Florida retirement is a dream for many people approaching the end of their working career. Yet ensuring you have enough money saved up and invested is vital in making that dream a reality. As well as carefully planning your investment and savings strategy, as discussed previously, it is also important to look at your general spending habits and other costs you might have once you reach retirement.

To understand how much you will need in retirement, you have to understand how much you currently spend. Although there may be some changes that come with retirement, having a good understanding of your current daily, monthly, and yearly spending will give you an idea of how much money you will need over what will hopefully be a long, healthy, and happy retirement.

When looking at your spending you really should look at everything from the smallest to the biggest expenditures. If you go for coffee every morning or multiple mornings a week and plan on continuing this habit, count it. If you enjoy going to the movies every weekend, make sure you include that cost. Lunch and dinners, trips to the farmer’s market, Friday drinks with friends, and any of the small costs that you don’t really think about can add up when you don’t have a regular income in retirement.

Just as important are the bigger costs such as your home insurance, utilities, home repairs, car payments, and memberships. Don’t forget to include in your annual travel expenses and even costs such as gifts for the grandchildren, especially if you like to spoil them when possible.

Of course, with age comes the potential for new costs, including increased health costs. If you’re planning a move to a Florida retirement community, you may need to factor in new mortgage costs, homeowner fees, and the cost of moving.

The key is to have a clear grasp of how much you currently spend and how much you are likely to be spending during your retirement. You don’t want to find yourself with free time and no money with which to enjoy it. With a clear budget in mind, you can better determine just how much you will have available, helping you plan a comfortable retirement.