Retirement in Florida? Important Tips..

#retirementplanning #floridaretirement #retirementplanningtips

Retirement planning should start early. If you are considering a move to Florida draw up a mock budget now. Talk to a financial planner and save for your future. Housing will be your largest expense, even if you pay cash you will have housing related expenses. You should plan on needing 70% to 80% of your current income in order to retire. Many people in retirement continue to work, as most have not saved enough. Your budget should include the following:

Acquisition cost of a home. ( upfront purchase)
Annual Property Taxes
Annual Property Insurance
Home Owners Fees
Annual Property Maintenance
Utilities ( Electric, water, cable, internet)
Food
Medical Insurance / Medical Co-pays
RX
Auto Payments / Fuel / Insurance
Travel / Entertainment / Gifts

Median Prices in the Treasure Coast were $253,000 for a single family home 1st quarter of 2019.

Taxes are about 1.5% to 2% of the purchase price depending on the neighborhood.
Insurance cost is roughly 1% of the homes value.

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