7 Things You Need to Have a Budget-Friendly Florida Retirement
Retirement should be about relaxation and enjoying life—not worrying about money. But all too many Americans know reality often looks different.
Florida is a top destination for retirees because of its lack of state income tax and warm weather that allows one to stay active.
But can you retire comfortably in Florida on a budget?
With careful planning, it’s possible for many. These are our top tips for doing so.
Choosing the Right City
Cities like Miami and Naples have a high cost of living for retirees. Miami’s cost of living is 19% higher than the national average, with a median home price of $768,963 and a median rent of $2,338 per month.
Naples isn’t in much better shape, with a cost of living 13% more than the U.S. average.
The good news? But there are many more affordable places in Florida if you get away from the touristy areas. Ocala, Lakeland, and Port St. Lucie.
These cities offer lower housing costs, reasonable property taxes, and plenty of amenities for retirees while still being located in attractive areas.
For an even cheaper cost of living, consider cities like Lake City, Deltona, and Pensacola.
Finding Affordable Housing
One of the biggest expenses in retirement is housing for those who aren’t lucky enough to have a paid-off mortgage.
If you’re downsizing, consider a condo or a 55+ community. These often have lower maintenance costs and community amenities that make life more enjoyable.
Buying a (preferably downsized) home is also a viable option on a budget if you’re careful about where you choose to call home.
Ocala, for example, has an average home price of about $271,000, much lower than Florida’s state average of around $386,800. Lakeland, located between Tampa and Orlando, also offers an affordable lifestyle with easy access to major attractions.
Another option is renting. While home prices have increased in recent years, renting in relatively affordable areas like Pensacola or Gainesville can save you money.
According to RentCafe, the average rent in Gainesville is about $1,695 per month, and the average apartment size is 1,020. Yes, that’s tiny. But it saves you time cleaning so that you can spend more of your retirement time doing the things you love.
If you’re open to mobile home living, Florida has many well-maintained mobile home communities that offer affordability and a sense of community.
Managing Everyday Expenses
Daily expenses can add up, but Florida makes it easy to save. The lack of state income tax is a huge financial benefit. Plus, many businesses offer senior discounts, from grocery stores to restaurants and even entertainment venues.
Healthcare is another major cost for retirees.
Florida has many top-rated hospitals and clinics, and Medicare recipients can find excellent plans with affordable options. Well-known medical institutions such as the Mayo Clinic in Jacksonville, Cleveland Clinic Florida, and several highly ranked hospital networks like AdventHealth and Baptist Health all call Florida home.
Additionally, Medicare Advantage plans in Florida are competitive, offering a variety of benefits and cost-saving options for retirees.
You can also take advantage of free or low-cost activities, such as state parks, community centers, and senior programs.
Enjoying Free and Low-Cost Activities
You don’t have to spend a fortune to have fun in Florida. The state is packed with budget-friendly activities.
Many beaches are free to access, and state parks charge just a small entrance fee. You can explore the Everglades, take nature walks, or enjoy beautiful gardens like those at Bok Tower Gardens.
Libraries and community centers also offer free events, from book clubs to fitness classes. Many museums offer free or discounted admission days for seniors.
If you love fishing, Florida’s shoreline and lakes provide endless opportunities, with minimal cost for a fishing license.
Finding Affordable Healthcare
Healthcare can be a big concern for retirees, but Florida offers many budget-friendly options.
Medicare covers most seniors, and there are excellent Medicare Advantage plans available that include additional benefits like dental and vision care.
Prescription drug costs can be lowered with programs like GoodRx, which provides discounts on medications. Many hospitals and clinics also offer financial assistance programs.
It’s worth researching local health networks to find the most cost-effective care before you settle on the city you want to move to.
Saving Money on Utilities and Transportation
Florida’s warm climate helps save on heating costs. But something that many retirees coming from the north don’t think about is that air conditioning can be expensive.
To keep energy bills low, consider using fans, blackout curtains, and energy-efficient appliances, only turning your air conditioner on during the hottest parts of the day.
Many utility companies also offer senior discounts or budget billing plans to help manage costs.
As for transportation, Florida isn’t known for having great public transit systems.
However, you’ll have access to public transportation in cities like Orlando, Tampa, and Jacksonville. Many offer discounted fares for seniors. If you drive, consider downsizing to a fuel-efficient vehicle or using ride-sharing apps sparingly to cut costs.
Making Extra Money in Retirement
Even in retirement, a little extra income can go a long way. Many retirees in Florida take on part-time jobs, like working at golf courses, theme parks, or farmers’ markets.
Some turn hobbies into money-making ventures—selling crafts on Etsy, teaching music lessons, or doing freelance work online.
Another option is house sitting or pet sitting. Florida has a huge market for seasonal residents who need someone to watch their homes or pets while they’re away.
Websites like Rover make it easy to find part-time gigs that fit your lifestyle.
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It takes a lot of savings to be able to retire in many parts of Florida. Unfortunately, many scammers target retirees, and they’re often successful. Even if you think you’re not at risk, your assets are likely more exposed than you realize.
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