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Florida Business Park
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THIS MORNING I HAVE YOUR NEW RETIRED LIFE CHECKLIST. >> > > Reporter: WITH ITS ENDLESS SUMMERS AND AFFORDABLE OF LIVING, THE SUNSHINE STATE ENDED UP BEING A RETIREMENT LOCATION WHERE GENERATIONS OF AMERICANS HAVE SPENT THEIR GOLDEN KPLEERS YEARS. A RELOCATION SO POPULAR, IT EVEN MADE ITS METHOD INTO POPULAR CULTURE. ♪ ♪ >> > > Reporter: TODAY AS THE RATE OF EVERYTHING SOARS IT COULD MANY DIFFICULTY IN PARADISE FOR SOME RETIREES, ESPECIALLY WHEN IT CONCERNS HOUSING. >> > > PIEM ARE AIMING TO RETIRE, MIGHT BE RETHINKING THEIR INTENDS. >> > > Reporter: MEDIAN HOME VALUES IN FLORIDA NOW UP NEARLY 28% FROM LAST YEAR. THE STANDARD RENT IN MIAMI MORE THAN $2,900.
IN ORLANDO AROUND 2,100. >> > > I SEE THIS AS A PERMANENT CHANGE. >> > > Press Reporter: KEN JOHNSON, A REALTY ECONOMIST AS WELL AS ASSOCIATE DEAN AT FLORIDA ATLANTIC UNIVERSITY, FOUND IN A RECENT RESEARCH FLORIDA INCLUDES 5 OF THE 10 MOST OVERVALUED HOME MARKETS. HE ATTRIBUTES THE STICKER LABEL SHOCK TO THE STATE'' S INFLUX OF NEW CITIZENS THROUGHOUT THE PANDEMIC, THANKS PARTIALLY TO REMOTE FUNCTION. BECAUSE 2020, FLORIDA'' S POPULATION HAS GROWN BY MORE THAN 700,000 PEOPLE, DEVELOPING A SHORTAGE OF STOCK AND ALSO MOTIVATING THOSE ON A SET INCOME TO CONSIDER MOVING IN OTHER PLACES. >> > > SOUTH CAROLINA, MAYBE PARTS OF NORTH CAROLINA, GEORGIA, PARTS OF THE ALABAMA AND ALSO EVEN MISSISSIPPI AND ALSO TEXAS COASTLINE. >> > > Reporter: WHEN CHOOSING A RETIREMENT DESTINATION DON'' T JUST HEAD SOUTH. SOME FACTORS TO THINK OF. ENVIRONMENT AND ALSO THE DANGER FOR NATURAL DISASTERS, STATE TAXES, ACCESS TO MEDICAL SOLUTIONS AND ALSO PRIOR TO MAKING A LAST CHOICE INVEST A LONG TIME IN THE LOCATION. HOW HAVE YOU SEEN FLORIDA MODIFICATION OVER THE PAST FEW YEARS? >> > > 46 YEARS LIVING BELOW, EXPENSE OF LIVING HAS GOTTEN REALLY OUT OF CONTROL.
>> > > Reporter: 68-YEAR-OLD SHELLY ROSS SAYS SHE MAY TRANSFER TO GEORGIA. FOR NOW SHE WILL KEEP FUNCTIONING AND ALSO PLAYING TOUGH RUNNING A SMALL BUSINESS IN THE TOY SIS FROM BOCA RATON. ROSS SAYS VALUE RISES ON NEEDS LIKE FOOD, RESIDENCE INSURANCE AS WELL AS WELLNESS CARE POSTPONED HER PLANS TO WORK LESS. HOW HAS INFLATION AND THE CLIMBING EXPENSE OF LIVING IMPACTED YOUR RETIREMENT? >> > > PROBABLY HAD ME FUNCTION A BIT HARDER. >> > > Reporter: EVEN MORE AMERICANS NOW THINK THEY WILL FUNCTION PAST AGE 65 WITH 73% STATING THEY DON'' T SEEM LIKE THEY HAVE CONSERVED ENOUGH FOR RETIRED LIFE ALTHOUGH THE MAGIC NUMBER DIFFERS FOR EVERYONE, SOME EXPERTS SAY SAVING 80 TO 90% OF YOUR A PRERETIREMENT INCOME. A FINANCIAL ORGANIZER STATES IT'' S NEVER FAR TOO LATE TO BEGIN PLANNING FOR YOUR FUTURE. >> > > FOR PEOPLE THAT ARE UNABLE TO HIRE A FINANCIAL ORGANIZER, WHAT GUIDANCE DO YOU GIVE THEM? >> > > START SAVING SOMETHING, WHETHER IT'' S IDEALLY 10% OF YOUR INCOME, WHATEVER YOU TIN AFFORD.
>> > > Reporter: CUT UNNECESSARY EXPENSES BICK LIKE A HOME PHONE, CABLE TELEVISION OR A 2ND VEHICLE. IF YOU HAVE IRAs OR 401(K)s, CONSIDER PARTIAL ROTH CONVERSIONS SO YOU PAY TAXES NOW AS OPPOSED TO LATER. AS WELL AS AS YOU STRATEGY RETIREMENT SHIFT FROM HIGH TO LOW-RISK INVESTMENTS. RECOMMENDATIONS ASSISTING ROSS TO INVEST LESS TIME ON THE CLOCK. AS WELL AS MORE TIME ON THE PICKLEBALL COURT RELISHING HER GOLDEN YEARS. >> > > YOU PERKED UP. >> > > I RECOGNIZE, SHE HAD A GREAT SWING. >> > > BELOW IS THINGS. FANTASTIC TIPS THERE. THAT MAGIC NUMBER THAT WE TALK ABOUT WHEN IT COMES TO CONSERVING FOR RETIRED LIFE, IT DIFFERS A GREAT DEAL. IS THERE A GENERAL ARRAY THAT INDIVIDUALS SHOULD TAKE INTO CONSIDERATION? >> > > BASE ON NORTHWESTERN MUTUAL, PEOPLE THINK THAT MAGIC NUMBER FOR THEM IS $1.25 MILLION. THAT'' S A 20 % BOOST FROM WHAT INDIVIDUALS WERE REALLY FEELING IN 2015 AS A RESULT OF RISING COST OF LIVING. SO, YOU UNDERSTAND, THERE IS NOT A ONE SIZE FITS ALL. DEPENDS WHERE YOU LIVE, WHAT THE EXPENSES OF HEALTHCARE WILL CERTAINLY BE.BUT YOU NEED TO VARIABLE THOSE MATTERS IN WHEN CONSIDERING WHERE YOU LAND. WE DISCUSS THAT, TOO. LIKE EVEN TRANSPORTATION, AMUSEMENT, TRAVEL, THOSE ARE POINTS YOU MAY NOT THINK OF BUT YOU ARE GOING TO WANT TO DO THAT IN RETIREMENT SO DO THAT. >> > > THAT SEEMS INSANE. >> > > START CHIPPING AWAY AT. >> > > WHAT YOU GOT FOR TOMORROW? >> > > A WHOLE LOT OF PEOPLE ARE HOLDING ON TO THEIR CARS AND EVEN IN SOME CASES WONDERING SHOULD I MARKET MY RESIDENCE NOW AND GO INTO SOMETHING NEW? WE ARE GOING TO PROBLEM SOME FIGURES AS WELL AS INFORM YOU SHOULD YOU STAY OR GO? SHOULD YOU HANG ON TO IT OR OFFER IT AND GO WITH SOMETHING NEW. >> > > ALSO THE NAME MUCH A CLASH TUNE? TEN INDIVIDUALS GOT THAT TODAY. >> >
>> > I OBTAINED IT. >>> > > OK. > > > WHAT ABOUT YOU, AL? YOU LOVE THE CLASH, DON'' T YOU? >> > > BIG CLASH FAN. > > Reporter: WITH ITS ENDLESS SUMMERS AS WELL AS LOW SET YOU BACK OF LIVING, THE SUNLIGHT STATE BECAME A RETIRED LIFE HOT SPOT WHERE GENERATIONS OF AMERICANS HAVE SPENT THEIR GOLDEN KPLEERS YEARS. > > Reporter: CUT UNNECESSARY EXPENSES BICK LIKE A HOUSE PHONE, CORD OR A SECOND CAR. > > ACCORDING TO NORTHWESTERN MUTUAL, INDIVIDUALS THINK THAT MAGIC NUMBER FOR THEM IS $1.25 MILLION. > > > WHAT ABOUT YOU, AL? > > BIG CLASH FOLLOWER.