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It marked the second year in a row that the state was a top destination for retirees.
How Long Will the Average 401(k) plus Social Security Benefits Last in Florida?
Arecent GBR studyfound the average 401(k) in the United States to be about $555,621.
How Much Does It Cost To Live in Florida?
The good news is that this is only slightly higher than the national annual expenditure average of $57,818.
What Are the Annual Housing Expenditures in Florida?
The annual housing expenditures for someone 65 and older in Florida are expected to be approximately $12,674.
Again, this amount falls slightly above the national average of $11,692 but is still manageable.
Many of the Florida cities most popular with retirees have an even lower cost.
For a person making an average living, Florida may be a reasonable retirement destination.
Where Will the Average 401(k) Last the Longest?
The more research you do, the better off you will be in the long run.
All 50 states and the District of Columbia were then ranked with No.
1 being the state where $555,621 and Social Security will last the longest and No.
51 being the state where it will run out most quickly.
All data was collected on and up to date as of July 15, 2024.
The average 401(k) balance was sourced by Empower for those in their 60s.
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