Style Switcher

Predefined Colors

Why Florida Is Losing Its Appeal As A Prime Retirement Destination


THIS MORNING I HAVE YOUR NEW RETIREMENT CHECKLIST. >> Reporter: WITH ITS ENDLESS SUMMERS AND LOW COST OF LIVING, THE SUNSHINE STATE BECAME A RETIREMENT HOT SPOT WHERE GENERATIONS OF AMERICANS HAVE SPENT THEIR GOLDEN KPLEERS YEARS. A MOVE SO POPULAR, IT EVEN MADE ITS WAY INTO POP CULTURE. ♪♪ >> Reporter: BUT NOW AS THE PRICE OF EVERYTHING SOARS IT COULD MANY TROUBLE IN PARADISE FOR SOME RETIREES, ESPECIALLY WHEN IT COMES TO HOUSING. >> PIEM ARE LOOKING TO RETIRE, MAY BE RETHINKING THEIR PLANS. >> Reporter: MEDIAN HOME VALUES IN FLORIDA NOW UP NEARLY 28% FROM LAST YEAR. THE AVERAGE RENT IN MIAMI MORE THAN $2,900.


IN ORLANDO AROUND 2,100. >> I SEE THIS AS A PERMANENT CHANGE. >> Reporter: KEN JOHNSON, A REAL ESTATE ECONOMIST AND ASSOCIATE DEAN AT FLORIDA ATLANTIC UNIVERSITY, FOUND IN A RECENT STUDY FLORIDA CONTAINS FIVE OF THE TEN MOST OVERVALUED HOME MARKETS. HE ATTRIBUTES THE STICKER SHOCK TO THE STATE'S INFLUX OF NEW RESIDENTS DURING THE PANDEMIC, THANKS IN PART TO REMOTE WORK. SINCE 2020, FLORIDA'S POPULATION HAS GROWN BY MORE THAN 700,000 PEOPLE, CREATING A SHORTAGE OF INVENTORY AND PROMPTING THOSE ON A FIXED INCOME TO CONSIDER MOVING ELSEWHERE.


>> SOUTH CAROLINA, MAYBE PARTS OF NORTH CAROLINA, GEORGIA, PARTS OF THE ALABAMA AND EVEN MISSISSIPPI AND TEXAS COAST. >> Reporter: WHEN CHOOSING A RETIREMENT DESTINATION DON'T JUST HEAD SOUTH. SOME FACTORS TO THINK ABOUT. CLIMATE AND THE RISK FOR NATURAL DISASTERS, STATE TAXES, ACCESS TO MEDICAL SERVICES AND BEFORE MAKING A FINAL DECISION SPEND SOME TIME IN THE AREA. HOW HAVE YOU SEEN FLORIDA CHANGE OVER THE PAST FEW DECADES? >> 46 YEARS LIVING HERE, COST OF LIVING HAS GOTTEN REALLY OUT OF HAND. >> Reporter: 68-YEAR-OLD SHELLY ROSS SAYS SHE MAY MOVE TO GEORGIA. FOR NOW SHE WILL KEEP WORKING AND PLAYING HARD RUNNING A SMALL BUSINESS IN THE TOY SISTER FROM BOCA RATON. ROSS SAYS PRICE INCREASES ON NECESSITIES LIKE FOOD, HOME INSURANCE AND HEALTH CARE DELAYED HER PLANS TO WORK LESS. HOW HAS INFLATION AND THE RISING COST OF LIVING AFFECTED YOUR RETIREMENT PLAN? >> PROBABLY HAD ME WORK A LITTLE BIT HARDER.


>> Reporter: MORE AMERICANS NOW BELIEVE THEY WILL WORK PAST AGE 65 WITH 73% SAYING THEY DON'T FEEL LIKE THEY HAVE SAVED ENOUGH FOR RETIREMENT ALTHOUGH THE MAGIC NUMBER DIFFERS FOR EVERYONE, SOME EXPERTS SAY SAVING 80 TO 90% OF YOUR A PRERETIREMENT SALARY. A FINANCIAL PLANNER SAYS IT'S NEVER TOO LATE TO START PLANNING FOR YOUR FUTURE. >> FOR FOLKS WHO ARE NOT ABLE TO HIRE A FINANCIAL PLANNER, WHAT ADVICE DO YOU GIVE THEM? >> START SAVING SOMETHING, WHETHER IT'S IDEALLY 10% OF YOUR PAYCHECK, WHATEVER YOU CAN AFFORD. >> Reporter: CUT UNNECESSARY EXPENSES BICK LIKE A HOME PHONE, CABLE OR A SECOND VEHICLE. IF YOU HAVE IRAs OR 401(K)s, LOOK INTO PARTIAL ROTH CONVERSIONS SO YOU PAY TAXES NOW RATHER THAN LATER.



AND AS YOU APPROACH RETIREMENT TRANSITION FROM HIGH TO LOW-RISK INVESTMENTS. ADVICE HELPING ROSS TO SPEND LESS TIME ON THE CLOCK. AND MORE TIME ON THE PICKLEBALL COURT RELISHING HER GOLDEN YEARS. >> YOU PERKED UP. >> I KNOW, SHE HAD A NICE SWING. >> HERE IS THE THING. GREAT TIPS THERE. BUT THAT MAGIC NUMBER THAT WE TALK ABOUT WHEN IT COMES TO SAVING FOR RETIREMENT, IT VARIES A LOT. IS THERE A GENERAL RANGE THAT PEOPLE SHOULD CONSIDER? >> ACCORDING TO NORTHWESTERN MUTUAL, PEOPLE THINK THAT MAGIC NUMBER FOR THEM IS $1.25 MILLION.


THAT'S A 20% INCREASE FROM WHAT PEOPLE WERE FEELING LAST YEAR BECAUSE OF INFLATION. SO, YOU KNOW, THERE IS NOT A ONE SIZE FITS ALL. DEPENDS WHERE YOU LIVE, WHAT THE COST OF HEALTH CARE WILL BE. BUT YOU NEED TO FACTOR THOSE THINGS IN WHEN CONSIDERING WHERE YOU LAND. WE TALK ABOUT THAT, TOO. LIKE EVEN TRANSPORTATION, ENTERTAINMENT, TRAVEL, THOSE ARE THINGS YOU MAY NOT THINK ABOUT BUT YOU ARE GOING TO WANT TO DO THAT IN RETIREMENT SO DO THAT. >> THAT SOUNDS INSANE. >> START CHIPPING AWAY AT. >> WHAT YOU GOT FOR TOMORROW? >> A LOT OF PEOPLE ARE HANGING ON TO THEIR CARS AND EVEN IN SOME CASES WONDERING SHOULD I SELL MY HOME NOW AND GO INTO SOMETHING NEW? SO WE ARE GOING TO CRUNCH SOME NUMBERS AND TELL YOU SHOULD YOU STAY OR GO? SHOULD YOU HANG ON TO IT OR SELL IT AND GO FOR SOMETHING NEW. >> ALSO THE NAME MUCH A CLASH SONG, RIGHT? TEN PEOPLE GOT THAT RIGHT AWAY. >> I GOT IT.


>> OKAY. >>> WHAT ABOUT YOU, AL? YOU LOVE THE CLASH, DON'T YOU? >> BIG CLASH FAN..



As found on YouTube

Florida Retirement

Posted in Retire Wealthy, Retirement PlanningTagged , , , , , , , , , , , , , , , , , , , , , , ,

Post a Comment