[UTCLWR]

Florida offers very affordable homes to very expensive homes. There will always be middle class and upper class folks and they will always want to move to a warmer climate. The only issue down the road would be if the state constitution was amended to allow income tax. That would change everything and not for the better.

[logybogy]

I think the market for million dollar Miami condos should be ok with wall street and Latin American flight capital. It ebbs and flows but traditionally this is where the rich escape to whether for tax or political purposes.

The much larger middle and upper middle class market is where I have questions. With pensions gone and savings rates low, people simply don't have the assets to move and live here. A couple on social security may only receive $20k a year in income outside of their investments. And 4% withdrawl of $500k is only $20k a year so we are looking at living on $40k for a modest retirement here and these are people that have saved well.

[Enigma777]

Originally Posted by logybogy

This article is a good financial breakdown of what a typical retiree needs in order to retire in various parts of Florida. Assuming someone without a special circumstance like a pension which doesn't exist for most nowadays, with just social security and savings, a typical retiree needs around $600k to make a retirement work for them in North Florida and $1.2 M in South Florida.

I wonder what is going to happen to this state over the next 20 years as the baby boomers die out. Gen X and Millenials are much poorer and won't have the assets necessary to replace them.

https://www.businessinsider.com/can-...eakdown-2018-7

I know a lot of people, myself included, who plan on retiring to a country with a lower COL and better quality of life. There are many places better than FL to retire.

[kombuchaluchador]

Originally Posted by Enigma777

I know a lot of people, myself included, who plan on retiring to a country with a lower COL and better quality of life. There are many places better than FL to retire.

I think it would be a pretty cool idea to retire in a different country. Experience a different part of the world.

[logybogy]

Costa Rica, Mexico, Panama, Thailand, Vietnam, Eastern Europe are popular and affordable retiremenr options for expats. Access to medical care can be a big issue as Medicare will not pay outside the US. Because of this people look at the US territories such as Guam, marianna islands, st. Croix, Puerto Rico but all these places have their own issues.

[beach43ofus]

Originally Posted by logybogy

I think the market for million dollar Miami condos should be ok with wall street and Latin American flight capital. It ebbs and flows but traditionally this is where the rich escape to whether for tax or political purposes.

The much larger middle and upper middle class market is where I have questions. With pensions gone and savings rates low, people simply don't have the assets to move and live here. A couple on social security may only receive $20k a year in income outside of their investments. And 4% withdrawl of $500k is only $20k a year so we are looking at living on $40k for a modest retirement here and these are people that have saved well.

If the retirees are totally debt free (own their FLA home and car/s), have decent health, and are on Medicare,
they can get by on $40,000 if they are frugal. Remember, the $500k might earn interest/dividends greater than 4% they are taking out, so the nestegg could grow.

[expatCA]

Originally Posted by beach43ofus

If the retirees are totally debt free (own their FLA home and car/s), have decent health, and are on Medicare,
they can get by on $40,000 if they are frugal. Remember, the $500k might earn interest/dividends greater than 4% they are taking out, so the nestegg could grow.

Yep

[beach43ofus]

fyi...there's a retirement topic on the U.S. C-D Forum that goes into international retirement in great detail. I've been to Costa Rica and spoke to expats, & most return to the U.S. after a short stint in CR.. Great place to visit though, so long as you avoid San Jose. Use the new airport instead.

[Florida2014]

A lot of these assumptions seem absolutely ludicrous in Jacksonville:

$150,000 downpayment on a home, leaving you with a $65/mo monthly mortgage. This assumption is on the median home price of $164,500. I can tell you for certain that a $164K house in/around Jacksonville will leave you with a dump in a very, very bad neighborhood. No way any middle income retirees are looking at those kinds of houses for retirement. And if you have $150K in cash, surely you could muster another $14K to buy the house outright, who gets a $14K mortgage?

Cable $900/year? That's $75/mo....that barely covers internet alone, much less cable TV.

There are so many other variables not taken into account that these figures they're coming up with probably would not apply to many people.

[lluvia]

Originally Posted by bgmiami

Remember that as you age, quality healthcare become more important. There is a reason people from Latin America come to the US for their healthcare. So that's another factor to consider when retiring to another country.

Nope, you got it backwards.


https://www.thisisinsider.com/medica...lthcare-2018-6