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Tampa Estate Planning Attorney > Blog > Estate Planning > Toward An Affordable Retirement In Florida

Toward An Affordable Retirement In Florida


You have probably been hearing that your retirement savings goal should be $1 million by age 65 since before you started receiving mail from the AARP.  The chorus of voices that says that $1 million only yields you a meager retirement income, and that you need significantly more than that to retire comfortably, has only grown louder in recent years when the prices of so many of the things that adults of all ages buy on a regular basis has remained high.  One thing that has not changed about Florida is the perennial sunshine.  Yes, nearby Alabama and Mississippi are much less expensive, but unlike Florida, they have yet to earn a reputation  as fun places to visit.  No one looks out the window on a snow day and says, “I can’t wait to spend winter break in Alabama with my Grandma.”  Thus, Florida remains a desirable destination for retirement in Florida, but if you intend to live to an advanced age in the Sunshine State, you should have extensive discussions about finances with a Tampa estate planning lawyer.

How Much Does It Cost to Live in Florida as a Retiree?

According to a recent report by Go Banking Rates, the average expenses for a retiree in Florida are about $55,000 per year.  To put a fine point on it, this means that, if you save a million dollars and retire at age 65, you can afford to live the rest of your life as a retiree in Florida as long as you die by age 83.  Go Banking Rate bases these figures on the assumption that you will spend $4,800 per year on groceries, $11,700 per year on housing, $3,900 on utilities, $4,000 per year on transportation, and $7,000 per year on healthcare.

Affordable Options for Retirees in the Sunshine State

No two retirees have exactly the same budget.  Home mortgages, rent, and homeowners’ insurance are main factors that make Florida so expensive.  Your expenses will be a lot less, for example, if you move into a “granny pod” on the property of one of your children.  This way, you can simply share grocery and transportation expenses with the rest of your family, even though you will probably bear sole responsibility for the construction of the granny pod.  Another way to reduce your housing costs is to buy long-term care insurance many years before you retire and then to move to an assisted living community in Florida.  It will cost you a lot less than if you were paying for a comparable apartment out of pocket, and when you live in an assisted living community you can get as much or as little assistance as you need.

Contact David Toback About Retiring Within Your Means in Florida

A Central Florida estate planning lawyer can help you find a way to make retirement in Florida affordable.  Contact David Toback in Tampa, Florida to set up a consultation.



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