Salary Needed to Live in Memphis as a Retiree
A retired individual (65+) needs approximately $46,783/year to live comfortably in Memphis, TN, including 5% savings.
Direct Answer
A retiree needs about $46,783/year to live comfortably in Memphis, TN. The bare-minimum salary is $43,664/year, but the comfortable figure includes a 5% savings target and a monthly after-tax budget of $2,883.
The minimum scenario leaves about $2,729/mo after tax and no planned savings. The comfortable scenario uses $3,899/mo gross pay to cover expenses, taxes, and a savings buffer.
Hybrid salary estimateBLS, HUD, ACS inputsLast verified May 2026
Comfortable Salary
$46,783
with 5% savings
Bare Minimum
$43,664
$3,639/mo gross, no savings buffer
Monthly Expenses
$2,729
26% below national avg
Detailed Monthly Budget for a Retiree in Memphis
| Expense | Memphis | Nat'l Avg | Diff |
|---|---|---|---|
| 1-2BR Senior-Friendly Rent | $886 | $1,448 | -39% |
| Groceries | $163 | $189 | -14% |
| Utilities | $163 | $183 | -11% |
| Transportation | $170 | $211 | -19% |
| Car Insurance | $149 | $223 | -33% |
| Health Insurance | $567 | $672 | -16% |
| Medicare Supplement | $164 | $200 | -18% |
| Prescription Drugs | $123 | $150 | -18% |
| Internet + Phone | $98 | $120 | -18% |
| Recreation & Social | $164 | $200 | -18% |
| Home Maintenance | $82 | $100 | -18% |
| Total Monthly | $2,729 | $3,696 | -26% |
How We Calculated the Salary
Monthly expenses:$2,729
Target savings (5%):$154/mo
Monthly after-tax needed:$2,883
Effective tax rate:25%
Gross annual salary needed:$46,783
What Drives the Salary Number?
Housing
$886
1-2BR Senior-Friendly rent is 32% of this monthly budget.
Taxes
25%
Estimated federal plus TN state tax reserve used to convert take-home needs into gross salary.
Savings target
5%
$154/mo is reserved for savings so the salary is not just break-even.
Local index
82/100
Memphis is below the national baseline; the model adjusts baseline spending by local rent and cost data.
Compare Salary Needed in Nearby south Cities
Salary Planning Checklist
- Keep 1-2br senior-friendly housing near $886/mo or adjust the salary target upward.
- Budget $631/mo for persona-specific costs such as Medicare Supplement and Prescription Drugs.
- Use $43,664/year as the survival floor and $46,783/year as the healthier negotiation target.
Other Household Types in Memphis
Related Pages
FAQ
What salary does a retiree need in Memphis?
A retiree needs approximately $46,783/year ($3,899/month gross) to live comfortably in Memphis with a 5% savings rate.
How much is rent for a retiree in Memphis?
A 1-2br senior-friendly in Memphis costs approximately $886/month, which is the largest single expense at 32% of the total budget.
Is Memphis affordable for a retiree?
Yes, Memphis is 26% more affordable than the national average for a retiree.