The Cost of Living
In California, the average monthly payment for any homeowner is $567, so the estimated total retirement cost is $1,397,174. However, in Florida, the average monthly payment for homeowners is $494, which leads to an estimated total retirement cost of $1,191,451.
As you well know, your retirement funds will be mainly based on a couple of variables, like property taxes and entertainment. It might also depend on how much money you want to save and what you plan to budget for the upcoming years. Some people would say that 70% to 90% of your income might be enough to maintain the same standard of living you were used to.
Even so, this might not be the case, as most people later discover that they don’t need as much room or have as many mouths to feed as they used to. It depends on which area of the map you decide to lay your finger on. For example, in Florida, the average annual expenses are somewhere around $51,159, while in California, they’re roughly $86,171. When I say roughly, I’m talking about a $35,012 difference, which is quite a lot!
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