If you’re thinking about retirement, you’ve likely heard about Florida’s growing population of retired people. But what’s it like to live in Florida? Here are some details: The cost of living is higher than in most other places, which can put a strain on retirees on a fixed income. Also, 10.7% of Florida’s 65-and-over population lives below the poverty line.
Florida’s 65-and-older population
Florida’s growing 65-and-older population has a growing need for healthcare services. According to the 2010 Census, nearly one-third of Florida’s population was 65 or older. This number is expected to increase significantly as the state’s older population grows. In fact, by 2050, the state’s 65-and-older population will account for more than 1.8 million people.
Florida is one of the states with the largest share of older citizens. However, Florida’s older population is not growing as quickly as many other states are. In fact, in 2040, about a quarter of the state’s population will be 65-and-older.
Many elderly people want to keep working in order to stay busy or to earn extra money. Although they may have thought they had enough money to retire, they have since realized that expenses have gone up. They need more job opportunities and more options to keep busy.
Cost of living
The cost of living in Florida for retired folks can be very low. There are over 3.5 million retirees living in the state. The state does not tax social security benefits, pensions, or other retirement income. The average person in Florida will spend about $86,475 a year on their expenses. The average Florida resident spends about $300 a month on food, $200 on entertainment, and $200 on vehicle insurance.
The cost of living in Florida for retired people is comparable to the national average. However, retirees should consider their current location’s cost of living before deciding to retire in Florida. The state’s tax burden for senior citizens is the lowest in the country, with no income or estate tax. In addition, there is no tax on retirement income from IRAs or 401Ks.
Orlando is the best place to retire in Florida if you have grandchildren. The city is popular among children and is home to the numerous Disney World parks. This city also has good health care, including AdventHealth Orlando. Its suburbs include Heathrow and Belle Isle.
Places to retire in Florida
There are a number of places in Florida where retired people can enjoy their golden years. This state offers a variety of outdoor and indoor activities, excellent healthcare facilities, and affordable housing options. Aside from the beaches and sunshine, Florida offers a very welcoming climate, as well as a plethora of volunteer opportunities.
One of the best beach towns in Florida is Sarasota. Located on the Gulf of Mexico, Sarasota is an attractive retirement location. With a rich colonial history and a bustling arts scene, this town has plenty to offer to retirees. It also offers a slew of upscale shopping and dining options.
If you’re looking for a less crowded retirement, you can also consider Key West. This island is just 90 miles north of Cuba and offers amazing coral reefs and low crime rates. There are also many great restaurants and golf courses. However, this area has a higher cost of living than the national average.
Health care options
Florida’s retirees have several options for health care coverage. Medicare Advantage plans offer a combination of Medicare Parts A and B with extra benefits. These plans pay for preventive health screenings, X-rays ordered by a doctor, lab tests, and services delivered during in-hospital stays. These plans combine Medicare benefits under one monthly premium, and often include valuable extra services.
However, these plans come with a few limitations. People who are eligible for these plans do not qualify for premium tax credits, and they cannot use any savings based on their income. However, they may qualify for a lower out-of-pocket cost if they purchase their plan through the Marketplace. In addition, they will not have access to a Marketplace plan until the next Open Enrollment period, so they might be able to take advantage of the special savings if they do qualify.
When looking for health care coverage as a retiree, it is important to take advantage of any government programs and to shop around to find the best coverage. Even if you are eligible for Medicare, you may want to supplement your coverage with a private health insurance policy. When choosing a health plan, look for a plan that includes the services you need and is affordable. You should compare premiums, waiting periods, and customer satisfaction to find the plan that best fits your needs.