Financial Advisor magazine is doing a series on what advisors say it costs to retire in many locations. See the end of this article for links to previous articles in the series.
The fact that Sarasota, Fla., is a popular destination for retirees isn't exactly earth-shattering news. But what a lot of people may not know is that the area is growing and bustling, with robust arts, cultural and sporting activities and, believe it or not, a lot of youthful exuberance.
"It used to be a ghost town here in the summer," said Stephen Martin, CEO and lead wealth advisor at SRQ Wealth in Sarasota. "Now there's a vibrant, younger nightlife and other activities [for young people]."
The area, situated south of Tampa on Florida's Gulf Coast, is also becoming more of a year-round home to many retirees who are taking full advantage of all that the city has to offer, he said.
"The 75-year-old in Sarasota today is not like the 75-year-old when I grew up," said Martin, who has lived in Sarasota since 1997. "They're going out every night and they're playing tennis during the day."
Joseph Walsh II, founder and CEO of Walsh & Associates in Sarasota, used to visit cities along the Florida coast every year to meet with clients when he was a financial advisor in Illinois. He grew so impressed with Sarasota during those visits that he decided to move there in 1999.
"The way it works is that you come here for a week, then you retire and come down here for January, February and March, and after a few years you are a resident," said Walsh, whose advisory practice is a family business that includes his three sons, all of whom also live in Sarasota.
Sarasota, like other Florida retirement areas, can boast of beautiful weather and beaches, and luxurious waterfront properties, but what sets it apart is its active arts and cultural offerings, according to Walsh and Martin.
It is, according to Walsh, a city where you can stroll to the beach during the day, then choose from among comedy clubs, improv theaters, nightclubs, symphonies, plays and other offerings for nighttime entertainment.
Martin noted that the city's amateur sports scene is also growing. Nathan Benderson Park, for example, is one of the nation's premier rowing facilities and was host to the 2017 World Rowing Championships.