Florida regularly tops the polls as the most popular retirement destination in the USA, and with warm sunny weather, sandy beaches, and superb recreational activities, it’s no wonder. Are you planning a Florida retirement? Here’s how.
Got the Cash?
Your retirement should be something to look forward to, so it’s good to make sure you’ll have financial security for when you stop working.
Your pension may not cover all of your retirement costs, so it makes sense to save some money throughout your working life.
You can choose to pay into a cash ISA, for example, and opt for either an easy access ISA where you can access your funds whenever you need to or a fixed rate ISA where you tie up your funds for a set time. Or you could consider investing in a stocks and shares ISA – but be aware this is an investment and the value of your investment and the income derived from it can go up as well as down – you may get back less than you originally invested.
Open a savings account and look for one with a great first-year intro APY. APY or Annual Percentage Yield is the amount of interest you earn on a bank account in one year. Simple interest doesn’t compound, so you earn the same amount of interest every month. … the higher a savings account’s APY, the better.
A financial benefit of moving to Florida is that there is no state income tax, no taxes on pension income, income from an Individual Retirement Account or 401K, and no inheritance or estate tax.
Where?
So, you have the funds for your retirement, but which part of Florida do you choose?
Even in the coldest months of the year, the average daily high is at least 70 degrees, and the temperature rarely dips below 50 in the Sunshine State, so you don’t really need to choose an area based on the weather.
One of the most popular retirement locations is Sarasota. Sarasota is situated on the southwestern coast and is renowned for its beautiful white sandy beaches such as Siesta Key Beach and Venice Beach; and its cultural and environmental amenities. Sarasota has a slower pace of life than other cities, so you can take your time perusing the abundance of museums, opera houses, and beautiful gardens.
When you think of Florida, you will instantly think of Disney World and other amusement parks. Orlando is situated in central Florida, so it is not near beaches. However, Orlando does have a large number of senior communities. The grandkids will never be far from your doorstep if you choose Mickey Mouse as a neighbor!
Home
Once you have decided which area of Florida you would like to call home, you will need to look for a house. According to the Zillow Home Value Index 2020, the average price of a home in Florida is $259,642.
Florida is known for its retirement communities such as The Villages – the biggest in the world. These self-sustaining towns offer housing for adults aged 55+ complete with retail establishments, restaurants, banks, post offices, healthcare centers, and countless recreational amenities. If you are new to the area or on your own, such a place is a brilliant way of meeting new friends and joining recreational groups.
Put Your Feet Up…Maybe!
You’ve found a home, so now it’s time to relax and slip into retirement.
Florida is one of the best places to live if you are looking for a vast range of recreational pursuits. If you are a keen golfer, this is the place for you. Florida has over 1500 golf courses and plays host to prestigious tournaments such as the PGA Tour. Most, if not all, of the Floridian retirement communities, have their own golf course, so you will be sure of keeping fit and meeting new golfing buddies.
Suppose you have a love of the outdoors. In that case, you could purchase a National Park Pass to Everglades National Park, one of the most iconic and fascinating national parks in Florida, offering hiking, boating, fishing, and so much more.
One thing’s for sure; you will never be bored in Florida!
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