Florida has long been considered an attractive retirement destination, drawing over 145,000 senior-aged residents in 2019 alone.
According to a recent study conducted by personal finance website WalletHub, Florida has fallen considerably down its list. Reasons? Many factors come into play here.
Cost of Living
As part of your retirement planning, choosing where you will reside is one of the key decisions you’ll face. Your choice can have an immense impact on the quality of life during this exciting new chapter in your life, and Florida has long been considered an attractive location. Its warm climate and stunning beaches make Florida an attractive option. However, it’s important to keep certain points in mind before making your final decision about living in Florida for retirement.
Florida stands out among other states due to its higher cost of living, which despite having no income tax burden is still taking a toll on retirees’ budgets. Furthermore, hurricanes and tornadoes pose another threat that can impact Florida residents’ costs of living.
Florida may be known for its higher costs of living, but retiring here still offers many advantages. Florida boasts an expansive network of healthcare facilities and innovative programs to keep seniors active and healthy during retirement years. Plus there are an abundance of attractions and activities that will keep you occupied throughout your retirement years!
Florida has an average median age of 37.5, although that varies greatly from county to county. Leon County (where Tallahassee resides) has a lower median age than rural north central Florida’s Sumter County. Florida boasts an average temperature of 72.5 degrees but that can change significantly depending on where in Florida one lives.
Florida can be an attractive option for many retirees; however, it might not be suitable for you. Before making a final decision about where to retire, spend some time exploring each potential area as part of your decision process. Speak with locals in this potential new home community as well as getting to know its culture. That way you are sure to find a spot that best matches up with your lifestyle needs and preferences.
Healthcare
Florida has long been considered an attractive retirement location due to its warm climate and vibrant communities, but now some parts of this Sunshine State have fallen behind compared to others – this may not bode well for retirees considering moving there for retirement.
According to a WalletHub study, healthcare is among the primary considerations when making their housing choice for retirement. The report examined costs, quality and accessibility; climate; crime rate and amenities available as part of its evaluation criteria.
Florida performed poorly when it comes to both cost and access to health care, ranking 47th out of 50 states and territories for health care costs, 41st in terms of preventable deaths, infant mortality rates and chronic disease management – leading it to fall behind overall rankings.
Floridian leaders have shown themselves to be tightfisted when it comes to funding health care, turning away federal grants that would expand Medicaid. As a result, resources have been unevenly distributed among Floridians. Many Floridians are bearing the consequences.
Due to Florida’s hot and sunny climate and warm community spirit, many retirees are turning their attention elsewhere for retirement. New Port Richey in Southwest Florida stands out as an affordable retirement location that boasts top healthcare resources as well as an elevated quality of life compared with nearby Tampa and Clearwater cities. Offering plenty of parks, beaches and outdoor activities as well as its low costs of living make New Port Richey an excellent place for retirees looking for peace and serenity in retirement.
New Port Richey is also a cultural hub, offering museums, theaters and music venues. Plus its proximity to the Gulf of Mexico makes boating, fishing and other watersports readily available. New Port Richey makes an excellent place for seniors looking for companionship as they transition into retirement – perfect for meeting like-minded individuals!
Taxes
Florida has long been considered an attractive retirement location, with its sunny beaches and mild winters luring retirees from colder states for decades. Now, however, with rising costs for retirement living costs prompting many pre-retirees to look for ways to stretch out their savings further before entering retirement.
Florida stands out among states due to its low taxes. According to Money’s recent analysis, Florida boasts an affordable cost of living as well as no state income tax, meaning retirement savings accounts such as 401(k)s and IRAs aren’t taxed at either the local or state levels – Social Security benefits also remain tax free in Florida.
In order to take advantage of these lower rates, you need to prove that you spend at least 183 days annually in your state of residence. That may prove challenging for retirees who prefer living in one area for most of the year – it may be best if renting in that location for at least one or two years is recommended before making such an important commitment. This allows time for testing out the neighborhood and building relationships before making such a big commitment.
Renting is also advantageous because it can save on housing costs, which are an expense often overlooked during retirement. Furthermore, this extra money that would have gone toward making down payments could be used towards healthcare or travel costs instead.
Dade City boasts a cost of living that is 13 percent below the national average, making it one of the most economical places in Florida to retire. Situated centrally, Dade City provides access to breathtaking freshwater streams and lush forests while remaining conveniently close to Orlando and Ocala. Plus, its charming downtown boasts charming shops and restaurants making Dade City ideal for budget-minded retirees eager to spend their retirement years exploring Florida’s natural splendor!
No matter which city you select for retirement, it’s essential that you conduct extensive research before making any definitive decisions. It may help to visit multiple times over different times of year and in different weather conditions in order to gain an accurate impression of what life might be like there.
Weather
When selecting the place where you will spend your golden years, there are various factors to take into account. Make sure it offers affordable healthcare, pleasant weather, and plenty of activities and events – perhaps close to family as well.
Florida is an extremely attractive retirement destination due to the many amenities that it provides retirees. From warm temperatures, gorgeous beaches and world-class golf courses, to low costs of living and no state income tax – Florida provides so much that retirees will love.
Considerations should be taken when selecting a location for retirement. You will first need to decide between renting or buying property; renting will allow you to explore the area while getting to know its culture and people and identify which neighborhood would suit your needs best.
Ocala, Florida offers some of the finest opportunities for retirees looking to escape tourism: horseback riding and shows are available here and Ocala’s community-centric approach offers residents plenty of room to roam freely without being bothered by visitors. Retirees who appreciate outdoor pursuits should consider Ocala when considering where they should retire in Florida.
The Villages is another excellent option, geared specifically toward people over 55 and located in central Florida. Residents can take advantage of various amenities offered such as golf, shopping and dining as well as cultural and recreational activities available there.
Homosassa Springs, situated near Tampa Bay in Florida, was named one of Forbes’ 25 Best Cities for Retirees in 2023 based on several criteria including median home price, crime rate, air quality, access to healthcare and ratio of doctors per capita – no state income tax applied either!
