Retirement planning involves more than just ensuring that you have sufficient financial resources available to live comfortably when the time comes. Another important consideration is where to live when you retire. Not only will your choice impact your finances, but it can also impact your quality of life. Each year, WalletHub ranks the states for “retirement-friendliness.” If you are planning to remain in, or relate to, Florida when you retire you may be interested to know how the state ranks as a retirement destination. With that in mind, the Coral Gables estate planning attorneys at Stivers Law discuss how Florida fared as a retirement destination in the 2022 WalletHub rankings.
Retirement Planning – It Isn’t Just about the Money
There are several factors that most people take into consideration when planning for their retirement. Financial security is usually at the top of the list when planning for retirement. There was a time when the average worker could count on a pension to cover a retiree’s basic needs during his/her retirement years. Add to that a decent monthly Social Security check and most people felt they were financially prepared for retirement. When the concept of lifetime employment began to disappear, counting on a pension went with it. By the turn of the 21st century, most people accepted the fact that they could not county on a pension and/or Social Security to cover their expenses when they retire. Instead, most people now start saving for their retirement years when they are relatively young. Deciding where you wish to live out your “Golden Years” is an equally important decision – and one that will likely have a direct impact on your finances when you retire as well.
Florida As A Retirement Destination
When it comes time to retire, some people want to stay close to friends and family while others cannot wait to move someone new. The State of Florida has long been known as a favorite retirement destination. If you plan to live in Florida after you retire, you may find the results of the 2022 WalletHub “Best States to Retire” survey to be helpful. WalletHub conducts the survey each year by comparing the 50 states across 41 key indicators of retirement-friendliness. Their analysis examines affordability, health-related factors, and overall quality of life. Each metric is graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. Each state receives an overall score and ranking for each of the three broad categories – affordability, health care, and quality of life.
Once again, the State of Florida took the number one spot with a combined score of 59.41. Virginia and Colorado came in a close second and third with scores of 59.32 and 59.27 respectively. At the very bottom of the rankings, in last place, was New Jersey with 40.27 points. In the three broad categories of “affordability,” “quality of life” and “health care” Florida ranked 4th, 5th, and 27th respectively. Of no great surprise, Florida also took the number one spot in the sub-category “Highest percent of the population over age 65.”
No matter where you decide to retire, the key to a financially secure and comfortable retirement is a well thought out retirement plan that works in harmony with your existing estate plan. If you have not incorporated retirement planning into your overall estate plan yet, now is the time to talk to your estate planning attorney about doing so.
Contact Our Coral Gables Estate Planning Attorneys
For more information, please join us for an upcoming FREE webinar. If you have additional questions or concerns about merging your retirement plan with your estate plan, contact the experienced Coral Gables probate attorneys at Stivers Law by calling (305) 456-3255 to schedule an appointment.
Justin serves as a member of the American Academy of Estate Planning Attorneys (AAEPA), a national organization comprised of legal professionals concentrating on estate planning. As a member of the Academy, he receives ongoing, comprehensive training on modern estate planning techniques.
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