9 Reasons Why You Should Rethink a Florida Retirement
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“Retirement,” used to be a byword and general euphemism for retiring to Florida. 20th-century pop culture TV and films usually referenced Florida whenever a character mentioned retirement.
Still, is a Florida retirement a good idea without proper preplanning? The weather is hot and volatile, the cost of living is high when living in a metropolitan city, and there are wild animals and weirder people to contend with, among other things.
Consult a retirement expert when in doubt, but here are 9 good reasons why you should rethink a Florida retirement plan.
1. The Weather is Always Hot, Sunny, and Sweaty
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Pensacola, Florida, located in the northwestern corner of the state near the Alabama border, sometimes averages an inch of snow annually. Beyond that, the weather in Florida is generally hot, steamy, and sweaty all year round. The state resides in an extremely humid and subtropical zone.
The average temperature could be 80 degrees to 90 degrees and warmer in the summer months. It could even be that hot during the winter months. The weather will dictate your wardrobe, outdoor activities, and home energy bills, so plan carefully before moving there.
2. Sun Exposure Makes Your Skin More Wrinkled
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If you have to invest in sunblock, sunhats, beach umbrellas, and wear protective beach clothing all the time, is a Florida retirement worth it? Excessive sun exposure in a subtropical environment can cause leathery skin, skin discoloration, and accelerated, premature wrinkling. It can also cause discolored spotting on wrinkled skin, sunburn, and the development of skin cancer. Medical experts recommend that beachgoers avoid direct sun exposure from morning to early afternoon when the sunshine rays are most intense.
3. Will You Get Outside Often?
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Many Florida residents and retirees go outdoors in the early morning and early afternoon when the steamy, humid, and hot weather is semi-tolerable. What is the point of a Florida retirement if you plan to stay inside as much as possible to cool off and avoid the sun? Another reason you may stay indoors often is the unending swarms of mosquitoes, flies, and bugs you’ll have to contend with as well.
4. Red Tide
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Red tide are swells of red-colored microscopic algae that blooms in the waters of Florida beaches and coastlines unpredictably. The algae cause eye, skin, and respiratory irritation if you swim in it. Red tide also produces microscopic airborne toxins that cause sneezing, coughing, and watery eyes. Red tide also causes dead fish carcasses to float in the water or pile up on beaches and shorelines. Health problems caused by red tide are temporary but no fun to experience.
5. Florida Has Too Many Retirees Already
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Florida has about 22 million residents but over 4.5 million are age 65 and older. Over 30% of the population will be 65 or older by 2045. You are not the only one who has thought of retiring in the Sunshine State. Are you OK with your Florida retirement environs being inundated with millions of like-minded retirees? Are you going to the state to mingle with other retirees or live out your own customized retirement lifestyle?
6. Rodents, Critters, and Exotic Wild Animals
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Your precious Florida retirement years may be spent battling creepy crawlies and struggling to keep them out of your home. Florida is notorious for its rat infestation problems. You will find rats in the palm trees, at the beach, and scurrying on the rooftops of homes. Florida has 44 species of snake, from harmless garden snakes to Burmese pythons, only six of these species are venomous.
The state also has green iguanas and weird exotic animals like crab-eating rhesus macaques monkey. Over 25% of these wild monkeys are infected with the Herpes B virus. It is not out of the ordinary for Florida residents to find an alligator in their lawn, pool, or in a pond watching people and animals stroll by.
7. High Cost of Living
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Many people plan for a Florida retirement because the state does not have a state income tax. Florida also does not tax Social Security benefits or any kind of retirement income on its residents. Still, the cost of living can be too much for those who don’t carefully plan out their expenses beforehand.
You might need to spend $68,000 annually to retire in the state comfortably. The combined state and local sales tax rates are over 8%. A gallon of gasoline is currently $3.53 for regular and over $4.34 for premium. The average cost of a home is $400,000 and rent typically ranges between $2,000 to $3,000. If you’re single and have no dependents, then you might get by on $36,800 annually in Florida if you stay out of the big cities and budget hard.
8. Hurricanes and Tropical Storms
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The Atlantic hurricane season lasts from June to November, which means your Florida retirement can be under hurricane threat for 6+ months every year. Due to the way the Atlantic Ocean borders the state’s peninsula shape to the east and the Gulf of Mexico to the West, a majority of the hurricanes and tropical storms that make landfall in the country hit or affect Florida first.
2018’s Hurricane Michael caused over $25 billion in damages in Florida. 2017’s Hurricane Irma caused over $52 billion in damages in Florida. Retiring to Florida means adjusting to a hurricane survival mindset and lifestyle when necessary.
9. Expensive Disaster Insurance (If You Can Get It)
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Hurricane and disaster-related insurance can be very expensive to acquire in Florida if you can get it at all. The deductible for hurricane insurance can be as much as 10% of the overall worth of the policy, although some companies still offer a $500 flat fee option. One way to lower your insurance costs is to have an agent conduct wind mitigation tests. on your home to test how well it will stand up in hurricane-force winds.
You should check if your homeowners’ insurance covers wind damage, but it probably doesn’t cover flood damage. Almost any home in Florida can be susceptible to flood damage, so you will have to buy supplemental flood damage insurance to augment your existing policies. You may be in a position where no company wants to insure your home due to risk, so consult with a trusted agent for options.
Your Florida Retirement Future Should Be Planned
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Where you go to live out your retirement is your business. However, you should consult with a retirement advisor to plot out your monthly and annual post-retirement expenses to the penny. A retirement plan is a post-working lifestyle budget, and there should be no shock surprises once you start it in the real world.
No one is telling you to avoid Florida. However, you should be prepared for all of the financial and lifestyle adjustments in store for you.
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Allen Francis is a full-time writer, prolific comic book investor and author of The Casual’s Guide: Why You Should Get Into Comic Book Investing. Allen holds a BA degree from Marymount Manhattan College. Before becoming a writer Allen was an academic advisor, librarian, and college adjunct for many years. Allen is an advocate of best personal financial practices including saving and investing in your own small business.
