Last updated: April 17, 2026Reviewed by John Ziesing, FRC

How Much Do I Need to Retire?

A Real-World Guide for Florida Retirees · 2026

"How much do I need to retire?" It's the question we hear most at our St. Petersburg office. The answer is different for everyone — but here's a practical framework to help you figure out your number.

FL Retirement Savings Stats — 2026

Avg savings target for FL retirees, 2026

$1.46M

Avg savings target for FL retirees, 2026

Healthcare cost, retired FL couple

$315k

Healthcare cost, retired FL couple

Classic safe withdrawal rate

SPIA income per $100k at 65

$640/mo

SPIA income per $100k at 65

Sources: LIMRA Q1 2026, AnnuityAdvantage rate survey, ACM internal data.

Retirement planning session at ACM St. Petersburg

The Simple Formula

Start with your monthly expenses in retirement. Subtract guaranteed income (Social Security, pensions). The gap is what your savings need to cover.

Monthly expenses: $5,000

Social Security: -$2,000

Pension: -$500

Monthly gap: $2,500

Annual gap: $30,000

Savings needed (25× rule): $750,000

Monthly Cost of Living in the St. Petersburg Area

Housing & Basics

Property tax & insurance: $400-$800/mo
Utilities (electric, water, internet): $250-$400/mo
Home maintenance: $200-$400/mo
Groceries: $500-$800/mo (couple)

Health & Lifestyle

Medicare + supplement: $300-$600/mo (per person)
Prescriptions: $50-$300/mo
Transportation: $300-$500/mo
Entertainment & dining: $300-$600/mo

A comfortable retirement for a couple in Pinellas County typically runs $4,000-$6,000/month.

Ways to Close the Retirement Income Gap

Annuity income: Convert savings into a guaranteed monthly paycheck that lasts for life
Delay Social Security: Each year you wait past 62 increases your benefit by 6-8%
401(k) rollover: Move employer plans into a properly allocated retirement portfolio
Roth conversions: Pay taxes now at a lower rate to enjoy tax-free income later
Reduce expenses: Downsizing, relocating within Florida, or adjusting lifestyle

Frequently Asked Questions

How much money do I need to retire in Florida?

It depends on your lifestyle, but a common guideline is to plan for 70-80% of your pre-retirement income. In the St. Petersburg area, a comfortable retirement for a couple typically requires $4,000-$6,000/month. That translates to a nest egg of roughly $500,000-$1,200,000 depending on your other income sources like Social Security and pensions.

What is the 4% rule?

The 4% rule suggests you can withdraw 4% of your retirement savings each year without running out of money over a 30-year retirement. So if you have $500,000, you could withdraw $20,000/year ($1,667/month). However, this rule has limitations and doesn't account for guaranteed income sources like annuities or Social Security.

Is Social Security enough to retire on?

For most people, no. The average Social Security benefit in 2026 is about $1,900/month. In the St. Petersburg area, that covers basic expenses but doesn't leave much room for healthcare, travel, or emergencies. Most of our clients use Social Security as a foundation and supplement it with annuity income and savings.

When should I start planning for retirement?

The earlier the better, but it's never too late. If you're in your 50s, you still have time to make meaningful changes. If you're already retired and feel behind, we can help restructure what you have. We work with clients from age 45 to 85+.

What expenses should I plan for in retirement?

The big ones: housing (even if paid off, you have taxes, insurance, maintenance), healthcare (Medicare doesn't cover everything), food, transportation, insurance, and discretionary spending. In Florida, you also need to budget for hurricane insurance and higher cooling costs. Most people underestimate healthcare — plan for $5,000-$8,000/year per person beyond Medicare.

Social Security Timing

When to claim for maximum benefit

Florida Tax Benefits

Tax advantages of retiring here

Retirement Planning Services

How we help you plan

Ready to model your own retirement number?

Use our free Annuity Calculator to estimate guaranteed monthly income from your nest egg, then book a 20-minute review with John to identify your income gap and build a plan to close it.

Book Your Free 20-Min Review Try the Annuity Calculator (727) 542-7659