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Florida has long been a hotspot for retirees. According to the AARP, Florida was the top state for 65-plus inbound moves, with 45,696 Americans relocating to the Sunshine State in 2025. Florida was also named the second-best state to retire in 2026, per WalletHub.
Beyond the appeal of the warm weather and clear skies, Florida tends to be a popular location to retire, thanks to financial benefits including no state income tax, no taxes on estate or inheritance, and no tax on Social Security. And now, new data from GOBankingRates has revealed the cost of a comfortable retirement in Florida.
According to GOBankingRates, if you plan to retire in Florida, you should plan to have at least $1,268,902 saved for 20 years of retirement. This is in addition to Social Security Benefits. Breaking it down further, GOBankingRates recommends anticipating needing $63,445 per year, or $5,287 per month, after Social Security. For reference, as of 2026, GoBankingRates estimates that the average retired worker receives around $2,075 per month from Social Security. Another consideration for retiring in Florida is the high home insurance costs because of hurricane season.
Florida ranked 23rd out of 50 for the most affordable retirement in the United States. Exactly where you move in Florida will also contribute to the savings you should anticipate needing. Learn more about the cost of living in different cities in Florida here.
Read the original article on Southern Living