The best way you can prepare for retirement is to consider your finances and how much you may be spending during your years away from work. Without a steady income, you will need your retirement savings to cover all your expenses. If you don’t plan properly, this could cause serious difficulties down the road.
As one of the most popular retirement destinations, Sarasota, Florida tops the list of retirement locations for many seniors. If you’re considering making the move, this guide can help you determine if your retirement savings is enough.
When moving to a retirement location, seniors typically have three housing options. First, they can purchase a new house in their new area. Second, they may decide to rent an apartment. Finally, seniors may opt to move into a senior living community.
For most seniors, renting is the most affordable option. A one-bedroom apartment in Sarasota can typically range between $760 dollars a month and $1080 dollars a month, depending on how close you want to be to the city center. For a two-bedroom apartment, the range is between $1408 a month for apartments further from the city and $1880 for city apartments.
Purchasing a home of your own can cost you about $245,000, but you can diverge from paying this amount if you look for a smaller house or a home further from the prime locations.
Senior living facilities can often become the most expensive option, but the price you pay does include other benefits that you won’t have if you rent or own your own home. The price range for living facilities in Sarasota will vary based on the attention or activities you would like to have available, but you can expect to pay between $2,700 and about $5,000 a month.
Medicare spending in Sarasota is almost exactly aligned with the national average. With over 100,500 beneficiaries, total Medicare costs for the area amount to $927 million. The math shows that this means each beneficiary pays around $9,200 dollars. This amount is just below the national average of $9,500.
Car insurance in Sarasota is slightly above the national average. At about $1,140 per year, paying to insure your car in Sarasota may be an expense you need to budget into your plan. If you have a clean driving record, you may also see that the amount you actually pay in a car insurance premium is actually much less than the city average.
To help balance out your expenses in Sarasota, you can take advantage of the free or discount events in the area. A classic free activity is to spend the day at the beach relaxing, swimming, or sunbathing. There are also live performances on the Siesta Beach every Sunday night or free events on the first and third Fridays of the month, including the Palm Avenue Art walk or the Towles Court Art Walks.
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