![\"Panama](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/11\/7-PanamaCityBeach-Rob-Hainer-shutterstock_235011739.jpg\")
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\n Rob Hainer \/ Shutterstock.com <\/p>\n
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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Florida has long been one of the country\u2019s most popular retirement destinations. Warm weather, no state income tax and plenty of communities designed for seniors make it especially appealing to those looking for a fresh start after leaving the workforce. <\/p>\n But without careful planning on how to manage your money<\/a>, your retirement could be uncomfortable. Below are four things experts recommend retirees not to do with their money in certain Florida cities.<\/p>\n Also here is your complete guide to retiring in Florida.<\/a><\/p>\n Don\u2019t Overspend on Housing<\/p>\n It\u2019s tempting to upgrade your lifestyle when you move to Florida, especially if you\u2019re coming from a higher-cost state. But overspending on housing can eat away at your retirement savings<\/a> faster than expected.<\/p>\n \u201cHousing costs are likely cheaper in Panama City than in some other parts of the state, but we still have flooding risks and high temperatures like the rest of Florida. That can mean paying more for home insurance and higher energy costs,\u201d said Alex Astin, financial advisor at Burns Estate Planning<\/a>.<\/p>\n If you\u2019re on a fixed income, unexpected costs like HOA fees, assessments or hurricane repairs can strain your budget.<\/p>\n Don\u2019t Budget Too Little for Healthcare and Long-Term Care<\/p>\n Healthcare is often one of the largest expenses in retirement and in Florida, it comes with unique challenges. While larger cities may offer a variety of hospitals and specialists, smaller towns like Panama City don\u2019t always have access to high-level medical care. That can mean traveling for certain treatments, which adds to the cost.<\/p>\n \u201cBecause Panama City is a small town, like many other small towns in Florida, high-level healthcare can be hard to come by. Retirees should be prepared to spend extra for out-of-town trips for some medical needs,\u201d Astin said.<\/p>\n Long-term care is another big financial hurdle. According to Astin, it can cost anywhere from $60,000 to $130,000 annually depending on your needs. \u201cBe prepared to spend more money than expected to get a room in a good facility because they are in short supply,\u201d Astin added.<\/p>\n Don\u2019t Leave Too Much Cash Sitting Idle<\/p>\n Keeping too much money in checking or savings accounts<\/a> may feel safe, but it can slowly erode your financial security. With inflation, you risk losing purchasing power each year with your idle cash.<\/p>\n \u201cAs the Federal Reserve continues its rate-cutting cycle, the excess money sitting in their checking, savings and money market accounts is earning less and less, often far less than the current inflation rate<\/a>,\u201d said Michael Fiammetta, financial advisor at 4 Generations Wealth Management<\/a>. \u201cThis means what their money can buy today won\u2019t keep pace to afford those same things a year from now and with more time, it only gets worse.\u201d<\/p>\n Putting idle cash in investments that outpace inflation can help you protect your money from losing purchasing power.<\/p>\n Don\u2019t Overlook Estate Planning<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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