MIAMI — Scott Scovel retired from full-time work in 2022 at age 60 after relocating from New York City to Miami in 2021. The financial services professional worked for nearly 40 years before ending his career.

Scovel moved from New York City to Miami in 2021 when he was 58 years old. He accepted a job in Miami that he intended to be his last position before retirement. The move coincided with his purchase of a two-bedroom condominium in Miami for $727,500 in cash.

The cash purchase followed Scovel's 2019 sale of his two-bedroom Manhattan condominium for $1.65 million. With no mortgage on his Miami property, Scovel's monthly expenses fell after the relocation. The elimination of mortgage payments enabled him to retire earlier than he had planned.

Scovel moved to Miami hoping to benefit from lower taxes, cheaper living costs, and warm winters. Florida does not impose a personal state income tax, while Scovel had paid nearly $40,000 per year in New York State and City taxes in some years. However, Scovel no longer benefits from state income tax savings because he no longer has job income.

Scovel found that Florida's lower taxes and living costs provided only modest financial benefits compared with his life in New York. His weekly grocery bill in Miami is slightly lower than it was in New York. Scovel finds transportation costs lower in New York due to the subway system compared with needing a car or rideshares in Miami.

Scovel observed that the Brickell neighborhood in Miami offers a pedestrian lifestyle similar to Manhattan. During his first weeks in Miami, he took bike rides through parks and along the city's waterways. He enjoys Miami's weather and found the summer heat less oppressive than he expected.

Scovel wakes up at dawn to exercise, avoids the midday sun, and goes outdoors in the cooler evenings in Miami. He wears shorts approximately 360 days per year in Miami. He appreciates that Miami has a diverse population and is a hub for Latin American and Caribbean cultures.

Scovel sometimes misses global cultural amenities available in New York, such as Thai restaurants near his home, African art exhibits at the Metropolitan Museum of Art, and European film festivals. Evidence shows that prices for Miami condominiums have more than doubled over the past 10 years.

After retiring, Scovel travels extensively to other countries and pursues hobbies such as improv classes and museum trips. "Retiring early means I'm young enough to fully enjoy my golden years," Scovel said. He added, "I'd like to think I've found my own fountain of youth by retiring early in Miami — something that means more to me than a lower tax rate."