Deciding whether to move or not when you hit the age of retirement is difficult, but there are many advantages to doing so, especially in these 10 best places to retire in Florida on social security.
After a lifetime of working hard for every penny you made, knowing that you’ll have to live off of social security may be a hard pill to swallow. Alas, it’s what you’ll have to do in the end, although it won’t hopefully be just social security income alone.
Commonly, when a person retires, part of the monthly cash they’ll have available for spending comes from social security, while the rest is made up of a mixture of pre-retirement earnings, private pensions, savings, and investments. For the sake of our article today, however, we only took into consideration the average social security paid to a worker at full retirement age, which, according to the Social Security Administration, it’s $2,663 per month. That’s not too much, but it’s not a negligible sum either.
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Retiring in Florida has many advantages. For instance, Florida is one of the very few states that does not charge state income taxes, which means that the entire amount is yours to enjoy. Of course, you’ll still have to pay the local home taxes, based on the millage rate, but the rest is yours to enjoy. Alternatively, you can also check out another of our lists regarding the 10 best places to retire in Central Florida, if you are more inclined to the specific area in this beautiful state.
In order to create our ranking we took a look at the millage rate for each county and the median home price for the area and did a bit of math about how much you’d have to pay in tax. Then, we took the rest of the money and divided it by the cost of living in the area to reveal in which counties you’d be able to buy the most with the money you have left from your social security pension alone, resulting in a score.
In 2015, according to the Social Security Administration, the maximum social security benefit for workers retiring at full retirement age was $2,663 per month, which adds up to $31,956 per year.
Without further ado, here are the 10 best place to retire in Florida on social security.
10. Hendry
Total score – 363.707
Millage rate: 20.4
Average home price: $74,200
Cost of living index: 83.7
Moving out to Hendry seems to be a good idea if you’re going to have to rely on social security for your pension. This is a county that has about 40,000 people living in the 1,190 square miles of territory. The median age of the citizens is a bit over 30, while the unemployment rate sits at 8.4 percent, quite a bit over the national average of 6.3 percent.
The southern area of the county is going to get a solar power plant built on 3,000 acres as the plan was approved by the board. Construction could take between two and ten years.
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9. Washington
Total score: 364.488
Millage rate: 17.56
Average home price: $80,400
Cost of living index: 83.8
With close to 25,000 people living in this county, the average age sits just a bit above 40. The unemployment rate is only a little over the national average, sitting at 6.3 percent. The rural county covers over 391,000 acres and it’s situated about 50 miles north of Panama City. Most of the county is uninhabited, the population concentrating around several cities, such as Chipley or Caryville, mainly around the many lakes.
Washington County is one of the few locations in Florida where there is a ban on alcohol sale, alongside Lafayette and Liberty, which we’ll talk about again later on.
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8. Gadsden
Total score: 365.290
Millage rate: 17.81
Median home price: $75,500
Cost of living index: 83.8
The county of Gadsden has a population of over 46,000 people, with the median age sitting at 38.9. The median home price in the area is over $75,000, which is quite low compared to many areas in the state. While the area is great for all the surrounding countryside and the fact that it’s full of typical college town amenities, there’s a pretty high violent crime rate, which is obviously less desirable.
If you’re planning to move to Gadsden, then be prepared for hot, humid summers, although that’s not exactly news for any area in Florida.
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7. Liberty
Total score: 365.428
Millage rate: 16.56
Median home price: $80,500
Cost of living index: 83.8
Although it covers quite a bit of land, Liberty County only has some 8,300 residents, with a median age of 38. Along several other counties, Liberty has banned alcohol sale, being one of the few locations in the United States where such limitations are in place.
The unemployment rate in the area is 4.70 percent, which is well below the 6.30 percent average across the United States, in case you’re interested in finding a small job to fill your time with. There’s also a pretty high vacancy rate so you’ll have no issues finding a place to move into.
6. Taylor
Total score: 365.898
Millage rate: 16.67
Median home price: $79,800
Cost of living index: 83.7
Taylor County has a population of over 22,000 people with a median age of over 41. The area is pretty and filled with forests, the county being the host for the annual Florida Forest Festival. Taylor County is also known as the “Tree Capital of the South,” so you can get a pretty good idea about how things are around there. One word would sum it up – beautiful, as only nature can be. St. Marks National Wildlife Refuge is, in part, situated in this county, although it also reaches Wakulla and Jefferson.
When it comes to the area’s economy, you should know that the unemployment rate is at 6.5 percent, which is just a nudge above the US average of 6.3 percent.
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5. Suwannee
Total score: 367.373
Millage rate: 17.65
Median home price: $76,700
Cost of living index: 83.3
This particular county within Florida is home to over 42,000 people according to the latest census, while the median age in the area is 42.2 years. The unemployment rate in the county is 5.4 percent, well below the 6.3 percent across the US. The rural area used to support numerous lumber and turpentine camps, with the most famous base as Live Oak.
Until 2011, Suwannee was a dry county, but the sale of alcoholic beverages became legal, much to the happiness of the residents who stopped having to cross county lines just to get a drink.
4. Calhoun
Total score: 367.484
Millage rate: 17.13
Median home price: $74,200
Cost of living index: 83.5
With a population that’s quite low, with under 15,000 residents and a median age of over 40, Calhoun County is a great choice for those looking to move to one of the 10 best places to retire in Florida on social security.
The unemployment rate of 5.4 percent is below the 6.3 percent that’s the median rate across the United States, so things are quite ok economically. On the other hand, according to the 2000 census, some 20 percent of the population was living below poverty line, although things have hopefully improved since. The median home price here is of $74,200 so it should be ok if you have any kind of savings set aside or perhaps another home to sell.
Tim Ross
3. Highlands
Total score: 368.199
Millage rate: 15.5
Median home price: $73,400
Cost of living index: 83.7
Highlands is one of the most populated counties in Florida, with nearly 100,000 residents within its perimeter. The average age within the county is of 51.4 years, which means there are plenty of other retirees living here.
And there are plenty of reasons for this, seeing as the median home price is of $73,400. It’s also a nice area, with plenty of greens and beautiful lakes. It’s even home, in part, to the Lake Wales Ridge National Wildlife Refuge, so if you’re into light hikes and beautiful days spent on a lake shore, then this is a great choice for you.
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2. Hamilton
Total score: 372.169
Millage rate: 18.94
Median home price: $72,000
Cost of living index: 82.2
With a small population of under 15,000 according to the latest census, Hamilton County has a median age of over 38 years. The unemployment rate is over 8.2 percent, well above the national average, which is a bit concerning regarding the regional economic development.
The median home price sits at $72,000, with a home appreciation of 1.9 percent in 2015. This is a great place to move to especially if you enjoy sitting by the water since the Withlacoochee, and the Suwannee Rivers separate the county from the rest of Florida. There’s plenty of greenery to enjoy if you like spending time in nature.
1. Hardee
Total score: 386.279
Millage rate: 17.33
Median home price: $60,800
Cost of living index: 80
Last but not least, the county with the best score is Hardee, a place that’s home to over 27,000 people with a median age of 33 years. The unemployment rate is similar to the one across the United States, so things aren’t better or worse than anywhere else.
The median home price is quite low, namely some $60,800, while the cost of living index is 80, which means you’re actually going to be able to buy more with the same income. If you want to spend your money on nature trips that’s perfect since there are plenty of lakes to visit and the camping rates aren’t all that high. There’s the Hardee Lakes Park or the Pioneer Park, to name a few. All in all, this county tops the list of the 10 best places to retire in Florida on social security.
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