Retirement for middle-class Americans can be a tricky prospect, particularly given the macroeconomic turbulence being experienced by those from all walks of life.<\/p>\n
Trending Now: What a Wealthy Retiree\u2019s Monthly Budget Looks Like at Age 78<\/a><\/p>\n Explore More: 5 Clever Ways Retirees Are Earning Up To $1K per Month From Home<\/a><\/p>\n But your golden years shouldn\u2019t necessarily be based on a shoestring budget, either \u2014 especially for those fortunate enough to reside in the Sunshine State in retirement<\/a>.<\/p>\n So, how much should Floridian retirees be spending after their working days have drawn to a close? Let\u2019s take a look<\/a>.<\/p>\n First, let\u2019s define what middle class means in Florida: According to the most recent data from the United States Census Bureau<\/a>, the median household income in that state is $77,735, as of 2024. Given that Pew Research<\/a> had established a reasonable yardstick of what defines middle income or middle class<\/a> \u2014 an annual income that is \u201ctwo-thirds to double\u201d the national median household income \u2014 we\u2019ll apply the same standard at the state level to produce a range of between $51,800 and $155,470.<\/p>\n With that being said, those retirees on the lower end of that scale might have to cut a few corners in the following budget. Per the most recent Federal Reserve Bank of St. Louis data<\/a>, the average monthly expenditure for those aged 65 and older is pegged at $5,119 \u2014 for a total annual layout of $61,432.<\/p>\n Read Next: How the Average Retirement Account Compares to the Top 10% of Savers<\/a><\/p>\n We\u2019re not quite done playing with numbers just yet. Here\u2019s a monthly prospective spending budget<\/a>, including necessities as well as nice-to-haves, for retirees living in Florida. We\u2019ll use round numbers to keep things a bit simpler.<\/p>\n Rent: $2,300 (the average price, per Zillow<\/a>). For a hypothetical involving homeownership, this figure \u2014 including an upkeep or maintenance allotment of $300 monthly and a homeowners insurance cost of $300 as well<\/a>, in addition to a property tax guesstimate of $200 \u2014 rests at a significantly lower number of $800 monthly.<\/p>\n Electricity: $150 a month (the average bill in Florida, as the Energy Information Administration (EIA)<\/a> noted).<\/p>\n Other utilities such as water, sewer, and garbage removal: $120.<\/p>\n Groceries: $675 for a family of two, based on U.S. Department of Agriculture (USDA) calculations<\/a>.<\/p>\n Internet and cell service: $150 monthly, based on a family of two.<\/p>\n Transportation: Owning and operating a new vehicle comes out to about $950 monthly, according to AAA<\/a>.<\/p>\n