On average, retirement age in Florida is 64. That number is close to the national average of 62, but allows for a couple of extra years for individuals who need additional time to save up due to Florida’s cost of living, which is also higher than the national average. If you’re thinking about retiring in Florida, make sure you’re prepared for what your next chapter may bring.
The Ideal Time To Retire
Retirement age in Florida isn’t just about an arbitrary number. You must carefully consider what it will mean for you to retire at a specific point in time. That can depend on many different factors.
Retirement Savings
Of course, retirement savings have a huge impact on when you can afford to step out of the workforce. Just how much you need to have saved up, of course, depends on the quality and standard of living you intend to maintain through your retirement years, as well as whether you have a source of passive income that can help carry you once you’re no longer earning.
If you don’t currently live in Florida, keep in mind that the cost of living can be a little higher than in the rest of the country. Also, housing options like beachfront condos or exclusive retirement communities may be more expensive. It’s always best to talk to a financial planner to ensure that you have saved enough for your needs.
Social Security
Seniors can start drawing from Social Security at age 62. However, at that point, benefits are generally reduced compared to what you can withdraw if you wait a few more years. For individuals born in 1959 or before, full retirement is considered 66 and 10 months, while individuals born in 1960 or later will reach full retirement age (and therefore full eligibility for benefits) at 67. Work with your financial planner to ensure that you’re retiring and drawing those benefits at the point that makes the most sense for your long-term financial needs.
Retirement Plans
While your finances are a critical part of when you can retire, your retirement plans should also consider the age at which you plan to retire. For example, if you’re planning to do a lot of traveling in retirement, you may want to retire early, giving you more time to cross all those fantastic destinations off your bucket list. On the other hand, if you’re planning to focus on your hobbies or a side hustle, you may want to wait until you’re sure you have your finances in order before moving into retirement.
The Benefits of Retirement in Florida
More Leisure Time
One of the greatest perks of retirement is the abundance of free time, and there’s no better place to enjoy it than Florida. With no more long workweeks, you’re free to spend your days golfing year-round, walking the beach at sunrise, or exploring Florida’s countless parks, festivals, and coastal towns. Whether you prefer fishing in the Keys, shopping in Naples, or kayaking through mangroves, Florida offers a leisurely lifestyle that perfectly complements your newfound freedom.
Better Overall Health
Stepping away from the daily grind can dramatically reduce your stress, and Florida’s environment naturally supports better health. The mild winters and sunshine make it easier to stay active outdoors, whether you’re biking scenic trails or joining a community fitness class on the beach. Plus, many retirees find that being part of a vibrant, like-minded community in Florida improves both their physical and mental well-being.
Increased Freedom
Retirement opens the door to a more flexible lifestyle, and Florida makes it easy to take full advantage of that. Want to live near the ocean? Prefer a quiet inland community with nature trails and pickleball courts? Florida offers a range of retirement-friendly options. It’s a place where you can grow your social circle, explore new hobbies, and be close to family, all while enjoying the year-round warmth and laid-back atmosphere that makes Florida a top choice for retirees.
Potential Downsides to Retirement in Florida
Financial Struggles
While Florida offers many benefits for retirees, like no state income tax and a wide range of housing options, it’s still important to assess your financial readiness carefully. Early retirees may underestimate how much they’ll need, especially if they face unexpected health care expenses. Popular Florida retirement destinations, such as Naples, Sarasota, or The Villages, may come with higher housing or lifestyle costs, so be sure your savings align with your desired quality of life.
Take time to research the cost of living in your chosen Florida community. From coastal towns to inland areas, prices can vary significantly. Even just a few more years in the workforce can help grow your nest egg and may lead to a more comfortable, financially secure retirement in the Sunshine State. Also, keep in mind that Social Security benefits are reduced if you begin collecting before full retirement age (currently 67), which could impact your long-term income.
Loneliness
Florida attracts retirees from all over the country, which means that some early retirees may find themselves farther from family and longtime friends. Without the social structure of a workplace, it’s easy to feel isolated. However, the good news is that Florida is rich in opportunities for connection. Many communities are designed specifically for active adults, offering everything from golf and pickleball leagues to book clubs, fitness classes, and group travel opportunities.
Choosing a Florida retirement community with a strong social calendar or one that encourages neighborly interaction can make a big difference. Whether you’re joining a kayaking club in Punta Gorda, a gardening group in Ocala, or a dance class in Fort Myers, building a new social network is possible in Florida.
Find the Right Retirement Community for Your Needs
If you’re thinking about retiring to Florida (early, late, or somewhere in between), 55places can help you find the perfect community. Contact us today, and we’ll connect you with an experienced local real estate expert. They will help you learn more about available properties throughout Florida so you can factor them into your retirement planning. Start living your retirement dream in the Sunshine State!
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