Photo of Ray Ferrara CFP Ray Ferrara CFP Jun 05, 2022

In the last several years, Tampa, Florida, has seen its population growth explode. The city’s population consists of 1 in 5 senior citizen residents and is one of the largest metro areas for seniors in the U.S. today, according to a recent Tampa Bay Times article. More and more people are flooding in, creating a high demand, and the city’s level of inflation is higher than that of the national average. 

3 ways the right wealth management strategy can help meet the specific challenges Tampa poses to retired people

For those who are already retired and living in Tampa, the right wealth management strategy can help meet the unique challenges Tampa poses to retired individuals. Your wealth manager can prepare you for a competitive market and rising inflation. Some examples of strategies may entail:

  • Identifying all current assets — When you consult with a wealth manager, one of the strategies they’ll likely employ when planning for your retirement is to identify all your assets. This can help them accurately understand your financial condition and how they can factor retirement costs into your budget. 
  • Identifying spending patterns — Another thing your manager will be sure to check in on is your spending patterns. Based on this information, they can accurately create an individualized estimation of what your savings will need to consist of and how you can spend once you retire.
  • Diversifying your investments — By ensuring that your investment portfolio is diversified, you can reduce your investment risk. By reducing your risk and increasing your potential for reward, you can be better prepared to live comfortably in the Tampa area as a retiree.

Talk to a ProVise CFP® professional about wealth management in Tampa today

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance, and personal values to help you 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 wealth management in Tampa? Contact ProVise today to schedule a complimentary consultation.