Guides to Retiring

How Much Does Retiring in Florida Cost in 2022?

Author avatarTeam @ Explore55Plus
5 minute read

There are about as many ways to do retirement as there are people wondering how much money you need to retire in 2022. You can choose to work part time or volunteer, you can choose to sleep in every day or to go for an extravagant breakfast every morning. You can choose between moving into a retirement community and moving in with your family. You may not be sure yet about all of the choices you’ll make during retirement, so it’s good to have a baseline expectation about how much money you should put away.

How Much Money Does the Average Person Need to Retire?

Most Americans believe they need to save about $1.7 million for retirement. A managing director at Schwab Retirement Services says they’re not far off — but has that number changed since this 2019 study? And how does that number change for couples? How much money will you need to retire comfortably in 2022?

Fidelity Investments suggests that future retirees should be saving 15 percent of their gross salary beginning in their 20s — including income from 401(k) accounts and the like. That means if you earn an average American salary of $69,392 in 2022, you should be saving $10,409 yearly, giving you a grand total of $2.2 million by 65 years old.

For couples, it’s easy to translate this into a number that will sustain two people! Simply calculate your combined gross annual salary and save 15 percent of that income per year, and you should come out with about $4.5 million in retirement savings — including interest, of course.

Retirement Calculator: What is a good monthly retirement income?

It’s hard to know what a good monthly retirement income is per month because it depends quite a lot on your lifestyle. You’ll need a higher monthly income if you plan on traveling or on living in a very expensive community. However, according to Good Life Home Loans, the average monthly retirement income is about $6,100, or about $73,000 annually. This number goes down slightly over the years as retirees use up their income streams, but $100,000 to $150,000 per year, or about $8,300 to $12,500 per month, is what a good retirement income per month is according to the retirement calculator.

What is the Average 401k Balance for a 65 Year Old?

The US Bureau of Labor Statistics reported in 2021 that 68 percent of employees had access to a 401(k) through their employers, and 51 percent chose to participate. 401(k)s are the most well-known way of saving for retirement, hence why many soon-to-be retirees are wondering how they measure up.

One of the largest 401(k) plan administrators, Vanguard, recently released their stats for how much their users have saved at each stage of their life. The average 55 year old will have $232,279 in their 401k account, while the average person 65 or older will have $255,151. However, these numbers differ greatly from the median amounts. The median 401(k) account of a 65 year old has only $82,297, which is a more realistic number because it discounts any very rich outliers.

What is the 80% Rule for Retirement?

The 80% rule for retirement is a strategy for retirement planning which is focused on maintaining the standard of living you have had before retirement. The calculating strategy goes as follows: You should be getting 80 percent of your annual income pre-retirement after you retire. This percentage includes savings and social security, and hinges on the assumption that most of your major expenses will not be necessary. These include payroll taxes, mortgage payments and work expenses like transportation and clothes. This rule may not work for you if you plan on doing lots of traveling in your retirement, or if any of these expenses will continue after retirement.

What are the Top 55 Plus Retirement Communities in Florida?

When planning your retirement, it's crucial to consider what your ideal living situation looks like — especially if it’s in one of the top 55 plus retirement communities in Florida. Where will you be? What will you be doing there? Is it affordable?

To make it easier for you, we’ve compiled a short list of three of the best places to retire in Florida on a budget:

Pennbrooke Fairways

Pennbrooke Fairways is among the cheapest places to retire in the United States, but it is still among the best of them. This is one of those Florida golf retirement communities that boasts two clubhouses, beautiful golfing and an onsite spa, and the houses are priced as low as $84,247!

Royal Highlands

Royal Highlands is one of the top world-class active 55+ retirement communities with an average home price of $314,955 — the lowest price being about $215,000. The community itself is beautiful, with four lakes available for fishing, boating and swimming. Royal Highlands definitely lends itself to its world-class title.

On Top of the World

Among the most popular 55 plus retirement communities in Florida is On Top of the World. There’s a reason why we consider it one of the best places to retire in the United States. It’s located in Ocala, FL, a cute and close-knit town in the center of Florida, safe from hurricanes and flooding but still very close to attractions like Walt Disney World and Universal Studios. The average lowest home price is about $164,900.

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