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Thinking aboutretiringto Miami?
You might want to check your bank account first.
Financial expert Elaine King fromRetireGuidebreaks down why the Magic City isgetting tougher on retiree budgets.
The Housing Crunch
Looking for an affordable place?
Even renting will set you back about $2,338 monthly.
King said a big part of the problem is fewer senior-friendly housing options.
Weather Woes Hit the Wallet
Mother Natures not helping either.
Soaring insurance premiums from hurricane risks are forcing retirees to dig deeper, King noted.
With more storms predicted, dont expect those rates to drop anytime soon.
King pointed to increasing healthcare costs driven by demand for top-tier services.
Whenbasic doctor visitscost $138 and prescriptions average $239, those Medicare dollars dont stretch as far.
Talk to a financial planner who knows the area.
They might find ways to help through downsizing, unlocking home equity or even generating new income streams.
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