TAMPA, Fla. — A new study from the Seniorly Resource Center finds Florida is the 9th most expensive state to retire.

The report comes amid concerns about affordable housing, inflation impacting fixed incomes, interest rate hikes, bank collapses and the instability of social security.

Gracepoint Wellness is a nonprofit that created an affordable housing village for seniors in Seminole Heights.

The campus also offers wrap around services to ease the blow of the current economy for seniors who are typically being out priced out of this market.

Special Projects Coordinator Susan Morgan said the wait list is at least two years long.

”Senior housing that is affordable and quality is really huge for seniors not just in the state of Florida," she said. "(A) short supply."

Morgan said the cost of running their affordable housing village for seniors has become increasingly less affordable.

“With property insurance going up between 30-50% that’s only going to be passed down unfortunately to the rents that seniors are needing to pay,” she said.

According to Seniorly, health care is the biggest annual expense for seniors, apart from housing and transportation.

While most elder people are insured through Medicare, they face out-of-pocket costs for services that Medicare doesn’t cover, such as long-term care and dental services, and those medical bills can add up.

Seniors Retiring Later

Adriane Hicks said one of her biggest accomplishments in life was becoming a nurse.

She was born and raised in Tampa and is one of 11 children.

She says a career in health care was a natural fit.

“I just had a passion for taking care of people,” she said.

She retired in 2015 after 29 years of service.

She downsized and found affordable housing for seniors owned by Gracepoint.

“I think I was blessed to find this place,” she said. “I didn’t figure that this was the way that I would end up in retirement, but I'm not disappointed. “

At 61, Hicks has been living on a fixed income, savings and she describes herself as “comfortable” over the last eight years.

However, inflation has forced her to re-imagine how she will live out her golden years.

According to the study, senior expenses are higher mostly because of its high annual Medicare spending level ($13,652 per beneficiary), higher monthly utility costs and a poverty rate of 11% for seniors.

“When you think about it, you work all your life, your best years, now you’re telling us the older we get we might have to go back to work in order to maintain a decent living?” she said.

She’s considering going back to work.

“We all need the money, working the extra shifts is going to help me have the piece of mind, knowing I’m able to afford an affordable place,” she said. “Even living in this community, we’re not immune to rent hikes, rent being raised.”

Despite her planning — this is a reality of retirement Hicks says she wasn’t prepared for.

She’s sharing her experience with younger generations of her family so they won’t be blindsided.

“I tell them everything that I would have told my younger self. Take care of yourself physically, mentally and emotionally, definitely financially, be kind to others,” she said.

These are simple principles, some of which she didn’t always prioritize.    

She is now investing in relationships.   

“Everybody here knows everybody,” she said. ”I do feel a sense of community here.”

She’s been following her own advice and is grateful for her village.

She says seniors are relying on each other for emotional support during these challenging times.