TAMPA, Fla. (WFLA) — A new study shows the Sunshine State may no longer be as appealing to retirees.
Consumer financial services company Bankrate ranked all 50 U.S. states based on a number of factors including affordability, overall well-being, healthcare quality and cost, weather, and crime.
According to the study, Florida now ranks No. 8 in the nation for the best place to retire.
Affordability was the most heavily weighed factor, and the main reason Florida did not make its usual top five spot.
“I’m a homeowner and my home insurance has skyrocketed. Food right now is out of control. Gas prices are just going up, they went up again this week,” said Angelia Valdez, a retiree in Florida.
Florida now leads the nation in inflation, causing retirees like Valdez to feel the pinch.
“It’s stressful,” said Valdez. “I try to find ways to save. You gotta do what you can.”
“The insurance costs have escalated tremendously with the hurricanes we’ve seen recently, as well as everybody moving down to Florida and driving up housing costs,” said Nathan Leedy, Field Vice President with Florida Financial Advisors.
A Bankrate survey in October found that nearly 35 percent of working Americans say they’re significantly behind on retirement savings.
Leedy said it’s important to meet with a financial expert and have a good financial plan in place.
“You have to know how much you want to live on, know what your tax burden is going to be and ensure your investments are set up in a way that you could get through retirement and have longevity of your assets, and your quality of life is not predicated on the market ups and downs,” said Leedy. “Before you pick up and move, you want to make sure that it’s feasible and realistic for you to do so. Having that sound financial plan is ultimately what’s going to take you to the pathway to success.”
|5 Best States to Retire||5 Worst States to Retire|
|1. Iowa||50. Alaska|
|2. Delaware||49. New York|
|3. West Virginia||48. California|
|4. Missouri||47. Washington|
|5. Mississippi||46. Massachusetts|