Florida Ranks Second for Retirement, But Costs Differ Across States
Florida stands as the second-largest retirement destination in America, following California. It is also considered one of the most affordable options for middle-class retirees, particularly among East Coast states.
Retirement Costs: Key Insights from Recent Research
According to recent research from GOBankingRates, a middle-class retiree in Florida needs approximately $494,000 to fund a 20-year retirement. This amount is lower than what is required in all but two Atlantic states, namely the Carolinas.
Overall, the costs of retirement vary significantly across East Coast states. Below is a breakdown of what middle-class residents can expect to require for retirement in different regions.
Connecticut
- Middle-class income range: $62,507 to $187,520
- Amount needed for a 20-year retirement with Social Security: $787,975
- Amount needed for a 20-year retirement without Social Security: $1,250,133
Explore More: How Far $500,000 in Retirement Savings Plus Social Security Goes in Every State
Discover More: 50 Cheapest Places To Retire Across America
Delaware
- Middle-class income range: $55,237 to $165,710
- Amount needed for a 20-year retirement with Social Security: $642,575
- Amount needed for a 20-year retirement without Social Security: $1,104,733
See More: America’s 50 Most Expensive Retirement Towns
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Florida
- Middle-class income range: $47,807 to $143,422
- Amount needed for a 20-year retirement with Social Security: $493,988
- Amount needed for a 20-year retirement without Social Security: $956,147
Georgia
- Middle-class income range: $49,776 to $149,328
- Amount needed for a 20-year retirement with Social Security: $533,362
- Amount needed for a 20-year retirement without Social Security: $995,520
Maine
- Middle-class income range: $47,849 to $143,546
- Amount needed for a 20-year retirement with Social Security: $494,815
- Amount needed for a 20-year retirement without Social Security: $956,973
Compare This: How Much Money You Need To Retire in Canada vs. the US
Maryland
- Middle-class income range: $67,768 to $202,304
- Amount needed for a 20-year retirement with Social Security: $893,202
- Amount needed for a 20-year retirement without Social Security: $1,355,360
Massachusetts
- Middle-class income range: $67,561 to $202,682
- Amount needed for a 20-year retirement with Social Security: $889,055
- Amount needed for a 20-year retirement without Social Security: $1,351,213
New Hampshire
- Middle-class income range: $63,752 to $191,256
- Amount needed for a 20-year retirement with Social Security: $812,882
- Amount needed for a 20-year retirement without Social Security: $1,275,040
Read More: 6 Best Places To Retire in Europe for Less Than $1,500 a Month
New Jersey
- Middle-class income range: $67,367 to $202,100
- Amount needed for a 20-year retirement with Social Security: $885,175
- Amount needed for a 20-year retirement without Social Security: $1,347,333
Essential Retirement Savings Needs for East Coast Middle-Class Families
New York
- Middle-class income range: $56,385 to $169,156
- Amount needed for 20-year retirement with Social Security: $665,548
- Amount needed for 20-year retirement without Social Security: $1,127,707
North Carolina
- Middle-class income range: $46,603 to $139,808
- Amount needed for 20-year retirement with Social Security: $469,895
- Amount needed for 20-year retirement without Social Security: $932,053
Also see: 5 Southern States Where $750,000 in Retirement Savings Lasts Longest
Pennsylvania
- Middle-class income range: $50,721 to $152,162
- Amount needed for 20-year retirement with Social Security: $552,255
- Amount needed for 20-year retirement without Social Security: $1,014,413
Rhode Island
- Middle-class income range: $57,581 to $172,744
- Amount needed for 20-year retirement with Social Security: $689,468
- Amount needed for 20-year retirement without Social Security: $1,151,627
South Carolina
- Middle-class income range: $44,545 to $133,636
- Amount needed for 20-year retirement with Social Security: $428,748
- Amount needed for 20-year retirement without Social Security: $890,907
Learn More: 6 Cash Flow Mistakes Boomers Are Making With Their Retirement Savings
Virginia
- Middle-class income range: $60,649 to $181,948
- Amount needed for 20-year retirement with Social Security: $750,828
- Amount needed for 20-year retirement without Social Security: $1,212,987
Methodology: The amount needed for retirement was calculated using cost-of-living data from multiple sources, including the Missouri Economic Research and Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey. The middle-class income range is defined as two-thirds to double the national median income according to the Pew Research Center. The necessary retirement savings figures account for averages based on Social Security benefits and are updated as of January 24, 2025.
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This article originally appeared on GOBankingRates.com: Here’s What You Need Saved To Live a Middle-Class Retirement on the East Coast
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
