Florida seniors are projected to live longer retirement savings at an average of $148,000, and the state is the 15th highest shortfall in the nation, according to a new senior survey. The report found that a typical Florida retiree’s retirement income is around $734,000, but about $882,000 would be required to cover the costs during retirement. Life expectancy is 65 to average 18.7 years from 65, and many Floridians may find themselves short of money before years go away.
While the statewide numbers are concerning, costs vary widely from city to city. Miami ranks among the most expensive locations for seniors, with the average rent for a one-bedroom apartment approaching $3,265 a month and $4,836 for luxury units. Healthcare visits often range from $120 to $250, while specialty memory care facilities range from $5,000 to $6,500 per month. Social Security benefits also cover the lower share of Miami’s costs compared to most U.S. cities, increasing the burden on retirees. Orlando and Tampa are somewhat affordable, but cost more than the national average, with Orlando costs over 20% above the typical US level.
These variations are important as Florida’s appeal as a retirement destination is built primarily on the state’s income tax and lack of warm climate. But rising costs, especially in South Florida, is putting pressure on retirees’ ability to age. For example, condominium owners face large new maintenance assessments due to updated structural safety law laws, with some retirees receiving a $400,000 bill. Approximately 30% of Florida homeowners over the age of 65 spend more than 30% of their income on homes, and they have states nearby across the country for affordable aging. Access to affordable home health aides is also limited, and weather-related risks add another layer of financial uncertainty.
Experts recommend that Florida seniors take steps to close the gap between income and costs. Comparing Medicare plans annually can help reduce healthcare costs, but reducing or relocating to more affordable sectors such as Jacksonville, Pensacola, Ocala, and Lakeland can further increase savings. Consulting financial advisors who are lagging behind Social Security benefits, taking on part-time or flexible jobs and familiar with Florida’s economic situation are strategies that can make a difference.
Despite these challenges, Florida remains one of the most popular retirement destinations in the country. The state’s lack of income taxes and the sunshine throughout the year continue to attract older people. Still, as this study reveals, where retirees choose to live within the state, nest eggs can have a dramatic effect on whether they will last as long as they do.
