Florida's Retirees Are Raking in the Dough: State Ranks Fifth for Retiree Income

The retiree is the unofficial mascot of the Sunshine State, and apparently people 65 and older are doing pretty well for themselves when it comes to money. A study compared the median income of those 65 and older with the pre-retirement 45-64 age group. Nationally, retirees make just 57 percent...

By Kyle Munzenrieder

June 11, 2013

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The retiree is the unofficial mascot of the Sunshine State, and apparently people 65 and older are doing pretty well for themselves when it comes to money.

A study compared the median income of those 65 and older with the pre-retirement 45-64 age group. Nationally, retirees make just 57 percent of those pre-retirees, but in Florida, 65-and-ups make about 68 percent a year of those in the 45-64 age group. That's the fifth highest rate in the nation.

According to Interest.com, those in the 45-to-64 age group make $52,000 a year on average. Those in retirement age have $35,000 in annual income.

Florida, unsurprisingly, also has the highest percentage of retirees in the nation. Those 65 and older make up 27.9 percent of households in the state. Pennsylvania was second with 25 percent.

And while those in Florida seem comparatively well-off, Interest.com suggests that retirees should be making 70 percent of their pre-retirement income. Only two states, Nevada and Hawaii, reach that level.

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