5 Key Signs You’re on Track To Retire in Florida in the Next 10 Years

Laura Beck
cdwheatley / Getty Images/iStockphoto
cdwheatley / Getty Images/iStockphoto

When you think of retirement, you most likely think of sunny days, warm beaches and a tropical beverage in hand. In other words, the state of Florida!

It makes sense that the Sunshine State is a preferred retirement destination for many, but how do you make sure you’re on track to spend your golden years there? Well, if you’re a decade out from retirement and you have your sights set on Florida, we can help.

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GOBankingRates spoke with a retirement expert about some key signs to look for to make sure you’re on track to retire in Florida in the next 10 years. Here’s what we learned.

You’re a Financial Florida Whiz

Robert Lowry, vice president and administrator of the family-owned assisted living facility Sunny Hills, shared this truth: “Florida is a big state and the cost of living varies hugely between locations. Taking an average typically won’t help you gauge if you’re on track or not.”

So, what’s the move? Lowry suggested, “Decide your top three locations and base your financial plan on those. Miami is the most expensive area and you’ll need significantly more in your pot to live there than, say, Daytona Beach.”

If you’ve done your homework on specific Florida locales and your savings are looking as sunny as a Key West afternoon, then you’re on the right track.

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You’re a Social Butterfly (or Ready To Become One)

Think Florida is all early bird specials and bingo? Think again! Lowry said, “Florida’s social scene is definitely geared towards retirees. You’ll never be stuck for something to do!”

Ask yourself: Are you ready to spread those social wings? Lowry advised, “If you’ve got a large and active social circle in your hometown, you may not be ready to leave it in the next 10 years. Plan to take extended vacations in the Sunshine State to test out the waters and establish a new social circle.”

If you’re already planning Florida getaways and making snowbird buddies, you’re golden.

You’re Thinking Long-Term

Now, I know talking about long-term care is about as fun as a sunburn, but it’s crucial. Lowry dropped this wisdom: “Although you may not want to consider long-term care before even reaching retirement, it’s integral in retirement planning. Florida, as a state, has a full range of care solutions.”

He added, “Factor in costs of different care levels into your retirement plan to cover all situations. Make sure your pot is large enough to cover long-term care if the need arises in your twilight years to avoid moving out of state because of costs.”

If you’ve got a plan that covers you from beachside cocktails to potential care needs, you’re ahead of the game.

You’re Getting Your Legal Ducks in a Row

Before you start packing your flamingo shirts, Lowry warned: “From taxes to estate planning, before determining if you’re ready to move you’ll need to get legal advice. You need to understand fully how the move will impact you financially as well as your estate planning.”

If you’re already chatting with lawyers and financial advisors about the nitty-gritty of a Florida move, you’re on the fast track to retirement paradise.

You’re Perfecting Your Golf Game

If you’ve suddenly taken up golf or are spending more time at the driving range, you might be subconsciously preparing for retirement in Florida. After all, what’s Florida without a few rounds on the green?

You also might want to make sure you love sun, sand and seafood. If you find yourself critiquing the freshness of fish at your local market, your taste buds might be preparing you for life on the coast. Florida’s seafood game is strong, and your growing appreciation for it is a sign you’re ready for the move.

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This article originally appeared on GOBankingRates.com: 5 Key Signs You’re on Track To Retire in Florida in the Next 10 Years

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