Can You Afford to Retire at America’s Most Famous Retirement Community?
The Villages, in north central Florida, is probably the country’s best-known retirement community. Here, more than 150,000 seniors spend their days driving around in golf carts, playing golf and pickleball, and enjoying their golden years. But that lifestyle doesn’t come cheap.
According to an article by 24/7 Wall St., a couple retiring at The Villages at age 67 with the house paid off needs roughly $1.2 million to sustain the annual lifestyle that draws retirees to the community. After running the numbers, it found that “Social Security covers about $50,000 a year for an average couple, leaving a $30,000 portfolio gap on an $80,000 budget at a 4 percent withdrawal rate.”
Clearly, not every retiree has $1.2 million saved. Something needs to be done to support seniors struggling to get by with just the basics.
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
