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Retirement Planning in Salem city, VA

What does it take to retire comfortably in Salem city? Here are the numbers.

Median Income

$68,402

Retirement Income (80%)

$54,722

Est. Nest Egg Needed

$769,525

Cost of Living Index

105

Retirement Income Analysis

Income Needs (Annual)

Target Income (80% rule)$54,722
Est. Social Security$23,941
Annual Income Gap$30,781

Housing Costs

Median Rent$1,053/mo
Annual Housing$12,636
Property Tax Rate1.0%
Median Home Value$231,900

About Salem city, Virginia

Salem city in Virginia has a median household income of $68,402 and a homeownership rate of 64.0%. Using the 4% rule, retirees in this county would need approximately $769,525 in savings to cover the gap between Social Security and their target retirement income.

These are estimates based on county-level medians. Your actual retirement needs depend on your specific income, expenses, healthcare costs, Social Security benefits, and investment portfolio. Use our calculator for a personalized Monte Carlo analysis.

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Other Counties in Virginia

Fairfax CountyPrince William CountyVirginia Beach cityLoudoun CountyChesterfield CountyHenrico CountyChesapeake cityNorfolk city

County-level data from U.S. Census Bureau American Community Survey (ACS) 2022 5-Year Estimates. Additional sources: SSA, BLS. Estimates based on county-level medians and the 4% withdrawal rule. This is not financial advice.