6 Things to Consider When Retiring in Fort Lauderdale, Florida
The mention of Fort Lauderdale may bring up unshakeable memories of college spring breaks, endless days on the sand, and your inexpensive rental that you scooped up for yourself and a group of friends. While the beach lifestyle is still at the heart of this town, Fort Lauderdale has developed new reasons to attract residents and retirees to its waters. For starters, it hosts an energetic downtown that has been fitted with noteworthy restaurants, cultural hotspots, and a business center. The quirky beachfront hotels have been replaced with luxury resorts and condominium high-rises. What hasn’t changed are the breath-taking views, the enchanting New River, and zero income tax. It’s hard to imagine anywhere else you’d want to retire.
Whether you are a long-time resident, returning admirer, or turning your dream into a dream-come-true, here are six things to consider when retiring in Fort Lauderdale:
- Relocation Costs: Understanding real estate market differences and your personal needs are key to making sure that Fort Lauderdale will be the retirement locale that fits your lifestyle and financial goals. While Southern Florida may not be quite as expensive as its Southern California counterpart, assessing the differences in your current residence versus your potential Fort Lauderdale residency should not be overlooked. Speaking with financial and market experts who live and work in Fort Lauderdale would be a good start to your research.
- Cost of Living: Relocation aside, sit down with your financial planner to make sure you have what you need saved, that health care costs are accounted for, and to refresh yourself on how your tax rate can change after retirement.
- Discovery Visits: Whether you’re thinking of changing neighborhoods or moving from out-of-area, plan several discovery visits to help you gauge the best area for you. Fort Lauderdale has more than just a beach lifestyle to offer, if you enjoy the energy of the city, why not position yourself closer to downtown? If you are downsizing, which areas offer you lifestyle points close by that will mean the most to you? Even simple things like where are the closest grocery stores and hospitals? These are a few examples of questions to explore during your discovery visits.
- Continuing Investment: You may no longer be working for your money but that doesn’t mean that your money should stop working for you. Teaming up with a financial planner who is comfortable with managing investments at appropriate risk levels while you are retired will help you to continue to live comfortably.
- Community Involvement and Charitable Giving: Our brains and bodies stay youthful the longer we keep them active; researching lifestyle groups, charities, and other opportunities to get you involved and connected to the community in Fort Lauderdale will only make retirement even more satisfying. Now you have the time to do all the things you’ve been wanting to do. Our advisors at Tobias Financial don’t just work in Southern Florida, they live here too. We can help connect you.
Resources You Can Trust: With a well-planned retirement, it is easy to imagine life as stress-free and, well..event-less. The truth is that retirement is another stage of life where you can continue to grow and prosper with proper guidance and resources rather than be at a standstill. Tobias Financial Advisors has a wealth of contacts who we trust to guide our clients and families at all life stages.