Do not let a decline in the stock market ruin your retirement

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Written By LoydMartin

To provide clarity and guidance in the complex realm of insurance, ensuring our readers and clients have the knowledge to secure their rights and their future.





You’ll Sweat. You’ll sweat a lot.

Let’s be clear: Florida landed three places on the list for the top 10 most sweaty cities in the U.S. Tampa, Miami and San Antonio were No. 1, and No. 2. Orlando came in at No. 5. You’re lying if you think only those Florida cities are sweaty.

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Your actual retirement place will determine your level of sweat. South Florida is a hot place, with temperatures reaching 80 degrees even in winter. The climate is more temperate the further north you go. Although summers can be hot, temperatures in northern Florida will drop below freezing during winter. It snows in Jacksonville, Tallahassee, Pensacola and Tallahassee.

Red Tide Edition: You won’t be outside as much as you think (Red Tide Edition).

You’ve spent years in an office and are ready to get out there to enjoy the Florida sunshine. Keep that in mind. Keep in mind those hot temperatures that we warned about. Many retired people are savvy enough to limit outdoor activities to golf, leisurely walks, and early mornings when the humidity and mercury levels are still manageable.

Torrey, a Florida transplant who has lived in Central New York for many decades, says, “The summer heat is so very hot. “Now, I tell my friends that at least we don’t have to shovel 90 degrees,” he said.

You must also be aware of mosquito swarms, biting flies and fire ants, in addition to the heat and humidity.

You can cool off and get rid of bugs by swimming in salt water. Red tide is a danger. Red tide can cause you to stop swimming at your favorite beach. Dead fish are sucked in by the red tide.

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Swimming pools are expensive

To beat the Florida heat, you will need a swimming pool. Imagine the joy of your grandkids playing in the pool under your lanai. You’ll also want to add a spa for those tired muscles.

Keep in mind that you will need to spend a lot to keep your pool running all year. A standard 14-by 28-foot pool costs on average $177 per week. Routine repairs such as leaking plumbing and torn liners will cost you hundreds, if not thousands of dollars. You can expect to spend anywhere from $100 to $600 per month for a pool heater. The total cost of an annual pool is $3,000 to $5,000. This includes maintenance, repairs, electricity and water.

Before you call the pool company, remember that there has been a shortage in materials and labor since the pandemic started. Some pool companies are already penciling you into their plans for as long as two years.

The sun can take a toll on your skin

Boomers who grew-up in the 1960s and 1970s were accustomed to slathering baby oil on their skin, so they could enjoy the beach. SPF? Who would have thought? These boomers are still looking for tropical Florida sunshine, even though they’re getting older. Consider the negative side of too much sun: Too much sun can cause premature wrinkles, uneven skin color and other problems.

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According to the Florida Institute of Neuroscience, “The skin can become hard and leathery.” You may also notice more wrinkles. Sun spots are also brown, red, yellow or gray spots on the skin that can be caused by the sun.

Sunburns and prolonged sun exposure can increase your chances of developing skin cancer. People who are sun worshippers should avoid the sun between 10 and 4 p.m., when the rays can be most harmful. Instead, use broad-spectrum sunscreens. Sit under an umbrella when you’re at the pool or beach.

Hurricanes Are a Real Menace

The Atlantic hurricane season can be very long. According to the National Oceanic and Atmospheric Administration, it runs for approximately half of the year. It peaks in August and October.

Florida is at the mercy of several of these devastating and deadly Atlantic hurricanes. In 2018, Hurricane Michael was one of the most destructive storms to hit the United States in 50 years. It killed at least 20 people, and decimated towns in Florida’s Panhandle. According to NOAA, total losses exceeded $25 billion. Hurricane Irma was one of the most costly natural disasters in American history. It caused $52 billion worth of losses in Florida in 2017.

Hurricane Insurance Premiums are a Problem

Retirees who relocate to Florida often find that hurricane insurance deductibles can be as high as 10% to 5%, and sometimes even as high as 10%, of the policy coverage. This is in contrast to the $500 fixed dollar they are used to up north. This is if you have any insurance.

Elliott, a northern transplant now residing in Fort Myers Beach, Florida on the Gulf Coast, says that homeowner’s insurance can be difficult to obtain. “No one wanted us to be insured, so we had no choice but to use the default state insurance.”

To save money on insurance, you will need to have a wind mitigation test done for the house that you are planning to purchase. This will show how strong it can withstand severe winds. Why? Why?

You will need flood insurance if your home is in a flood zone. The typical homeowners insurance covers only wind and rain. It does not cover flooding.

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Your Family Will Be Missed

Florida’s new residents tend to be prepared for many visitors from the north. There’s an irresistible lure to sunshine, beaches and theme parks, as well as a place to stay. However, transplants warn that this lure fades after your first visit to Florida by your adult children or siblings.

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Torrey, a central Florida transplant, says that “loved ones are often distant (ours is in New York and Pennsylvania).” “Video calls and phone calls are great, but we don’t spend as much time together if we’re still up north.”