New numbers show a growing gap between retiring in South Florida and retiring on the state's Gulf Coast.

A report from the online website 24/7 Wall St. said a retiree on Florida's Gulf Coast needs roughly $550,000 in invested assets to fund retirement versus $1.15 million for the same lifestyle on the state's Atlantic Coast.

WATCH BELOW: Report: Florida retirees face $600K cost difference between coasts

Report: Florida retirees face $600K cost difference between coasts

 
"It seems like a lot of the dynamics in Florida, particularly around insurance and housing costs, have really made it a Gulf Coast versus Atlantic conversation," financial publisher Austin Smith of 24/7 Wall St. said.

The report looked at many retirement factors such as housing, insurance, food, utilities, transportation and healthcare.
 
"Our math was based on a three-bedroom home fairly close to the water," Smith said. "If you moved to a place like Delray Beach or Stuart, your costs to simply live in that location could jump by as much as $20,000 a year, driven almost entirely by wind and flood coverage and additional higher property taxes."

Property taxes are a big issue in Florida, with voters deciding on a referendum this November to raise the homestead exemption and lower property tax bills.

Opponents of the referendum say cutting property taxes will only lead to raising other fees and taxes to maintain public safety and local services.

"It's always been a snowbird state, but not everybody can make that southeastern move work," Smith said.