Salary Needed to Live in Madison as a Retiree
A retired individual (65+) needs approximately $20,365/year to live comfortably in Madison, WI — including 5% savings.
Comfortable Salary
$20,365
with 5% savings
Bare Minimum
$18,989
no savings buffer
Monthly Expenses
$1,171
3% below national avg
Detailed Monthly Budget for a Retiree in Madison
| Expense | Madison | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $123 | $121 | +2% |
| 🛒 Groceries | $22 | $16 | +38% |
| ⚡ Utilities | $11 | $15 | -27% |
| 🚗 Transportation | $20 | $18 | +11% |
| 🛡️ Car Insurance | $144 | $211 | -32% |
| 🏥 Health Insurance | $50 | $53 | -6% |
| Medicare Supplement | $208 | $200 | +4% |
| Prescription Drugs | $156 | $150 | +4% |
| Internet + Phone | $125 | $120 | +4% |
| Recreation & Social | $208 | $200 | +4% |
| Home Maintenance | $104 | $100 | +4% |
| Total Monthly | $1,171 | $1,204 | -3% |
How We Calculated the Salary
Monthly expenses:$1,171
Target savings (5%):$66/mo
Monthly after-tax needed:$1,237
Effective tax rate:26%
Gross annual salary needed:$20,365
Other Household Types in Madison
Related Pages
FAQ
What salary does a retiree need in Madison?
A retiree needs approximately $20,365/year ($1,697/month gross) to live comfortably in Madison with a 5% savings rate.
How much is rent for a retiree in Madison?
A 1-2br senior-friendly in Madison costs approximately $123/month, which is the largest single expense at 11% of the total budget.
Is Madison affordable for a retiree?
Madison is roughly average for retiree costs, requiring a salary close to the national median.