FLORIDA IS GETTING TOO EXPENSIVE FOR SOME RETIREES SO THEY'RE FLOCKING TO ALABAMA. HERE'S WHY — PLUS A FEW MORE WAYS TO GET 'BIGGER BANG FOR YOUR BUCK' DURING YOUR GOLDEN YEARS

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The Sunshine State has long been a beloved sanctum for retirees — thanks to its sunny weather, gorgeous beaches and low taxes — but some Americans are turning to its neighbor to the northwest to live out their golden years.

In 2023, John Fox and Louise Turkula of Minnesota purchased a 3,000-square-foot coastal home in Baldwin County, Alabama, for $955,000, according to the Wall Street Journal. The couple are keeping the four-bedroom property — complete with a swimming pool and pool house — as their escape for the winter months in retirement.

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They had initially looked at homes in Jacksonville and Naples in Florida, where they had friends, but ultimately decided to settle one state over on Ono Island along the Gulf of Mexico.

Retirees are saving big by choosing to retire in Baldwin County, which had a population surge of over 27% from 2010 to 2020. Ken H. Johnson, an economist at Florida Atlantic University, attributes this growth to retirees being priced out of South Florida.

“It’s more affordable,” the couple’s real estate agent, Lawanna Sharpless, told WSJ. “You just get a bigger bang for your buck here.”

While moving to a less-expensive spot can be a great way to enjoy your golden years without breaking the bank, there are other ways you can build up your nest egg for a comfortable retirement, too.

Here are a few tips to help you get started.

Invest for — and during — your retirement:

Another retired couple, Kathy and Ashley Gordon, were seemingly able to add to their nest egg by making a move. They relocated to a three-bedroom, cottage-style home in a golf course community in Fairhope of Alabama’s Baldwin County for $543,000, according to the Journal, selling their previous home in Florida for $875,000.

Instead of postponing your retirement or increasing your hours of work to earn extra cash, you might be thinking of renting out rooms in your home or an unused parking space or even purchasing rental property. But if you’ve been priced out of the housing market and managing tenants doesn’t appeal to you, there are other real estate ventures that could help you earn money toward your retirement dreams.

If you’re looking to invest in the real estate market without the hassle of property management, Fundrise offers an opportunity to help grow your portfolio through their exclusive eREITS.

Many of Fundrise's eREITS strategically invest in highly in-demand multi-family rental units in the Sunbelt. Low minimum investments make it easy to diversify your portfolio with real estate.

If you’re an accredited investor looking to make a bigger investment in the real estate market, necessity-based commercial real estate is another strong option.

First National Realty Partners (FNRP) is a private equity firm that makes commercial real estate investing easy for accredited investors through its online platform. With FNRP, you can invest in grocery-anchored properties leased by big names like Walmart and Whole Foods with the potential to receive quarterly income distributions.

Read more: Rich young Americans have lost confidence in the stock market — and are betting on these assets instead. Get in now for strong long-term tailwinds

Plan now and save effectively

If you haven’t begun saving for retirement yet, now’s the time to make some headway in a high-interest savings account and tax-advantaged retirement account.

Maximize contributions to your [IRA or 401(k) as much as you can. If you’re saving on your own, look into automating your monthly transfers to keep you on track. And remember, once you turn 50, you can start making yearly catch-up contributions.

If you want to leverage the economic benefits of gold and have a comfy nest egg for retirement, opening a gold IRA with help from Goldco could be your first step.

One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – Goldco has helped thousands of clients protect their retirement.

Choosing a gold IRA allows you to benefit from the tax advantages of an IRA and bring stability to your finances through investing directly in precious metals.

Putting your savings in a place where they can grow is even more important. Consider a high-yield savings account that offers returns above 4%, unlike the U.S. Bank’s standard savings APY of 0.01%. You can explore various options in our list of the Top High-Yield Savings Accounts of 2024.

Are you behind on your retirement goals and need to catch up? Navigating retirement planning can be tricky, but with the help of a financial advisor, you can get valuable insight tailored to your unique financial goals.

With Advisor.com, you can easily connect with vetted financial advisors to craft a comprehensive retirement plan that prioritizes savings, investments, and risk management.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

2024-06-11T11:17:20Z dg43tfdfdgfd