Miami is a bit of an anomaly. It’s a party haven for college spring breakers. At the same time, the Miami area is a popular retirement destination. With a booming nightlife, unbeatable weather, and countless cultural and recreational opportunities, it’s easy to see Miami’s appeal.
In 2022, 21.1 percent of Florida’s population was aged 65 and older – one of the highest percentages nationwide. In Miami-Dade County, 16.9 percent of the population is 65 or older.
What makes South Florida so attractive for retirees? And are there any drawbacks? Let’s consider the pros and cons of retiring in Miami.
Pros of Retiring in Miami
Recreation Galore
Miami has an abundance of recreational outlets, including waterways, golf courses, and beaches. The Miami-Dade County Active Older Adults program will hook you up with cardio, tai chi, and Zumba classes. If a cruise is your kind of getaway, PortMiami is the largest cruise-ship terminal in the world. However, if you’d prefer to relax at home, enjoying the peace and a good book, there are plenty of Miami retirement communities designed for seclusion, too.
Warm Weather
Florida’s weather is, without a doubt, one of its biggest draws. Sure, four seasons are beautiful – until you slip on ice or hurt your back shoveling snow. If you live in a climate with harsh winters, you might have had enough by now. If you can’t afford to be a snowbird, moving to Florida permanently may be a good alternative. The lowest average low you’ll encounter in Miami is 60 degrees Fahrenheit in January. The average Miami high in January is a balmy 76 degrees.
Low Taxes
Income, including retirement and Social Security benefits, are not taxed in Florida. There’s also no estate tax or inheritance tax. If you buy into a retirement community, property taxes in Miami-Dade County are slightly above the national and Florida averages. However, Florida residents 65 and older may be able to take advantage of an additional homestead exemption of $50,000 or more.
Abundant Culture
As a retiree in the Miami area, you won’t run out of museums to visit. Miami boasts dozens of museums, covering arts, history, and science. Works in the many Miami-area art museums range from classical Renaissance and Baroque paintings to out-there avant-garde installations. Quirkier museums display vintage aircraft and historical railroad cars. If you’re more interested in theater and the performing arts, venues around Miami offer everything from Broadway shows to opera and ballet.
Cons of Retiring in Miami
The Weather, Part 2
Yes, Florida weather is both a pro and a con. The Sunshine State, though bright and moderately warm most of the time, can become sweltering and humid in summer. Average highs in July and August are 91 degrees Fahrenheit. Florida is also hurricane country, which means you’ll spend summers watching the weather, prepared to board up windows and evacuate as soon as it might become necessary. New residents should study hurricane preparations to help keep you and your loved ones safe.
High Cost of Living
Because Miami is such a hot destination, many areas are densely populated. If you don’t have a sizeable retirement income or savings, it may be difficult to find an affordable community. Overall, the cost of living in Miami is 21 percent above the national average. Housing is very expensive, topping the US average by 47 percent.
Medical Care Issues
With such a high concentration of seniors, you’d think Florida would rank among the top nationwide when it comes to healthcare. However, this is not the case. State leaders balk when it comes to funding health care. They even refuse generous federal funds to expand Medicaid. When it comes to healthcare, Florida ranks very low — 31st overall. Though you might be in good health now, it is important to consider your options should you need specialized care in the future.
Ready to retire in Miami?
Of course, not all retirees flock to Miami proper. Deerfield Beach and West Palm Beach also offer numerous retirement communities where you can rent or buy. But without a doubt, Miami tops the list. If you have your heart set on South Florida, check out the full list of Miami-area retirement communities on After55.com.
