(WTNH) — Many retirees plan to follow warm weather as part of their retirement life plan. People’s United Regional Manager Jeff Liguori shares a few tips that will help you save money.Make sure that this fits in with your overall financial plan.
Even the wealthiest of snowbirds need to review their spending closely and make sure this fits within their plan and cash flow.
Hint: Track spending over the winter months and be prepared to make budget adjustments if necessary year to year.
Taxes: A few of the popular warm weather states such as Florida and Nevada do not have any state income tax. This can save snowbirds from Connecticut and many other states a great deal of money.
Hint: Consult with your tax accountant to make sure everything checks out okay as it relates to the IRS.
Healthcare: If you’re going to move to Boca Raton, you’ll need a second primary physician. It’s realistic to understand that as we age, we’re going to need more coverage and doctor visits.
Hint: Consult with your current primary physician and family members so that everyone knows what your plans are and who will be offering you care wherever you may be.
Rent before you buy: See what it is like to live like a local for a season or two before deciding whether (or where) you will buy a place of your own.
Hint: Sites on the internet like VRBO and AirBNB make it easy visit multiple neighborhoods until you perfect match.
The Family File: update, double check and duplicate your plans, critical account numbers, locations of wills, trusts, and powers of attorney. Check to make sure all your financial and estate-planning documents are still valid under the laws of your new state.
Hint: Keep a file with you as you travel, one at home, one with a family member and your advisers.