In this article, we will explore the top 10 worst places to retire in Florida. If you want to skip our detailed analysis, you can go directly to the Top 5 Worst Places to Retire in Florida.

Retiring at 70

Even though the 8.7% Cost of Living Adjustment (COLA) in 2023 did raise benefits by 64%, inflationary impacts have had retirees cash-strapped. The average retirement age worldwide is rising, and so is the minimum age to receive social security benefits in full. These senior citizens have been losing their buying power since the 1900s, with the cost of goods and services witnessing a massive rise of 130% this year.

Moreover, with baby boomers continuing to retire by the millions, fewer workers are left to support the aging population. As a result, the Social Security Retirement Trust Fund is expected to deplete by 2033. By this time, these funds can only pay 80% of the benefits. The data comes from projections of the U.S. economy on Gross Domestic Product and inflation. The Treasury Department report has revised these levels of GDP and labor productivity by 3%, which has worsened the outlook for Social Security.

Furthermore, with the dearth of the U.S. labor force and millions out of the labor market after the pandemic, proposals to revise the Full Retirement Age for social security and Medicare healthcare seem unavoidable. Now that the Social-Security full retirement age is transitioning to 67, there are going to be huge benefit cuts too. Individuals who retire at 62, the earliest retirement age, will experience a benefit reduction as large as 43%. With Social Security’s unforeseeable future and increasing ages of retirement (possibly till 70) and healthcare, young adults need to start taking precautions if they wish to retire comfortably in their dream destinations.

Worst Places to Retire in Florida

Florida was once deemed as a retirement paradise and a dream of many. Individuals saved up all their lives to flock to the sunshine state and settle in the best places Florida had to offer them. However, the cheerful state isn’t all sun, beaches, and paradise anymore. Rising living costs and un-nerving hurricanes are increasingly taking a toll on businesses and individuals, with seniors taking the hardest blow.

The latest Hurricane Ian has killed about 137 people in Southwest Florida, two-thirds of which were seniors. With a fixed income and old age taking its toll, seniors have been having trouble after the hurricane, and many find evacuations too expensive to consider at all. Even with businesses such as The Home Depot, Inc. (NYSE: H.D.) and Lowe’s Companies, Inc. (NYSE:LOW) committing millions of dollars to hurricane-impacted areas, it is still not enough. According to Fitch Ratings, Hurricane Katrina brought about $65 billion in insured losses back in 2005. After that one, the latest Hurricane Ian has had insured losses amounting between $50-65 billion, CNBC notes.

Home Improvement companies have definitely witnessed their stocks surging after the disaster, with The Home Depot, Inc. (NYSE: H.D.), Lowe’s Companies, Inc. (NYSE:LOW), and Floor & Décor witnessing sales hikes after the landfall. Demand also surged for Generac Holdings Inc. (NYSE:GNRC). Since Hurricane Ian wiped out power for 11 million Cuban residents, the generator maker Generac Holdings Inc. (NYSE:GNRC) faced a resulting surge in demand. Stocks for The Home Depot, Inc. (NYSE: H.D.) surged by 5%, Lowe’s saw a 3.8% climb, while Generac Holdings Inc. (NYSE:GNRC) saw a boost of 4.6%. Even though home improvement companies will sustain the demand for some time, companies like Generac Holdings Inc. (NYSE:GNRC) will eventually witness their stocks plummet due to lower outages and a weaker housing market.

As such, the worst place to retire in Florida for retirees is definitely the North West owing largely to the warm shallow waters of the Gulf of Mexico. South West is also a prime location with the latest hurricane, Ian hitting the coast. In particular, Miami is the worst place to live in Florida when it comes to hurricanes, with a 16% chance of getting hit by a hurricane each year.

This is why retirees with smaller nest eggs should consider retiring to places that are hurricane-free. As such, the best places in Florida without hurricanes include Lake City, Leesburg, Palatka, and Orlando, amongst others. Retirees may also go through the list of best places in Florida to retire on a budget. While these budget-friendly places do not necessarily coincide with the best places in Florida, they are definitely worth looking into for retirees looking for the best mix between affordability and luxury.

Methodology

In order to compile the list of top 10 worst places to retire in Florida, we have used 3 (1,2,3) sources. After listing out the worst places mentioned in the sources, we listed out the cost of living index for each place from Sperling’s Best Places, their level of risk to hurricanes and floods, Crime index from Numbeo, and the Percentage of the Population Ages 65 and Older Below 100 Percent of the Poverty Level from U.S. Census Bureau.

We also checked out different retirement-related subs on reddit, along with other forums, to inculcate the experiences of retirees from the chosen areas. Next, we individually ranked the places based on the factors mentioned above. After ranking on all metrics, we calculated the total ranking to create our own scores. The places are listed in ascending order, with the worst place in Florida to retire is the one with the higest score.

10. Bal Harbor

Insider Monkey Score: 22

Bal Harbor can be a great place for vacations, but it is certainly not an ideal place to retire. The high cost of living index at 131.4 means retirees need more than just their social security check to afford living here. The place is also highly prone to hurricanes and floods, with more than 78 hurricanes being recorded since 1930. As of 2018, the crime rate in Bal Harbor was 96.28 per 100,000 population. According to Realtor, the median rental price for apartments in Bal Harbor amount to $9,500 as of now. Moreover, the poverty rate in the suburb is 69.53% higher than the Florida average, with 6.7% of the 65 and older population living below the poverty line.

9. Juno Beach

Insider Monkey Score: 23

Juno Beach makes it to our list of the worst places to retire in Florida due to its high cost of living and high risk of hurricanes. The cost of living index for Juno Beach is 145.1, which means living here is 45% more expensive than the U.S. average. According to 24/7 Wall Street, the total expenses for a single adult in Juno Beach, such as housing, food, healthcare, and other necessities, is $38,025 annually, which is greater than the U.S. average. Moreover, Homefacts notes that 84 hurricanes have been recorded in the area since 1930. Besides these factors, the place is generally safe to live in, and only a minor population lives below the poverty line.

8. Highland Beach

Insider Monkey Score: 24

Retirees who are surviving on social security checks can explore other best places to live on social security and forget about Highland Beach. The cost of living is insanely high here, with a cost of living index of 148.8. The figure implies that living is 48% more expensive than the U.S. average, and monthly rents at the beach can be as much as $6,557. Since 1930, the beach has also recorded a total of 87 hurricanes. The area is highly prone to hurricanes, with the recent Hurricane Ana hitting the area back in 2015. Groceries and healthcare are both very expensive and exceed the national average.

7. Siesta Keys

Insider Monkey Score: 27

The cost of living index for Siesta Keys is 150.2, implying that the cost of living here is a shocking 50% higher than the U.S. average. Average monthly rents in the area are exceptionally high, and those on a social security check cannot even think about living here. According to Zillow, the median rent for bedrooms and properties in Siesta Keys is $6,000. The place is also a high-risk hurricane zone, with 72 hurricanes being recorded since 1930. Residents also call the place quite dull, with little to do in the area.

6. Key West

Insider Monkey Score: 27

Key West may have been a popular retirement destination, but its high cost of living makes it extremely difficult for retirees. The cost of living index for the area is 151.2, 51% higher than the U.S. average. Zumper further notes that one-bedroom apartments cost $4,708 on average, with area prices increasing per year. Healthcare is pretty expensive in Key West as it is 62.4% above the national average.

Residents note that healthcare is very basic, and there are no activities beyond beaching, drinking, and boating. Tropical weather systems often visit the place, which is why it is no stranger to hurricanes and storms. Accu Weather further notes that Key West, similar to Miami, has a 16% likelihood of getting hit by a hurricane during the Atlantic Hurricane season. Hurricane City further notes that the area is likely to get hit by a hurricane every 6.04 years.

Click to continue reading and see the Top 5 Worst Places to Retire in Florida.

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Disclosure: none. Top 10 Worst Places to Retire in Florida is originally published on Insider Monkey.