Home & Garden It’s True: Soon, You'll Actually be Able to Retire to Margaritaville

19:15  02 march  2017
19:15  02 march  2017 Source:   Coastal Living

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  It’s True: Soon, You'll Actually be Able to Retire to Margaritaville © Provided by TIME Inc. If nibblin’ on sponge cake and watchin’ the sun bake sounds like your kind of life, here’s some good news: Soon, you’ll be able to live exactly that lifestyle in the upcoming Latitude Margaritaville, a senior-living community by Jimmy Buffett’s Margaritaville.

Margaritaville, the company inspired by Buffett’s laid-back lyrics and relaxed Caribbean-esque lifestyle, runs restaurants, hotels, vacation resorts, and more that offer instant escape. It recently announced a collaboration with real estate company Minto Communities to develop new active adult communities in seaside destinations around the country. The first one, Latitude Margaritaville, is in Daytona Beach, Florida.

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Construction has already started on the $1 billion project, which is expected to have 6,900 homes in a community based on Buffett’s no-worries vibe. Latitude Margaritaville will offer residents walkable neighborhoods and a town center with a fitness facility, indoor lap pool, and spa. Signature Margaritaville food and drinks (margaritas every day, anyone?), a band shell for live entertainment, a resort pool, and a private beachfront club on the Atlantic (which residents can reach by shuttle service), round out the toes-in-the-sand feel.

According to CityLab, the village will be restricted to residents age 55 and older. And while no one is promising that Jimmy will make an appearance, you never know—anything can happen in Margaritaville.

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That means he needs to have about 0,000 in retirement savings to retire today and live comfortably if he’ s able to get 6.5% yield off his nest egg each year. So, can you retire sooner than you thought?

Want to buy your own piece of Margaritaville? The sales office is scheduled to open this fall, but if you want updates on the latest information, you can sign up on Latitude Margaritaville’s website.

All images courtesy of Latitude Margaritaville

Low-cost locales: You can quickly and significantly reduce your retirement costs by moving to a place with a lower cost of living. In these cities, a retiree could cover the median cost of five basic expenses – housing, food, transportation, health care and utilities – with less than $100 per day, or $36,500 per year, in retirement income, according to a U.S. News analysis of Census Bureau and Bureau of Labor Statistics data. Consider these affordable places to retire: 10 places to retire on less than $100 a day

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