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(NewsNation) — Retirees in Ann Arbor, Michigan, collect the most in Social Security income nationwide, according to a May report.
The mean amount of Social Security income for retirees in Ann Arbor, Michigan, is $30,428, a SmartAsset analysis found.
The retirement benefit amount is tied to how much one paid in Social Security taxes over the course of a career, with higher income equaling a bigger benefit, according to the AARP. There is a limit to the size of the monthly check, however, with payments maxing out at $3,822.
The top 10 cities with the highest retiree Social Security income are:
- Ann Arbor, Michigan — $30,428
- Carmel, Indiana —$30,069
- Goodyear, Arizona — $29,157
- Cambridge, Massachusetts —$28,219
- Allen, Texas — $27,735
- Sugar Land, Texas — $27,725
- The Woodlands, Texas — $27,661
- Highlands Ranch, Colorado — $27,443
- Olathe, Kansas — $27,151
- Fishers, Indiana — $27,133
Of the 345 cities researchers analyzed, Fishers, Indiana, sits at the bottom of the top 10 highest Social Security income recipients at $27,133.
Social Security makes up just a portion of the income retirees take home, however.
Once mean retirement account incomes are accounted for, Ann Arbor ranks 12th, while Arlington, Virginia, sits atop the list at a cumulative $90,140.
Those totals include income from pensions, 401(k)s, IRAs and other accounts.
Katie Smith
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