This article takes a look at the 15 best places to retire in Florida that you've never heard of. If you wish to skip our detailed analysis of financial challenges and hidden gems in Florida, you may go to the 5 Best Places to Retire in Florida That You’ve Never Heard Of.
Navigating Financial Challenges and Hidden Gems in Florida
Looking forward to retirement? According to a new AARP survey, not everyone is. The survey held by the organization reveals that 20% of adults aged 50 and above have no retirement savings at all, while more than half of the respondents are skeptical of having enough money to sustain themselves once they retire.
“Every adult in America deserves to retire with dignity and financial security. Yet far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire”.
These statistics shed light on the current retirement situation in the country, and how factors such as high costs of living and disappearing pensions have made it harder now to achieve the American Dream. A survey by the nonprofit National Institute on Retirement Security reveals how three-quarters of its respondents agree with this notion:
“The disappearance of traditional pensions has made it harder for workers to achieve the American Dream”.
While traditional pensions offer a guaranteed monthly benefit to retirees for the rest of their lives, USA Today notes how “modern pensions” are likely confined to the public sector where “unions have kept them alive”. Nevertheless, retirees with pensions enjoy greater income security, with the median private pension benefit of individuals age 65 and older being $11,040 a year. Sadly, very few companies offer a defined benefit plan these days. Some top companies in the US that still offer such a plan include Merck & Co., Inc. (NYSE:MRK), Northern Trust Corporation (NASDAQ:NTRS), and Yext, Inc. (NYSE:YEXT).
Merck & Co., Inc. (NYSE:MRK) is an American multinational pharmaceutical company headquartered in New Jersey. The company offers a defined benefit pension plan as well as a 401(k) plan with company matching contributions in the US. Yext, Inc. (NYSE:YEXT) offers 401(k), pensions, employee stock purchase plan, etc. Similarly, Northern Trust Corporation (NASDAQ:NTRS) also offers a range of solutions that can help employees stay ahead of the changing pensions landscape.
While big names such as Merck & Co., Inc. (NYSE:MRK) and Northern Trust Corporation (NASDAQ:NTRS) still offer pension plans, more and more companies have stopped offering such plans simply because of costs and the unpredictability that comes with it.
“Companies started moving away from pension programs in the 1980s, mainly due to the high costs and because it is simply unpredictable to know how long the company will need to make payments to each retiree”.
While pensions may be a thing of the past, statistics reveal that millions of workers in the US lack access to any retirement plan at all. According to the Bureau of Labor Statistics, only 66% of private sector workers in the US have access to an employer-defined contribution plan. Saving is hard in itself, and 401(k)s put the burden of saving largely on the employee. That being said, a lot of baby boomers today are retiring with no savings at all. Social Security benefits weren’t designed to replace retirement incomes, but sadly this is all they have to fall back on.
Due to these financial conditions, retirees in the US often flock to states and cities that can help them stretch their retirement savings the farthest. One such state that they often choose is sunny Florida. Florida, one of the best states for retirement in the US, is a retiree favorite because of its climate, tax-friendliness, and of course, the gorgeous beaches. Sadly, many places in the Sunshine State are getting expensive for retirees. This is where our list of best places to retire in Florida that you’ve never heard of comes in handy. Our list will share some of the lesser-known areas in the sunny state that are less crowded, and many even affordable enough to let you live on Social Security.
15 Best Places to Retire in Florida That You’ve Never Heard Of
Methodology
To compile a list of the best places in Florida that you’ve never heard of, we engaged retirees through online forums such as Reddit and Quora. These individuals, possessing a wealth of local knowledge and experience, generously shared their best-kept secrets. We assessed each suggested destination based on criteria like seclusion and traffic. Employing a consensus-based approach, each place was awarded points to determine its ranking on our curated list.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in Florida that you’ve never heard of:
15. Sanibel Island
Insider Monkey Score: 8
IM Cost of Living Index: 153.5
Median Home Price: $1,300,000
Livability Score: 67
While Sanibel Island may be one of the best places to retire in Florida that you’ve never heard of, retirees need a big fat nest egg for this one. This tranquil tropical island off the coast of Florida is a place where retirees can spend some of the best years of their lives. Blessed with year-round warm weather, nature preserves, breathtaking sunsets, gorgeous white sand beaches, and a laid-back lifestyle, Sanibel Island can make everyday living quite eventful for those who choose to call it home. Explore unique boutiques along the Periwinkle Way, spend the day exploring J.N. Ding Darling National Wildlife Refuge, have a jog down history at the Sanibel Island Lighthouse, and then grab a bite at the many restaurants the island has to offer.
14. Manasota Key
Insider Monkey Score: 13
IM Cost of Living Index: 119.4
Median Home Price: $512,000
Livability Score: 69
Manasota Key, a census-designated place consisting mainly of the community of Englewood Beach in Charlotte County, is home to world-class beaches, exciting local festivals, and a truly laid-back lifestyle. Retirees here get to enjoy scrumptious seafood, music, powerboat racing, sand sculpting, and even kayaking and paddle boarding to witness Florida wildlife up close. If this doesn't get you excited, beaches in Manasota Key are quite secluded, with many offering direct beach access through public right-of-ways.
13. Lutz
Insider Monkey Score: 17
IM Cost of Living Index: 107.1
Median Home Price: $614,950
Livability Score: 73
Next on our list of best places to retire in Florida that you’ve never heard of is Lutz, an incorporated community in Hillsborough County and Pasco County. Lutz has a unique old-town feel to it, and retirees can choose to settle in the older homes or some of the newer communities. There are all the necessary amenities here, and Tampa is less than a half hour away for additional access to cultural attractions, shopping centers, and healthcare facilities.
12. Casey Key
Insider Monkey Score: 18
IM Cost of Living Index: 105.7
Median Home Price: $5,900,000
Livability Score: 74
Known to be a secluded 8-mile-long barrier island, retirees in Casey Key get to enjoy an unspoiled retirement experience. Having the Gulf of Mexico to the west and Sarasota Bay to the east, Casey Key is part of the North Port—Sarasota—Bradenton Metropolitan Statistical Area. Provided one has enough savings to afford a retirement home here in Casey Key, residing here promises waterfront properties, an unspoiled natural setting, and abundant solitude. Casey Key is hands down one of the best places in Florida to retire on the water.
11. St. Marks
Insider Monkey Score: 19
IM Cost of Living Index: 101.5
Median Home Price: $395,000
Livability Score: 63
Situated in Wakulla County, St. Marks is a tiny city home to around 300 people. While it is a secluded and off-the-beaten-path kind of a place, St. Marks is perfect for seniors who love to indulge in nature-based adventures and occasionally do some fishing, hiking, and horseback riding. Places like Cooter Stew Cafe and Riverside Cafe in the heart of town are ideal for enjoying slow nights with some music or enjoying a not-so-fancy roadside experience at the Outz Too Oyster Bar and Grill instead. The city’s annual St. Marks Stone Crab Festival takes place in October for those interested.
10. Nokomis
Insider Monkey Score: 20
IM Cost of Living Index: 105.7
Median Home Price: $432,500
Livability Score: 71
An unincorporated beach town situated in Sarasota County, Nokomis flaunts a gorgeous beach and a relaxed Gulf Coast vibe. Seniors can live in the many gated developments in this town, with the nicest part of Florida to retire in being on Casey Key. Other things that highlight Nokomis as a retirement destination are the beach-town atmosphere, many shopping opportunities, and urbane residential areas. The cost of living here is an estimated 6% higher than the national average.
9. Everglades City
Insider Monkey Score: 26
IM Cost of Living Index: 110.0
Median Home Price: $207,000
Livability Score: 70
Had Everglades City been popular, it would have been recognized as one of the best places to retire in Florida. Back in 1889, it was sold for a mere $800 but now it’s called the Stone Crab Capital of the world (so its gaining popularity). There are a host of iconic preserves and parks available that are a dream for outdoor enthusiasts. The crab season is a favorite time for its residents as they can enjoy this delicacy to their heart’s content.
8. Winter Garden
Insider Monkey Score: 28
IM Cost of Living Index: 105.0
Median Home Price: $583,000
Livability Score: 83
Situated in Orange County, Winter Garden is another one of the best places to retire in Florida that you’ve never heard of. Exciting destinations such as the Walt Disney World and Downtown Orlando are less than a half hour away, and the city itself is a unique embodiment of arts, dining, and plentiful entertainment. Downtown is brimming with cafes, bookstores, and other fun shops and stores. Retirees can enjoy a good quality of life here.
7. Lecanto
Insider Monkey Score: 28
IM Cost of Living Index: 87.8
Median Home Price: $362,000
Livability Score: 64
If you’re looking for one of the best places to retire in Florida on Social Security, then Lecanto is the place to be. This unincorporated community in Citrus County is perfect for seniors who love cleanliness and natural surroundings. Not only do retirement savings stretch a bit further here, but the region also boasts ideal weather for enjoying activities such as golfing, fishing, and hiking.
6. Crystal River
Insider Monkey Score: 33
IM Cost of Living Index: 89.4
Median Home Price: $245,000
Livability Score: 66
Affordable living doesn’t always come with beautiful settings, but they do in Crystal River. Home to the award-winning and one of the best retirement communities aka Village of Citrus Hills, residents find living in this city to be quite a pleasant experience. Anglers and nature lovers especially love this city for its endless recreation opportunities such as snorkeling, swimming, and much more.