Personal retirement report · Full sample · Prepared September 2026
Linda and Mark: is a winter home in Florida worth it?
Linda and Mark live on a lake in Crow Wing County, Minnesota, near Brainerd. Mark, 68, retired from the county highway department with a pension; Linda, 66, sold her dental hygiene practice share last year. Both have started Social Security.
Their friends winter in Fort Myers and keep asking them to join. They've found a $300,000 condo in Lee County they could pay for in cash, and they'd rent it out through the summer.
“Can we afford two homes, and does it matter which one is "home"?”
They chose every place and plan, and entered their own numbers. This report compares them in detail. It doesn't tell them which to pick.
Minnesota only
Stay in Minnesota year-round
No second home
compared with
Two homes, MN
Add the condo, Minnesota stays home
Minnesota stays their legal home
compared with
Two homes, FL
Add the condo, Florida becomes home
Florida becomes their legal home, 183+ days there
At a glance
Total costs in 2026, with taxes
Savings at 85, today's dollars
Net worth at 85, today's dollars
Savings at 95, today's dollars
Add the condo, Minnesota stays home: $30,300 more in 2026 than staying in Minnesota year-round, with savings at 85 of $490k. Add the condo, Florida becomes home: $30,700 more in 2026 than staying in Minnesota year-round, with savings at 85 of $492k. Stay in Minnesota year-round: savings at 85 of $1.31M.
Savings in each plan, today's dollars
What they entered
Household
- Ages today
- Linda 66, Mark 68
- Retirement savings
- $1,250,000
- Plan through
- Linda's age 95
Income
- Mark's pension, no raises
- $30,000 a year
- Pension if Mark dies first
- 50% to Linda
- Social Security, already claimed
- $54,000 a year combined
- Summer condo rental, net of management
- $4,500 a year
Homes
- Lake home, paid off
- $340,000
- Lee County condo, cash
- $300,000 plus $9,000 closing
- Insurance, their quotes
- $2,600 lake · $4,800 condo
- Sell the condo at
- Linda's age 85
Spending
- Everyday spending
- $72,000 a year
- Condo association fees
- $6,000 a year
- Utilities in the empty home
- $2,400 a year
- Travel between homes
- $3,000 a year
Health coverage, their quotes
- Medigap G plus Part D, each
- $2,700 MN · $3,900 FL
- Out-of-pocket care, each
- $1,500 a year
Assumptions
- Investment return
- 5% a year
- Inflation · healthcare · insurance
- 2.5% · 5% · 4%
- Home value growth
- 3% a year
Figures described as their quotes are what they entered. Everyday prices are held equal across places because no reliable county-level source exists.
Year one, line by line
The first year, 2026, in every plan. Taxes depend on withdrawals and withdrawals depend on taxes, so the report solves both together.
Moves and planned changes
Stay in Minnesota year-round
Add the condo, Minnesota stays home
Add the condo, Florida becomes home
Savings and net worth
Savings alone can flatter a plan that turns a house into cash, or hide one that turns cash into a house or an RV. Net worth adds home and RV values.
Net worth at 85, in today's dollars: minnesota only $1.68M, two homes, mn $863k, two homes, fl $865k. Home and RV values are counted at full value, before selling costs.
Social Security
Benefits already started
Linda claimed at 66: $21,280 a yearMark claimed at 67: $31,200 a yearBenefits rise with inflation. Up to 85% can be federally taxable; in 2026 the taxable share is minnesota only 55%, two homes, mn 85%, two homes, fl 85%.
If Mark dies first
Linda would keep the larger benefit. Mark's is $31,200 a year in today's dollars at claiming age 67, versus Linda's own $21,280. The stress tests chapter shows Mark dying at 80.
Taxes in dollars
Federal, state and local income tax for the first 15 years, side by side.
Values marked Sample haven't been verified against an official source for 2026 yet. They are placeholders for this sample, not published rates.
Medicare income surcharge headroom
Income that sets Medicare Part B and D surcharges, against the first threshold for married couples (dashed). A surviving spouse filing single reaches a threshold half as high.
Healthcare
Marketplace coverage before 65, then Medicare Part B at $202.90 a month in 2026 plus the Medigap and Part D quotes they entered, and out-of-pocket care.
Homes
Property tax, insurance and upkeep on every home they own, plus RV costs where they apply, in today's dollars.
County medians: U.S. Census Bureau, American Community Survey 2019–2023 5-year estimates, Tables B25103 and B25077.
Hazards and hospitals
Natural hazards
Source: FEMA National Risk Index (December 2025).
Hospitals
Medicare-certified acute care, critical access and rural emergency hospitals that report emergency services. VA and Department of Defense hospitals are excluded. Source: CMS Hospital General Information, released August 2026.
Which home is "home"
Changing legal residence to Florida removes Minnesota income tax, but it moves the homestead break from the lake home to the condo and changes their Medigap market. For Linda and Mark, the first year costs $400 more with Florida as home.
The 183-day calendar
December through April in Fort Myers is about 150 days, which leaves more than 183 in Minnesota. Minnesota can treat people with a home there who spend 183 days or more in the state as residents, whatever their paperwork says. Florida as home would need a longer Florida season, plus a Florida driver's license, voter registration and declaration of domicile.
Rental income
The $4,500 a year of net summer rent is taxable. It's counted in federal tax, in Minnesota tax when Minnesota is home, and in the income that sets Medicare surcharges.
Selling the condo later
Their plan: sell at 85
Linda and Mark entered selling the condo when Linda is 85, with 7% in selling costs. The sale adds cash back to savings, and association fees, utilities and travel stop. The savings chart shows the jump at 85.
Stress tests
The same comparison when things go worse than planned. Each panel changes one thing.
As planned
5% returns every year, 2.5% inflation.
A bad start in the market
−12%, +2% and −6% in the first three years, then 5%.
Higher inflation
4% inflation for 10 years, then 2.5%.
Mark dies at 80
Linda keeps the larger Social Security benefit and any pension survivor share; spending falls to 70% and taxes are filed as single.
What would change the comparison
How much the gap in net worth at Linda's age 85 between Add the condo, Minnesota stays home and Stay in Minnesota year-round moves when one input changes. Today's dollars.
At the inputs they entered, net worth at 85 is $818k lower with two homes, mn than with minnesota only. Bars to the right make that number larger; bars to the left make it smaller.
What to check before deciding
- Condo association finances. Ask for the reserve study, recent special assessments and the insurance renewal history. Florida condo rules tightened after 2022.
- Condo insurance and flood. Their quote may exclude flood. Lee County's hurricane rating is very high.
- Minnesota residency. Review Minnesota's residency guidance before changing domicile; days are only one factor.
- Lake home classification. Ask the Crow Wing County assessor how the home is classified if Florida becomes home.
- Medicare in two states. Original Medicare with Medigap works in both; Medicare Advantage networks usually don't.
- Rental rules. Check the association's minimum lease terms and Lee County's tourist development tax.
- Estate planning. Two states can mean two probate processes; ask about titling.
Year by year
Nominal dollars. Withdrawals are taken at the start of each year. A warning sign marks years when savings can't cover the withdrawal.
| Year | Linda / Mark | Start savings | Social Security | Pension + rent | Withdrawal | Housing | Healthcare | Federal tax | State + local | Other spending | Home value | Events |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 66 / 68 | $1,250,000 | $52,480 | $30,000 | $14,692 | $8,686 | $13,270 | $2,634 | $583 | $72,000 | $340,000 | |
| 2027 | 67 / 69 | $1,297,073 | $53,792 | $30,000 | $16,543 | $8,973 | $13,933 | $2,993 | $637 | $73,800 | $350,200 | |
| 2028 | 68 / 70 | $1,344,556 | $55,137 | $30,000 | $18,467 | $9,269 | $14,630 | $3,367 | $693 | $75,645 | $360,706 | |
| 2029 | 69 / 71 | $1,392,394 | $56,515 | $30,000 | $22,453 | $9,575 | $15,361 | $5,637 | $859 | $77,536 | $371,527 | |
| 2030 | 70 / 72 | $1,438,438 | $57,928 | $30,000 | $24,531 | $9,891 | $16,129 | $6,042 | $921 | $79,475 | $382,673 | |
| 2031 | 71 / 73 | $1,484,602 | $59,376 | $30,000 | $26,691 | $10,219 | $16,936 | $6,465 | $987 | $81,461 | $394,153 | |
| 2032 | 72 / 74 | $1,530,807 | $60,861 | $30,000 | $28,937 | $10,557 | $17,783 | $6,904 | $1,056 | $83,498 | $405,978 | |
| 2033 | 73 / 75 | $1,576,963 | $62,382 | $30,000 | $31,272 | $10,906 | $18,672 | $7,363 | $1,129 | $85,585 | $418,157 | |
| 2034 | 74 / 76 | $1,622,976 | $63,942 | $30,000 | $33,701 | $11,268 | $19,605 | $7,840 | $1,205 | $87,725 | $430,702 | |
| 2035 | 75 / 77 | $1,668,738 | $65,540 | $30,000 | $36,227 | $11,641 | $20,586 | $8,337 | $1,285 | $89,918 | $443,623 | |
| 2036 | 76 / 78 | $1,714,137 | $67,179 | $30,000 | $38,854 | $12,028 | $21,615 | $8,856 | $1,369 | $92,166 | $456,932 | |
| 2037 | 77 / 79 | $1,759,047 | $68,858 | $30,000 | $41,561 | $12,427 | $22,696 | $9,371 | $1,456 | $94,470 | $470,640 | |
| 2038 | 78 / 80 | $1,803,360 | $70,580 | $30,000 | $44,160 | $12,840 | $23,830 | $9,702 | $1,536 | $96,832 | $484,759 | |
| 2039 | 79 / 81 | $1,847,160 | $72,344 | $30,000 | $46,863 | $13,267 | $25,022 | $10,046 | $1,619 | $99,253 | $499,301 | |
| 2040 | 80 / 82 | $1,890,312 | $74,153 | $30,000 | $49,674 | $13,708 | $26,273 | $10,404 | $1,707 | $101,734 | $514,281 | |
| 2041 | 81 / 83 | $1,932,670 | $76,007 | $30,000 | $52,598 | $14,164 | $27,587 | $10,776 | $1,800 | $104,277 | $529,709 | |
| 2042 | 82 / 84 | $1,974,076 | $77,907 | $30,000 | $55,640 | $14,636 | $28,966 | $11,163 | $1,897 | $106,884 | $545,600 | |
| 2043 | 83 / 85 | $2,014,359 | $79,855 | $30,000 | $58,804 | $15,124 | $30,414 | $11,565 | $1,999 | $109,557 | $561,968 | |
| 2044 | 84 / 86 | $2,053,332 | $81,851 | $30,000 | $62,097 | $15,628 | $31,935 | $11,983 | $2,107 | $112,295 | $578,827 | |
| 2045 | 85 / 87 | $2,090,797 | $83,897 | $30,000 | $65,524 | $16,150 | $33,532 | $12,417 | $2,220 | $115,103 | $596,192 | |
| 2046 | 86 / 88 | $2,126,537 | $85,995 | $30,000 | $69,090 | $16,689 | $35,208 | $12,869 | $2,338 | $117,980 | $614,078 | |
| 2047 | 87 / 89 | $2,160,319 | $88,144 | $30,000 | $72,802 | $17,247 | $36,969 | $13,339 | $2,463 | $120,930 | $632,500 | |
| 2048 | 88 / 90 | $2,191,893 | $90,348 | $30,000 | $76,666 | $17,823 | $38,817 | $13,828 | $2,594 | $123,953 | $651,475 | |
| 2049 | 89 / 91 | $2,220,987 | $92,607 | $30,000 | $80,690 | $18,420 | $40,758 | $14,336 | $2,731 | $127,052 | $671,019 | |
| 2050 | 90 / 92 | $2,247,313 | $94,922 | $30,000 | $84,879 | $19,036 | $42,796 | $14,865 | $2,875 | $130,228 | $691,150 | |
| 2051 | 91 / 93 | $2,270,556 | $97,295 | $30,000 | $89,241 | $19,674 | $44,936 | $15,416 | $3,027 | $133,484 | $711,884 | |
| 2052 | 92 / 94 | $2,290,381 | $99,727 | $30,000 | $93,784 | $20,333 | $47,182 | $15,988 | $3,186 | $136,821 | $733,241 | |
| 2053 | 93 / 95 | $2,306,426 | $102,221 | $30,000 | $98,516 | $21,016 | $49,541 | $16,585 | $3,353 | $140,242 | $755,238 | |
| 2054 | 94 / 96 | $2,318,306 | $104,776 | $30,000 | $104,022 | $21,721 | $52,019 | $17,274 | $4,036 | $143,748 | $777,895 | |
| 2055 | 95 / 97 | $2,324,998 | $107,395 | $30,000 | $109,172 | $22,451 | $54,619 | $17,922 | $4,234 | $147,341 | $801,232 |
Methods and sources
How the numbers are built
- One row per year from 2026 until Linda is 95.
- Each year: costs, then the withdrawal needed after Social Security, pensions and rent, then taxes on that withdrawal, solved together.
- Federal tax uses 2026 brackets and standard deductions indexed to inflation, the additional deduction at 65, and the $6,000 senior deduction through 2028.
- Taxable Social Security uses the federal provisional-income formula; claiming adjustments follow the SSA formula for full retirement age 67.
- Medicare income surcharges use income from two years earlier.
- Property tax is home value times the effective rate shown; RVs lose value at the rate they entered.
- A survivor keeps the larger Social Security benefit, the pension survivor share, 70% of spending, and files single.
Sources
- IRS: 2026 tax brackets, standard deduction, additional deduction at 65 and senior deduction.
- CMS: 2026 Medicare Part B premium and income-related adjustments.
- Social Security Administration: benefit adjustment formula.
- State revenue departments, for the state rules in chapter 7.
- U.S. Census Bureau, American Community Survey 2019–2023 5-year estimates, Tables B25103 and B25077.
- FEMA National Risk Index (December 2025).
- CMS Hospital General Information, released August 2026.
Every tax parameter, its source and whether it's verified (36 of 39 verified, config 2026.2)
| Parameter | Status | Official source |
|---|---|---|
| federal · brackets joint | Verified 2026-09-16 | www.irs.gov |
| federal · brackets single | Verified 2026-09-16 | www.irs.gov |
| federal · standard deduction joint | Verified 2026-09-16 | www.irs.gov |
| federal · standard deduction single | Verified 2026-09-16 | www.irs.gov |
| federal · additional 65married | Verified 2026-09-16 | www.irs.gov |
| federal · additional 65single | Verified 2026-09-16 | www.irs.gov |
| federal · senior deduction | Verified 2026-09-16 | uscode.house.gov |
| federal · social security taxation | Verified 2026-09-16 | uscode.house.gov |
| social security · claiming | Verified 2026-09-16 | www.ssa.gov |
| medicare · part bmonthly | Verified 2026-09-16 | www.cms.gov |
| medicare · irmaa | Verified 2026-09-16 | www.cms.gov |
| medicare · lookback years | Verified 2026-09-16 | secure.ssa.gov |
| il · retirement income exempt | Verified 2026-09-16 | tax.illinois.gov |
| in · rate | Verified 2026-09-16 | www.in.gov |
| in · exemption per person | Verified 2026-09-16 | www.in.gov |
| in · exemption 65 | Verified 2026-09-16 | www.in.gov |
| in · allen county rate | Verified 2026-09-16 | www.in.gov |
| mn · brackets joint | Verified 2026-09-16 | www.revenue.state.mn.us |
| mn · brackets single | Verified 2026-09-16 | www.revenue.state.mn.us |
| mn · standard deduction joint | Verified 2026-09-16 | www.revenue.state.mn.us |
| mn · standard deduction single | Verified 2026-09-16 | www.revenue.state.mn.us |
| mn · additional 65married | Verified 2026-09-16 | www.revenue.state.mn.us |
| mn · additional 65single | Verified 2026-09-16 | www.revenue.state.mn.us |
| mn · social security subtraction | Verified 2026-09-16 | www.revenue.state.mn.us |
| oh · base tax | Verified 2026-09-16 | codes.ohio.gov |
| oh · flat rate | Verified 2026-09-16 | codes.ohio.gov |
| oh · zero bracket top | Verified 2026-09-16 | codes.ohio.gov |
| fl · no income tax | Verified 2026-09-16 | www.flsenate.gov |
| tx · no income tax | Verified 2026-09-16 | statutes.capitol.texas.gov |
| il sales tax | Verified 2026-09-16 | tax.illinois.gov |
| il estate exclusion | Verified 2026-09-16 | www.ilga.gov |
| in sales tax | Verified 2026-09-16 | www.in.gov |
| in homestead cap | Verified 2026-09-16 | www.in.gov |
| mn estate exclusion | Verified 2026-09-16 | www.revisor.mn.gov |
| tx motor vehicle tax | Verified 2026-09-16 | statutes.capitol.texas.gov |
| oh municipal retirement exempt | Verified 2026-09-16 | codes.ohio.gov |
| oh rv sales tax at county rate | Sample | tax.ohio.gov |
| mn non homestead lake | Sample | www.revenue.state.mn.us |
| mn non homestead condo | Sample | www.revenue.state.mn.us |
This report compares the places and plans Linda and Mark entered. It doesn't recommend a place, a plan, a claiming age or an investment, and it isn't financial, tax or legal advice. The household is fictional.
Your own version of this report
Pick your places, enter your numbers, and see the comparison. Reports aren't on sale yet.
Get early access