What the Average Middle-Class Retiree in Florida Should Be Spending Monthly
Written by
Nicholas Morine
Edited by
Zuri Anderson
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Retirement for middle-class Americans can be a tricky prospect, particularly given the macroeconomic turbulence being experienced by those from all walks of life.
But your golden years shouldn’t necessarily be based on a shoestring budget, either — especially for those fortunate enough to reside in the Sunshine State in retirement.
So, how much should Floridian retirees be spending after their working days have drawn to a close? Let’s take a look.
Breaking Down Definitions
First, let’s define what middle class means in Florida: According to the most recent data from the United States Census Bureau, the median household income in that state is $77,735, as of 2024. Given that Pew Research had established a reasonable yardstick of what defines middle income or middle class — an annual income that is “two-thirds to double” the national median household income — we’ll apply the same standard at the state level to produce a range of between $51,800 and $155,470.
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, the average monthly expenditure for those aged 65 and older is pegged at $5,119 — for a total annual layout of $61,432.
A Potential Spending Budget for Retirees in Florida
We’re not quite done playing with numbers just yet. Here’s a monthly prospective spending budget, including necessities as well as nice-to-haves, for retirees living in Florida. We’ll use round numbers to keep things a bit simpler.
- Rent: $2,300 (the average price, per Zillow). For a hypothetical involving homeownership, this figure — including an upkeep or maintenance allotment of $300 monthly and a homeowners insurance cost of $300 as well, in addition to a property tax guesstimate of $200 — rests at a significantly lower number of $800 monthly.
- Electricity: $150 a month (the average bill in Florida, as the Energy Information Administration (EIA) noted).
- Other utilities such as water, sewer, and garbage removal: $120.
- Groceries: $675 for a family of two, based on U.S. Department of Agriculture (USDA) calculations.
- Internet and cell service: $150 monthly, based on a family of two.
- Transportation: Owning and operating a new vehicle comes out to about $950 monthly, according to AAA.
- Medicare premiums and out-of-pocket healthcare costs: $200 monthly for Part B in 2026, according to Medicare.gov, and an additional $800 as a sizable buffer for a total of $1,000.
- Dining out and entertainment: $450 monthly.
- Miscellaneous expenses, including clothing and household goods and appliances: $400 monthly.
That totals approximately $6,200 for renters, or $4,700 for homeowners with no mortgage. Remember, these projections do contain some degree of wiggle room — notably in the healthcare, entertainment, and miscellaneous categories — and discretionary spending can vary from household to household.
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