How Long Can a Retired Millionaire Survive in Florida?
Sure, you have heard all the gloom and doom in the news about how households with an income of $100,000 per year are living paycheck to paycheck, but that does not apply to you. One of the nice things about being old is that you don’t have to worry about all the problems that the younger generation must confront, unless you choose to care. Climate change? It’s your problem, youngsters! Social Security running out of money? Not for my generation! It’s easy to have a cavalier attitude toward other people’s problems, financial and otherwise, when you have saved up a million dollars for retirement. Most of the 66-year-olds who still go to work everyday smile and say they love their jobs, but actually they can’t afford to retire. Not you, though; you are a millionaire, everything you dreamed you would be when you were a kid. Don’t get too excited just yet. One million dollars does not go nearly as far as you think it does, not even in Florida. The best way to ensure that your measly one million dollars buys you a comfortable retirement in the Sunshine State is to contact a Dade City estate planning lawyer.
Celebrating Your 84th Birthday Is Overrated, Anyway
Almost everyone who has retired in recent years has grown up hearing that one million dollars is the amount of money that you need for a comfortable retirement in the United States. It depends where in the U.S. you retire, though, and it depends on your definition of “comfortable.” Every year, Go Banking Rates publishes some up-to-date hard truths about how much a year as a retiree actually costs in each of the 50 states. If you retire in Florida in 2024, your annual expenses, not including fun stuff like travel and dining out, will be $55,000. This means that, if you retire at age 65 with one million dollars in savings, your savings will last until you are 83. On Go Banking Rates’ ranked list of most to least expensive states, Florida is somewhere in the middle.
With enough strategy, though, you can reduce your retirement expenses. For example, living in a multi-generational household is much less expensive than living in a beachfront condo or a retiree-sized single-family home. Likewise, buying a house that is some distance away from the hurricane evacuation zones along the coast and from the most populous parts of the Miami and Orlando metropolitan areas can save you a bundle. Likewise, buying long-term care insurance and using it to pay for residency in an assisted living facility is a wise move.
Contact a Florida Elder Law Attorney About Being Realistic About Your Estate Plan
The best part of being old is no longer worrying about keeping up with the Joneses. An estate planning attorney can help you plan for a long retirement in Florida with the money you have, not with the money you wish you had. Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your estate plan.