Aerial view of West Palm Beach, Florida

Retirement Planning in West Palm Beach: Why You Should Consult a Financial Advisor

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Florida is a hot destination for retirees. To spend your golden years in West Palm Beach, you’ll need a comprehensive portfolio that supports your optimal lifestyle. How do you achieve that? You work with a fee-only Florida fiduciary. Consulting with a fiduciary advisor sets you up for retiring in West Palm Beach, with the peace of mind that you’re in trustworthy hands. 

Is it affordable to live in West Palm Beach? 

West Palm Beach is an affordable place to live compared to Florida’s other coastal cities. And while West Palm Beach real estate is competitive, housing prices aren’t much higher than the national average. But before you set your sights on retiring in West Palm Beach, let’s look at a few considerations. 

What you need to know about retiring in West Palm Beach

  1. There’s no income tax in Florida.

This makes it one of the best states to retire in for taxes! No income tax lets you put that money to good use. Furthermore, Florida has lower property taxes and no taxes on intangible assets, including gifts. 

Now, to make up for these tax breaks, there are other areas where you might see higher rates, one being Florida’s sales tax. 

What is Florida sales tax? 

Florida’s sales tax is 6% (barring a few exceptions). To put that in perspective, the average sales tax rate in the United States is 5.1%. 

  1. Retirement communities fill up fast. 

Start looking at potential Florida retirement communities early and often because they are a hot commodity. Before you move, give yourself plenty of time to find openings in communities with the amenities, activities, and location you want.

  1. Owning a piece of West Palm Beach real estate has extra benefits. 

If you’re considering renting a place in West Palm Beach in lieu of owning, you might want to do some more research first. Florida’s homestead exemption allows you to reduce the tax liability on your home. Making your property your permanent residence (or that of your dependent) could potentially decrease your property’s taxable value by $50,000. 

  1. Healthcare is expensive in the Sunshine State.

While Florida is a magnet for retirees, their healthcare premiums are above average. You’ll want to pad your budget to account for higher healthcare costs and look at programs such as Medicare Advantage. A financial advisor can keep track of higher costs like this and account for them in your retirement planning strategy. 

  1. The cost of living is high. 

Retiring in West Palm Beach comes with a high cost of living. But with the right financial foresight assembled by a trusted fiduciary, you can plan for a comfortable retirement and enjoy the lifestyle you want. 

When was the last time you re-evaluated your retirement plan?

If it’s been a while, you might miss out on opportunities that save you money in the long run. During our initial consultation, our Florida fiduciary advisors will review your portfolio, keeping a keen eye on how we can make retirement planning easier and more manageable. 

A couple walking hand in hand on a beach with their shoes in the forefront.

Connect With a Financial Advisor in West Palm Beach 

There are lots of benefits of retiring in Florida. Working with a financial advisor can ensure you’re making the most of them.

The team at Trajan Wealth is ready to get to know you, your financial well-being, and where you want to go next. From our initial consultation through the years to come, we manage your retirement plans with diligence and maneuverability, always centering your best interests.

Schedule a consultation with a Florida fiduciary today. 

© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.