I’m a Florida Retiree: 3 Ways I Spend My Social Security
Written by
J. Arky
Edited by
Levi Leidy
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One of the hottest states to retire in is Florida. That’s not just due to the weather, but the amount of people who flock to the Southeastern coastal state to bask in the beaches, culture and lifestyle that is suitable for someone who is now out of the workforce.
Living in Florida can be a dream come true, as well as a bit of a challenge if you are trying to figure out how to make your Social Security check stretch during retirement.
GOBankingRates reached out to Valerie Le Moing of Fernandina Beach, Florida, who is currently semi-retired but plans to be fully retired by the end of November, about how she spends her Social Security benefits in The Sunshine State.
“I’ve visited one too many sites with Social Security calculators and spoken to many fellow retirees, trying to figure out the best time to start receiving benefits. Everyone has their strategy,” Le Moing said. “At some point, you need to make a decision. Mine has become very simple since living in Florida. Live now.”
Le Moing is in a unique situation with her spouse: They have been self-employed for the majority of their careers, with no pensions or 401(k)s to cash in upon retirement. Along with a couple of savings accounts and investments, Social Security plays a big part in the retirement budget.
“We have been squirreling away in Vanguard funds since 1998. I chose Vanguard because my father chose Vanguard, and he passed away with too much money. Live now,” said Le Moing, who is about to turn 64 and will see Social Security benefits in the range of $1,500 per month while her spouse, who is going to retire in the not too distant future, should get close to $2,400 per month.
So how does Le Moing spend her Social Security in Florida?
If you want to retire in Florida, here are seven questions to ask yourself.
Car Insurance
One of the most common types of expenses that retirees put their money toward is transportation. Getting around town — whether by personal vehicle or public transportation — can be costly in a number of ways; but, even in a state like Florida, Social Security can help cover some of the cost.
For Le Moing, it helps to pay her car insurance every month that roughly comes to $145.
“The Social Security funds are part of our total retirement income, including Vanguard funds, HSA, money market and cash,” described Le Moing, who noted that since reducing her amount of work in the last few years she has started to view Social Security payments like income, which can pay for costs related to her car.
Taxes
Property taxes in Nassau County, Florida, where she and her spouse live, amount to about $333 each month.
“We have lived here since August 2021, first renting an apartment then purchasing a condo. Our expenses have been significantly reduced, other than travel,” Le Moing said.
While the property tax might be higher than other states, Le Moing has noticed that several expenses in this sector have dropped since she moved to Florida.
“We were 20-year homeowners with a mortgage in New Jersey,” Le Moing said. “The switch to no mortgage, no exterior home upkeep, less driving came because of the relocation to Florida.”
And of course, thanks to Social Security, the property tax bill is covered.
Home Expenses
Le Moing has budgeted her monthly Social Security funds to cover several expenses that are out of her control but are prevalent costs to live in Florida.
“I can buy cheaper butter, but I have to pay the HOA,” joked Le Moing, noting how these types of homeownership costs are fixed. “HOA fees including yearly condo building insurance is $715 per month and homeowner’s insurance is $200 per month.”
She said the leftover “balance will be splurged on a nice dinner with friends. Live now.”
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