For decades, Florida has been recognized as one of the best retirement destinations in America.
The Sunshine State brings a lot of positives, from diverse food options and robust culture to low taxes and manageable living costs. The dream of Florida retirement was just as strong as the American Dream.
However, Florida is becoming increasingly popular, and it seems like everyone wants to live there. The cost of living is soaring into the high heavens, and many retirees find it difficult to make ends meet.
How to retire in Florida today
So, if you are one of those considering relocating to the Sunshine State, here are some of the things to remember when considering spending retirement in Florida.
First, there is a lot to like about Florida’s tax laws.
Aside from the state’s natural beauty and warm weather, people living their golden years come to Florida for its affordability. However, the cost of living in Florida has become more expensive in recent years, but the tax climate can still be as luring as the actual climate.
“The state’s lack of income tax is another significant financial benefit for Florida residents. Also, property taxes for homeowners remain low compared to other states, and there’s no tax on intangible personal property, such as gifts or inheritances,” said Laura Adams, MBA, a Florida resident and personal finance expert.
Next, Florida is the land of 55-plus communities, so the research must start as early as now.
Shri Ganeshram, CEO and founder of Awning.com, the biggest expense for most retirees in Florida is housing. To overcome this cost, retirees must research adult retirement communities in the state or start scouting housing communities that match their budget, desired location, and lifestyle.
Another reason to consider Florida for retiring is its homestead exemption. Florida’s tax code can be exceedingly gracious to qualifying homeowners.
Lastly, the weather can be more than just unbearable or even dangerous –it can be expensive, too.
“Before relocating to Florida, explore the state and plan an extended stay in a short-term rental,” said Adams.
How do you feel about recent changes in Florida lifestyle?
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