Salary Needed to Live in Richmond as a Retiree
A retired individual (65+) needs approximately $20,126/year to live comfortably in Richmond, VA — including 5% savings.
Comfortable Salary
$20,126
with 5% savings
Bare Minimum
$18,784
no savings buffer
Monthly Expenses
$1,174
4% below national avg
Detailed Monthly Budget for a Retiree in Richmond
| Expense | Richmond | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 1-2BR Senior-Friendly Rent | $123 | $121 | +2% |
| 🛒 Groceries | $20 | $16 | +25% |
| ⚡ Utilities | $11 | $15 | -27% |
| 🚗 Transportation | $14 | $18 | -22% |
| 🛡️ Car Insurance | $185 | $223 | -17% |
| 🏥 Health Insurance | $51 | $56 | -9% |
| Medicare Supplement | $200 | $200 | 0% |
| Prescription Drugs | $150 | $150 | 0% |
| Internet + Phone | $120 | $120 | 0% |
| Recreation & Social | $200 | $200 | 0% |
| Home Maintenance | $100 | $100 | 0% |
| Total Monthly | $1,174 | $1,219 | -4% |
How We Calculated the Salary
Monthly expenses:$1,174
Target savings (5%):$66/mo
Monthly after-tax needed:$1,240
Effective tax rate:25%
Gross annual salary needed:$20,126
Other Household Types in Richmond
Related Pages
FAQ
What salary does a retiree need in Richmond?
A retiree needs approximately $20,126/year ($1,677/month gross) to live comfortably in Richmond with a 5% savings rate.
How much is rent for a retiree in Richmond?
A 1-2br senior-friendly in Richmond costs approximately $123/month, which is the largest single expense at 10% of the total budget.
Is Richmond affordable for a retiree?
Richmond is roughly average for retiree costs, requiring a salary close to the national median.