24.1 C
Accra
Thursday, September 29, 2022

5 Best Places To Retire In Florida On Social Security Only

5 Best Places To Retire In Florida On Social Security Only

“Living in Florida on social security only”
For some retirees with other resources, Social Security serves as a “safety net,” while for others, it is their sole source of income. However, it could not travel very far depending on where you live. For those looking for the best places to retire in Florida on Social Security only, this list must be your stop.

The average monthly Social Security income of $1,621 is simply insufficient in many areas of the country, but there are best places to retire in Florida on Social Security only, which are great alternatives. It turns out that for certain people, especially in these five best places to retire in Florida on Social Security, the Sunshine State is a fine location to exist on solely a Social Security check. Read also What Is The Best State To Live On Social Security Only? Here Are 15 Best States You Can Live Comfortably On Social Security Check Only

Living In Florida Solely On Your Retirement Nest Egg

We calculated the average monthly benefit for retired workers, obtained from the Social Security Administration, and the average rent for a one-bedroom apartment in Florida, obtained from the U.S. Department of Housing and Urban Development, to determine best places to retire in Florida on Social Security only. Where you can live on your Social Security checks in Florida.

The cost of living index for each listed city was then determined by looking at the food and healthcare index ratings in Sperling’s Best. Additionally, we calculated the yearly spending amount for groceries (food at home) and healthcare expenditures for those 65 years of age and older by putting these costs together using information from the Bureau of Labor Statistics 2020 Consumer Expenditure Survey. AreaVibes provided the livability ratings.

Below are the best places to retire in Florida on Social Security,
Florida’s top five places for those living only on Social Security. Read also 4 Cities With Good Weather To Retire Comfortably At a Relatively Low Monthly Budget

5 Best Places To Retire In Florida On Social Security Check Only

1. The Villages

•Rent for one bedroom: $756
•Expenditures each month: $1,593.23

Among the best places to retire in Florida on Social Security, 84% of people in The Villages, a census-designated place and adult retirement community in central Florida, are 65 or older. They are fortunate in that, costs are quite reasonable. In this place, monthly grocery costs are $420.48 while healthcare costs are only $416.75. Read also 3 Best Cities In Northeast To Retire Comfortably With Minimal Cost Of Living

4. Ocala

•Rent for one bedroom: $806.00
•Expenditures per month: $1,615.11

The cost of healthcare is the lowest on this list of the best places to retire in Florida on Social Security in Ocala, where expenses are also low ($405.10). The monthly cost of groceries is $404.01, which is less than the national average. Read also 15 Best Beach Cities To Retire In US On $2,500 Monthly Budget

3. Levy County

•Rent for one bedroom: $575.00
•Costs per month: $1,457.88

Levy County not only has the lowest rent on this list, but it also has a high livability rating of 71. It has the second lowest average monthly expenses on the list despite having the highest monthly healthcare cost ($469.81), which is nearly $38 more than the national average. Read also Where You Can Anticipate a Cost Of Living Below The National Average – Here Are 14 Cheapest And Best Cities To Live In US

2. Homosassa Springs, Florida

•Rent for a 1-bedroom unit is $717.
•Total monthly expenses are $1,551.80.

With 36% of the population, Homosassa Springs also boasts a respectably high proportion of seniors. These people will be pleased to see that the low monthly healthcare costs of $408.55 can cover all of their monthly expenses. Read also 10 Most Affordable Places In The United States To Retire On a Low Budget

1. Baker County

•Rent for one bedroom: $617.00
•Expenditures per month: $1,455.21

Baker County tops the list of the best places to retire in Florida on Social Security with the least amount of overall spending and the greatest livability rating of 79, earning them the top slot. Despite not being the least expensive item on the list, the cost of groceries and healthcare is lower than the national average. Read also 10 Affordable And Best Cities To Retire In Florida On a $2,500 Monthly Budget

Disclaimer

Kindly Join Our Community For More Updates!

Read More…

10 Most Safest And Best Places To Retire Outside The US

These Websites Are Among The Most Well-Known And Straightforward To Use! Here Are 10 Best Companies That Let You Test Products For Free

With Joint Financial Resources! Avoid Financial Argument With These 7 Free Budget Apps For Couples

Thomas Goodmanhttps://www.talkfinance24.com
Thomas Goodman is a Degree Holder, a prolific Personal Finance writer and Expert. His work has been recognized by Millions of people round the world and the United States precisely. He has since over a decade, helped people to manage and gain full control over their finances through his adequate and concrete write-ups. His Goal is to inform and educate people worldwide on Personal Finance, Budgeting, Banking and Finance, Career Planning and Savings. He loves to Educate people to attain their financial freedom. Reach out to Him personally on [email protected]

Related Articles

10 Best Budgeting Books You Need To Read For a Redefined Financial Future

10 Best Books For Budgeting And Finance You Need To Read To Redefine Your Financial Future "Best Books For Budgeting And Finance" It seems like everything...

6 Best States In The U.S Where Retirees Can Buy Cheaper Property

6 Best States To Buy Property Cheaply As a Retiree "Best states to buy property" For many Americans in the working, retirement is a relieving milestone,...

20 Smart Things To Do Right Now To Improve Your Finances Faster

How To Improve Your Finances: 20 Ways To Take Control Of Your Finances Right Now "Ways to take control of your finances" You might need assistance...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

0FansLike
2,815FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

10 Best Budgeting Books You Need To Read For a Redefined Financial Future

10 Best Books For Budgeting And Finance You Need To Read To Redefine Your Financial Future "Best Books For Budgeting And Finance" It seems like everything...

6 Best States In The U.S Where Retirees Can Buy Cheaper Property

6 Best States To Buy Property Cheaply As a Retiree "Best states to buy property" For many Americans in the working, retirement is a relieving milestone,...

20 Smart Things To Do Right Now To Improve Your Finances Faster

How To Improve Your Finances: 20 Ways To Take Control Of Your Finances Right Now "Ways to take control of your finances" You might need assistance...

15 Best Paying Side Hustle Jobs To Earn Extra Income – Less Education And No Experience Required

15 Best Paying Side Hustle Jobs To Make Extra Income With Less Education And No Experience "Best Paying Side Hustle Jobs" Do you lack extra money?...

3 Attractive Cities In Arizona Where You Can Live Just On Social Security Only

Arizona Cities To Retire: 3 Best Arizona Cities To Live on Social Security Only "Best Arizona cities to live on social security" It might be challenging...

You cannot copy content of this page