South Florida, a senior enclave, sees more people ‘unretiring’ due to living costs

Dave Hess

Dave Hess

Joined
Jul 26, 2020
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Location
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South Florida, a senior enclave, sees more people ‘unretiring’ due to living costs​

https://www.housingwire.com/article...s-more-people-unretiring-due-to-living-costs/


I always tell younger folks to get very serious about saving for retirement.

Don’t dismiss a company 401K or 403B plan at your job is useless and a waste of time.

I’ve seen people retire and within 3 years they are back at work cause they realized nest egg is much smaller than they thought.
 
Been broke before. Never wanna go back. There is nothing like financial security.
IMO, there are several components:
  • Minimize recurring costs. Everyone can start this today. Don't waste your $$ on shiny things until you have your bases covered.
  • Improve your earning potential. Everyone can start this today. Education saved my butt. Invest in yourself.
  • Pay off a home. Or 3. Start now! Fix up the home while you are working.
  • Long term investment in "safe" funds. Dividends are great, especially in retirement. Trust me on this one. Free $$ for the win!
  • Invest in tech FOR THE LONG TERM. You can thank me later.
  • If you are lucky enough, invest in a double tax free Muni Bond Fund. I love paying taxes because that means I am making $$. I just don't wanna pay and pay and pay.
  • Marry up.
The beauty of financial security is you just might be able to help others who are not as lucky as you.

I wish you luck.
 
I'm sure all those internet "Experts" that tell everyone to retire early and take your SS early, isn't helping the situation. There are people that simply cannot take early retirement, due to having too much debt, and having little to no savings. I have a family member that believed SS would cover all her bills, and life would be a dream . Turned out to be a never ending stress fest. Everyone's financial situation is different . And if you couldn't or didn't plan for retirement, working until you drop is your only option.,,
 
JeffKeryk said:
Been broke before. Never wanna go back. There is nothing like financial security.
IMO, there are several components:
  • Minimize recurring costs. Everyone can start this today. Don't waste your $$ on shiny things until you have your bases covered.
  • Improve your earning potential. Everyone can start this today. Education saved my butt. Invest in yourself.
  • Pay off a home. Or 3. Start now! Fix up the home while you are working.
  • Long term investment in "safe" funds. Dividends are great, especially in retirement. Trust me on this one. Free $$ for the win!
  • Invest in tech FOR THE LONG TERM. You can thank me later.
  • If you are lucky enough, invest in a double tax free Muni Bond Fund. I love paying taxes because that means I am making $$. I just don't wanna pay and pay and pay.
  • Marry up.
The beauty of financial security is you just might be able to help others who are not as lucky as you.

I wish you luck.
Click to expand...

If you go in to retirement without a paid off home-your planning was beyond poor.
 
JeffKeryk said:
Been broke before. Never wanna go back. There is nothing like financial security.
IMO, there are several components:
  • Minimize recurring costs. Everyone can start this today. Don't waste your $$ on shiny things until you have your bases covered.
  • Improve your earning potential. Everyone can start this today. Education saved my butt. Invest in yourself.
  • Pay off a home. Or 3. Start now! Fix up the home while you are working.
  • Long term investment in "safe" funds. Dividends are great, especially in retirement. Trust me on this one. Free $$ for the win!
  • Invest in tech FOR THE LONG TERM. You can thank me later.
  • If you are lucky enough, invest in a double tax free Muni Bond Fund. I love paying taxes because that means I am making $$. I just don't wanna pay and pay and pay.
  • Marry up.
The beauty of financial security is you just might be able to help others who are not as lucky as you.

I wish you luck.
Click to expand...
Best reply and sound advice
 
CKN said:
If you go in to retirement without a paid off home-your planning was beyond poor.
Click to expand...
That is a blanket statement and is NOT universal. IOW you left off something.

Our house definitely is not paid off. We are retired. Should I be scared?

Oh things are exactly as we planned, but who knows, if rates get real low, we might pay off the principle.

I worked with a guy who came from Vietnam. He said don't let the country go........and stop crying.
 
A lot retired too early when they still had a few years left in them.

Then the price of a full shopping cart of groceries nearly doubled.

Sure must be some awesome finds on Craigslist and garage sales in FL that the new retirees are trying to unload to make a few extra bucks.
 
Last edited:
JeffKeryk said:
Been broke before. Never wanna go back. There is nothing like financial security.
IMO, there are several components:
  • Minimize recurring costs. Everyone can start this today. Don't waste your $$ on shiny things until you have your bases covered.
  • Improve your earning potential. Everyone can start this today. Education saved my butt. Invest in yourself.
  • Pay off a home. Or 3. Start now! Fix up the home while you are working.
  • Long term investment in "safe" funds. Dividends are great, especially in retirement. Trust me on this one. Free $$ for the win!
  • Invest in tech FOR THE LONG TERM. You can thank me later.
  • If you are lucky enough, invest in a double tax free Muni Bond Fund. I love paying taxes because that means I am making $$. I just don't wanna pay and pay and pay.
  • Marry up.
The beauty of financial security is you just might be able to help others who are not as lucky as you.

I wish you luck.
Click to expand...
I could go either way on a couple of these but poor people paying recurring costs drives me nuts. Compound math. Easiest way to make money is to hold on to what you already have.

Education as well. You don't even need to go to school anymore. Half the world's college courses are posted online somewhere now for free. No excuse exists any longer.

I highly recommend marrying up also.
 
Owen Lucas said:
A lot retired too early when they still had a few years left in them.

Then the price of a full shopping cart of groceries nearly doubled.

Sure must be some awesome finds on Craigslist and garage sales in FL that the new retirees are trying to unload to make a few extra bucks.
Click to expand...

I’m seeing more boats, ATVs and motorcycles for sale in front of people’s home.
 
SC Maintenance said:
I could go either way on a couple of these but poor people paying recurring costs drives me nuts. Compound math. Easiest way to make money is to hold on to what you already have.

Education as well. You don't even need to go to school anymore. Half the world's college courses are posted online somewhere now for free. No excuse exists any longer.

I highly recommend marrying up also.
Click to expand...
Curious, which do you find questionable? I have a specific reason for every one.
 
Been broke, had success, been broke again, made money, spent money, could die tomorrow. Haven't regretted a second of lifes wild ride.

For me, time is a lot more valuable than what is in your bank account or buying 3 homes etc.
I work a couple hours a week by choice 0-10 hours. I spend the other time doing what I want to do. Could I make more money by working more... Sure - but I wont be happier.
I wont be happy driving a Tesla or chasing the Jones's down the street. The Jones want to be me...Doing whatever I want to do with the time I have.

2008-2010, my work dried up quickly and without warning. Happened in 2020 as well. I had some money in savings, sold off some luxury items, a couple work vehicles, and just lived as cheap as possible to ride out the storm. Fortunately in the swings of life, 2011-2019 were excellent as were 2021-now. From the bad times, I had time to recover.

If I were more risk tolerant , I would live this even further. Move to a 3rd world country and practice Barista FIRE and spend my time on a beach reading, cheap travel and experiencing a new culture.

The goal is to work as much as I can support myself. The day will come when I stop working and dying may be not too far after that. Just one guys perspective.
 
We're Metals said:
Been broke, had success, been broke again, made money, spent money, could die tomorrow. Haven't regretted a second of lifes wild ride.

For me, time is a lot more valuable than what is in your bank account or buying 3 homes etc.
I work a couple hours a week by choice 0-10 hours. I spend the other time doing what I want to do. Could I make more money by working more... Sure - but I wont be happier.
I wont be happy driving a Tesla or chasing the Jones's down the street. The Jones want to be me...Doing whatever I want to do with the time I have.

2008-2010, my work dried up quickly and without warning. Happened in 2020 as well. I had some money in savings, sold off some luxury items, a couple work vehicles, and just lived as cheap as possible to ride out the storm. Fortunately in the swings of life, 2011-2019 were excellent as were 2021-now. From the bad times, I had time to recover.

If I were more risk tolerant , I would live this even further. Move to a 3rd world country and practice Barista FIRE and spend my time on a beach reading, cheap travel and experiencing a new culture.

The goal is to work as much as I can support myself. The day will come when I stop working and dying may be not too far after that. Just one guys perspective.
Click to expand...

What line of work are you in that you were affected by economic downturn ?

Yes, you learn from your mistakes and circle the wagons….. you’ll sleep well at night.
 
Much of what's happening in FL right now involves unanticipated substantial increases in insurance rates, property taxes and condo fee assessments.
Those would have been tough to anticipate four or five years ago, so a lot of folks who had good reason to believe that they would be fine with the savings and retirement income they had when they retired and moved to sunny Florida now find themselves without enough income or savings, so they find that they have to go back to work in a low-wage state, having probably been well compensated in the jobs they retired from.
Sucks for them and not a positive for the Florida real estate market going forward.
 
fdcg27 said:
Much of what's happening in FL right now involves unanticipated substantial increases in insurance rates, property taxes and condo fee assessments.
Those would have been tough to anticipate four or five years ago, so a lot of folks who had good reason to believe that they would be fine with the savings and retirement income they had when they retired and moved to sunny Florida now find themselves without enough income or savings, so they find that they have to go back to work in a low-wage state, having probably been well compensated in the jobs they retired from.
Sucks for them and not a positive for the Florida real estate market going forward.
Click to expand...

You can always move to a low cost state-the issue is some of the low cost states have marginal healthcare. I imagine if you owned your house in Florida for 10 years or so and moved to Arkansas or Mississippi you could do pretty good on a house.
 
CKN said:
You can always move to a low cost state-the issue is some of the low cost states have marginal healthcare. I imagine if you owned your house in Florida for 10 years or so and moved to Arkansas or Mississippi you could do pretty good on a house.
Click to expand...
Yeah, but if someone is in a precarious financial position, it might not be possible to bear the costs involved in moving, not to mention the gap that is inevitable between sale and receipt of funds with which to fund a house purchase in a low cost state, and getting any kind of financing when effectively broke would likely not be possible.
 
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