A Florida retirement community that serves the state’s wealthiest residents is gearing up to offer the benefits of retirement to its own residents.
The retirement community of Retire Florida has announced that its members will get a $15,000 payout to the tune of $300 per year to help with living expenses and retirement expenses.
Retire Florida, which opened in 2011, provides members with a retirement plan and monthly income to help them maintain their retirement savings and provide them with a secure retirement.
The state is expected to start sending out notices on Wednesday.
RetireFlorida president David P. Tippett said that more than 20,000 members have received the payout.
Retailers and financial advisers will be able to apply for the payment and pay into the retirement account through a financial adviser who will be designated by the state.
The payout will be deposited into the retired members retirement savings account.
The money is expected not to exceed $150,000, but can be increased by up to $500,000 if members make enough money to cover the expenses.
It’s the second time that a retirement community has announced the plan to pay out money to its members.
Retired members at the Retire California retirement community in Los Angeles in October paid out $1,000 in cash to pay for living expenses, retirement benefits and a pension.
Retain California announced in October that it would also offer $15 a month cash payments to retirees.
Retiring members at Retire Oregon, which is in Bend, Oregon, also received a cash payout.