The Real Cost of Retiring in Florida on a Military Pension and Social Security

A retired E-7 couple can generate between $70,000 and $77,000 annually in Florida with a military pension and Social Security. Florida's baseline retirement budget is $70,000 to $75,000. A $3,000 increase in annual insurance costs requires roughly $85,000 more in portfolio assets. Florida's housing costs, including property taxes, insurance, and maintenance, can push the yearly budget past $85,000, even with a paid-off midsize home.

The couple's combined guaranteed income, including pension, Social Security, and earned/spousal Social Security benefits, amounts to about $70,000 to $77,000 annually, after adjusting for inflation. Florida's lack of state income tax and high insurance costs are key factors in determining the actual cost of retiring in the state on a military pension and Social Security.