The cost of living can vary significantly from state to state. This can have a large impact on your retirement planning. In fact, it can be the difference of hundreds of thousands of dollars for your whole retirement fund. According to the Bureau of Labor Statistics, Americans over the age of 65 will spend an average of $48,106 annually during retirement. This works out to just over $4,000 per month. However, that figure is the national average. If you are retirement planning in Tampa, Florida, and want to stay in the Sunshine State, then you may pay a little more annually.
Florida ranks 27th in the nation for cheapest retirement destinations. This makes it a relatively affordable state in which to retire. The annual cost of living is only around $2,000 more expensive in Florida than the national average, around $50,046. If you want to retire at 65, then you would require a savings of around $843,500.
However, these averages don’t account for the details of personal financial situations. Your cost of living can even change depending on the city in which you plan to live. For those who want to make an actionable plan to retire in Florida, we can help. ProVise Management Group offers retirement planning services in Tampa. Our CERTIFIED FINANCIAL PLANNER™ can help you come up with a detailed retirement plan whether you want to retire in Tampa, or somewhere else in Florida.
Talk to a ProVise CFP® professional about your retirement planning in Tampa
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances and goals for retirement to help develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about retirement planning in Tampa? Contact ProVise today to schedule a complimentary consultation.