Fort Lauderdale Retirement: The Benefits and Pitfalls
While the beat may never stop in the big city of Miami, the longstanding international party of South Beach may not be your dream setting for your golden years. You still may be interested in beautiful beaches, warm temperatures, sprawling downtown and restaurant scenes, but maybe a little more quiet, a little more casual lifestyle is in order. For these reasons and many others, you may be considering retiring in Fort Lauderdale. Here are a few of the benefits of choosing Fort Lauderdale as your homebase for retirement:
- Having grown into a premier port town for many of the top cruise lines and home to an international airport boasting nonstop flights, Fort Lauderdale is primed as a luxurious anchor for jet setting and refined retirement.
- The town’s economy is bolstered by several multinational businesses in addition to its bustling tourism and commercial real estate market.
- Parts of the town are navigable by the charismatic canals thanks to the convenient use of water taxis.
- And if you’re planning on having visitors come to town to visit you, hotels in Fort Lauderdale on average cost significantly less than Miami.
With all the good that is Fort Lauderdale, it would be a disservice not to discuss the potential pitfalls of retiring in this beloved South Florida town. Whether tropical storms and subtropical wilderness are completely new to you or not, preparing for retirement in this diverse and growing city should be given your time and attention. Here are a few pitfalls to avoid stepping into as you plan your Fort Lauderdale retirement:
- The median sales price for a house was $300,000 while the median rent was a costly $2,030/month in 2016. Knowing whether your plan is to purchase a Fort Lauderdale home, pay off your current Fort Lauderdale residence before retirement, or rent in the area will impact what you need to save.
- From unexpected life events to the results of meteorological forecasts, having a healthy emergency fund is critical to successfully building your ideal retirement.
- Poised for growth, the city of Fort Lauderdale will undoubtedly see some growing pains as a result of climate change and its unique landscape. Understand the risks associated with constructing a lifestyle in the Venice of America. Team up with your financial planner to make sure that you have proper insurances in place.
As residents and community supporters of Southeast Florida, our advisors are witnesses to the ongoing growth in the great town of Fort Lauderdale and can assist you with your retirement planning. What was once the mecca for spring breakers, is now a cosmopolitan city fit for urban retirees as well as adventurous families. From super yachts to rare sports cars, Fort Lauderdale supports every luxury a retiree could dream of. No longer in the shadow of Miami, Fort Lauderdale has a lifestyle all her own.