What is a livable wage in Florida?

Living Wage Calculation for Florida 1 ADULT 2 ADULTS (BOTH WORKING) 0 Children 2 Children Living Wage $17.24 $23.62 Poverty Wage $6.19 $6.37 Minimum Wage $10.00 $10.00

livingwage.mit.edu - Living Wage Calculation for Florida

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Living Wage Calculation for Florida

The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. The assumption is the sole provider is working full-time (2080 hours per year). The tool provides information for individuals, and households with one or two working adults and zero to three children. In the case of households with two working adults, all values are per working adult, single or in a family unless otherwise noted. The state minimum wage is the same for all individuals, regardless of how many dependents they may have. Data are updated annually, in the first quarter of the new year. State minimum wages are determined based on the posted value of the minimum wage as of January one of the coming year (National Conference of State Legislatures, 2019). The poverty rate reflects a person's gross annual income. We have converted it to an hourly wage for the sake of comparison.

For further detail, please reference the technical documentation here.

1 ADULT 2 ADULTS (1 WORKING) 2 ADULTS (BOTH WORKING) 0 Children 1 Child 2 Children 3 Children 0 Children 1 Child 2 Children 3 Children 0 Children 1 Child 2 Children 3 Children Living Wage $17.24 $33.90 $42.01 $55.31 $26.30 $32.14 $37.25 $41.22 $13.15 $18.57 $23.62 $28.11 Poverty Wage $6.19 $8.38 $10.56 $12.74 $8.38 $10.56 $12.74 $14.92 $4.19 $5.28 $6.37 $7.46 Minimum Wage $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00

Typical Expenses

These figures show the individual expenses that went into the living wage estimate. Their values vary by family size, composition, and the current location.

Typical Annual Salaries

These are the typical annual salaries for various professions in this location.

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What happens to my Social Security if I stop working at 50?

You can stop working before your full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you file for benefits when you reach full retirement age, you will receive full retirement benefits.

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