Financial advisor discusses costs of snowbirding for retirees

MILWAUKEE (CBS 58) -- Snowbirding isn't just a lifestyle choice for retirees - it's a financial one that requires careful planning.

Brad Allen, a financial advisor with Drake & Associates, joined us on Thursday, Jan. 22 to talk about how snowbirding impacts budgets and what steps people need to take before heading south for the winter.

Allen explained that snowbirds are retirees who spend winter months in warmer locations like Florida, Arizona and Texas while maintaining a home up north. Some purchase a second home while others rent.

He discussed key factors to consider before heading south, including where to go and understanding that living somewhere is different than vacationing there. Allen said costs like insuring two homes, travel expenses and budgeting for more than one car add up quickly.

To get in touch with Drake & Associates, click here.