As you have thought about your retirement for the past few decades, it probably involved a lot of golf games and not very much work. While everyone’s ideal retirement looks a little different, some prefer the beach over the green, no one’s involves running out of money. However, a move to Southwest Florida can be expensive. If you don’t plan ahead correctly, you may be paying more of your savings into unexpected areas than you had initially thought you would be. Let’s look together at exactly which expenses will go up and which will go down once you retire:

Decreasing Expenses:
Commuting. No work means no driving, right? Not exactly. You won’t be commuting to an office every day, so you will definitely be saving on gas and car maintenance, but these expenses will never go totally down to zero. Be sure to budget a small amount for getting to your favorite restaurant or social club every once in awhile.

Taxes. A sharp decline in income from retiring means you’ll be paying much less taxes. How exciting!

Mortgage. If possible, it is a great idea to pay off your mortgage before you retire. That way, you can sell your home for cash and move to Southwest Florida with a nice nest egg to purchase a fantastic condo somewhere near the beach.

Family Expenses. As you get older, your children have too. This means they are probably out of college with families on their own, and are less financially dependent on you. While you, no doubt, like to splurge on gifts for the grandkids, this is nothing compared to the financial burden of paying tuition and living expenses you have done in years past.

Increasing Expenses:
Food. Many people took packed lunches to work and cook dinner at home every day for years and years, only to find themselves eating out much more often during retirement. This is something you’ve earned! Just make sure to account for a lot of extra food and drink bills in your monthly budget.

Travel. One of the best parts of retirement is finally being able to travel the world. That’s great … if you’re financially prepared. Whether you’ve saved enough to travel the world and stay at five-star hotels or you need to look for more budget-friendly trips, you need to book your travel plans accordingly.

Healthcare. The cost of health care can be double for people in their 80’s compared to those in their 50’s. As you get older, more of your money will need to be set aside for keeping yourself healthy. Whether it’s paying for yearly preventative procedures or daily prescriptions you now need, the money needs to be there.

Remember, your retirement savings aren’t infinite. You will still need to budget, and a big part of that is finding the right home to enjoy the Southwest Florida lifestyle without running out of funds too soon. If you’re already searching for the perfect home and not finding exactly what you’re looking for, you don’t have to settle. Working with The Beattie Realty Team means you’re going to get the best client-focused service and be presented with multiple homes that meet your retirement criteria. Ready to get started? Call (239) 257-3295 or email Realty@beattiedev.com today and tell our Realty Team exactly what we can do to make your retirement dreams a reality.