Salary Needed to Live in Minneapolis as a Retiree
A retired individual (65+) needs approximately $21,113/year to live comfortably in Minneapolis, MN — including 5% savings.
Comfortable Salary
$21,113
with 5% savings
Bare Minimum
$19,686
no savings buffer
Monthly Expenses
$1,214
1% above national avg
Detailed Monthly Budget for a Retiree in Minneapolis
| Expense | Minneapolis | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $150 | $121 | +24% |
| 🛒 Groceries | $18 | $16 | +13% |
| ⚡ Utilities | $14 | $15 | -7% |
| 🚗 Transportation | $18 | $18 | 0% |
| 🛡️ Car Insurance | $156 | $211 | -26% |
| 🏥 Health Insurance | $42 | $53 | -21% |
| Medicare Supplement | $212 | $200 | +6% |
| Prescription Drugs | $159 | $150 | +6% |
| Internet + Phone | $127 | $120 | +6% |
| Recreation & Social | $212 | $200 | +6% |
| Home Maintenance | $106 | $100 | +6% |
| Total Monthly | $1,214 | $1,204 | +1% |
How We Calculated the Salary
Monthly expenses:$1,214
Target savings (5%):$69/mo
Monthly after-tax needed:$1,283
Effective tax rate:26%
Gross annual salary needed:$21,113
Other Household Types in Minneapolis
Related Pages
FAQ
What salary does a retiree need in Minneapolis?
A retiree needs approximately $21,113/year ($1,759/month gross) to live comfortably in Minneapolis with a 5% savings rate.
How much is rent for a retiree in Minneapolis?
A 1-2br senior-friendly in Minneapolis costs approximately $150/month, which is the largest single expense at 12% of the total budget.
Is Minneapolis affordable for a retiree?
Minneapolis is roughly average for retiree costs, requiring a salary close to the national median.