$3,845
Target savings (5%):$217/mo
Monthly after-tax needed:$4,062
Effective tax rate:28%
Gross annual salary needed:$68,866
What Drives the Salary Number?
Housing
$1,322
1-2BR Senior-Friendly rent is 34% of this monthly budget.
Taxes
28%
Estimated federal plus NJ state tax reserve used to convert take-home needs into gross salary.
Savings target
5%
$217/mo is reserved for savings so the salary is not just break-even.
Local index
112/100
Lakewood is close to the national baseline; the model adjusts baseline spending by local rent and cost data.
Compare Salary Needed in Nearby northeast Cities
Salary Planning Checklist
- Keep 1-2br senior-friendly housing near $1,322/mo or adjust the salary target upward.
- Budget $862/mo for persona-specific costs such as Medicare Supplement and Prescription Drugs.
- Use $64,083/year as the survival floor and $68,866/year as the healthier negotiation target.
Other Household Types in Lakewood
Related Pages
FAQ
What salary does a retiree need in Lakewood?
A retiree needs approximately $68,866/year ($5,739/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 $1,322/month, which is the largest single expense at 34% 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.