Updated
Updated · Tallahassee Democrat · Jul 14
Investopedia Puts Florida Retirement Target at $860,000, Below $898,000 U.S. Average
Updated
Updated · Tallahassee Democrat · Jul 14

Investopedia Puts Florida Retirement Target at $860,000, Below $898,000 U.S. Average

1 articles · Updated · Tallahassee Democrat · Jul 14

Summary

  • $860,000 is the nest egg a single American needs to retire comfortably in Florida at 65, according to an Investopedia state-by-state analysis.
  • The estimate assumes the 4% withdrawal rule over 30 years, with annual spending of about $58,800 in Florida and $23,704 coming from Social Security, leaving roughly a $34,300 gap for savings to cover.
  • Florida sits near the middle of the affordability range, below the national average target of $898,000 for a single retiree.
  • New Jersey and Hawaii top the list at $1.02 million, followed by California and Washington, DC at $1.01 million, while North Dakota is cheapest at $640,000.
  • The study factors in costs such as housing, food and transportation, but excludes pensions, which could reduce the savings retirees need.

Insights

Why do expert estimates for a comfortable retirement nest egg vary by over $1 million for the same state?
With Social Security benefits at risk, how much more must young workers actually save to retire securely?