Social Security provides a “safety net” for some people who have been able to save for retirement or have a pension, but it is their only source of income for others. However, it could not travel very far depending on where you live.
The average Social Security income (as of December 2022) is $1,775.81 per month, however Florida offers numerous possibilities, notably for couples who can receive $3,551.62 per month in Social Security benefits.
For some couples, especially in these ten locations, the Sunshine State turns out to be a fine place to thrive on only a Social Security check.
GOBankingRates calculated the average monthly payment for retired workers, obtained from the Social Security Administration, and the typical rent for a one-bedroom flat in Florida in 2022 to discover where you can live on your Social Security checks in Florida.
Following that, GOBankingRates examined the food and healthcare index scores from Sperling’s Best to determine the cost-of-living index for each city that was mentioned. Additionally, GOBankingRates used information from the 2020 Consumer Expenditure Survey of the Bureau of Labour Statistics to calculate the combined yearly cost of healthcare and grocery expenses for couples 65 years of age and older.
- Rent on average in 2022: $1,721
- Spending each month: $2,992.14
A retired couple in Titusville will have more than $550 after necessary costs. In this case, the monthly cost of healthcare is $585.25, whereas the monthly cost of groceries is $369.50.
- Rent on average in 2022: $1,693
- Spending each month: $3,008.76
Bartow has an excellent quality of life score of 79. Here, the monthly cost of healthcare is $591.11 and the monthly cost of groceries is $382.99.
8. Lake Wales
- Rent on average in 2022: $1,493
- Spending each month: $2,813.94
Overall monthly costs in Lake Wales are $742 less than the typical couple’s Social Security payments. Only $347.66 is spent each month on utilities, $591.11 is spent on medical costs, and $382.25 is spent each month on groceries.
- Rent on average in 2022: $1,785
- Costs per month: $3,127.99
Despite having significantly higher average monthly costs, Largo has a very high livability rating of 85. Therefore, despite the fact that monthly healthcare prices are 3.7% higher and grocery costs are 4.4% more than the national average, this area offers a high standard of living.
6. Winter Haven
- Rent on average in 2022: $1,651
- Spending each month: $2,960.37
The cost of living is reasonable in Winter Haven. Similar to three other cities on this list, healthcare prices in this city total $591.11, and monthly grocery costs are $384.49.
- Rent on average in 2022: $1,707
- Expenditures each month: $3,002.79
Another city with a high livability rating, Lakeland has an 80. Utilities in this area cost 2% less than the national average. Similar to Winter Haven, healthcare expenditures total $591.11, while monthly grocery expenses total $384.87.
- Rent on average in 2022: $1,360
- Spending each month: $2,664.99
At $1,360 per month, Brooksville has the second-lowest rent on the list. On this list, monthly spending as a whole comes in second place. The monthly cost of healthcare is $582.90, and the cost of groceries is $384.49.
3. Altamonte Springs
- Rent on average in 2022: $1,691
- Costs per month: $3,011.28
Although Altamonte Springs’ total monthly expenses may not be the lowest, its livability score is quite high (85), and its cost of living is lower than the national average. The average monthly cost of healthcare is $610.44, or around $25 higher than the national average.
2. South Daytona
- Rent on average in 2022: $1,563
- Spending each month: $2,851.71
In South Daytona, the monthly expenses result in a $700 surplus. Costs for groceries and utilities are lower than the national average, while the monthly cost of healthcare is only 2.7% higher than the national average. It also has a fantastic livability rating of 83.
1. Crystal River
- Rent on average in 2022: $1,183
- Spending each month: $2,491.78
With the lowest overall expenses, the cheapest monthly rent, and a respectably high livability score of 81, Crystal River tops the list. Additionally, healthcare costs are 2.6% higher than the US average.