What’s it like to retire to South Florida? There are plenty of good reasons to do so. Since the middle of the last century, millions of people have headed to the sunniest place in the US to enjoy their post-retirement years.
Of course, some go for the beaches, golf, hiking, and fun outdoor lifestyle full of relaxation, socializing, and breezy sunsets. But there are a few more subtle motivations, particularly when it comes to low taxes, a modest cost of living, and more. Here are several of the most pertinent facts for anyone who’s headed to the Sunshine State.
State Income Tax Doesn’t Exist
Floridians don’t have to be concerned about a statewide income tax because there isn’t one. For businesses and individuals, the non-tax status is a huge incentive to create jobs, earn more money, build retirement funds, get second jobs, and engage in all sorts of for-profit activity without worrying about any taxation except that imposed by the federal government.
For those in their later years of life, living in a place where the local authorities don’t take a piece of your wealth is a major advantage. One theory about why millions of individuals head to the southeastern US peninsula is that the state’s lack of an income tax serves as a sort of magnet.
Convert Unneeded Life Insurance Policies To Cash
Adults who retire to South Florida are faced with numerous financial decisions. One of the biggest ones is what to do with unneeded or unwanted life insurance policies. Those who get help from Policy Bank discover that they can quickly turn such coverage into ready cash. The bonus is that monthly premiums disappear when policyholders cash in the life insurance. That’s why some view the process as a double whammy of good news. Saying goodbye to one monthly or annual expense is a plus. But the kicker is that if you’re one of the millions of seniors who no longer need or want life insurance, you can sell the policy without a hassle or time delay.
For so many older adults, the financial scenario has changed. They’re on fixed incomes, taking withdrawals from retirement accounts, and can use an infusion of funds to pay for special events or unexpected expenses. The smartest way to get started is to review a complete guide that offers all the facts about selling a life insurance policy to a third-party buyer. It’s always a good idea to educate yourself about the process and get all your questions answered. That’s why so many retirees turn to reliable online guides.
Work With an Experienced Real Estate Professional
Unless you know the area where you’re going to live after moving, work closely with a real estate pro who specializes in assisting retirees with finding justinehomes that suit their budgets, personal preferences, and social needs. Because so many Floridians, both new arrivals and long-time residents, want to live near the beach, the demand for waterfront property can be quite high during certain times of the year. Let the agent know all your priorities before getting down to the business of viewing properties and making a shortlist.
Inheritance or Social Security Tax? Not in the Sunshine State
Florida’s laws impose no taxation on any type of social security income, which makes life much easier for elderly adults who receive payments from the federal agency every month. Likewise, there are no inheritances taxes either, an almost unheard-of situation in other US jurisdictions. Note that the total taxation burden on retired Floridians is the lowest of any state, which explains the popularity of the region among the over-65 demographic.
The Cost of Living is Lower
Of all of the known best places to live for retirement, Florida’s cost of living is hard to beat. Except for Miami, the cost of living in Florida for retirees is lower than in most other states. Local politicians have worked hard at attracting seniors from around the nation by enacting laws that cater to the needs of the older set.
Everything from real estate regulations and income taxes to homesteading and vehicle registration are senior-friendly in the Sunshine State. Even amid the current inflationary cycle, cities like Fort Lauderdale, Miami Beach, Tampa, and St. Petersburg have sustained less intense price increases than elsewhere in the US. Older adults have been flocking to the nation’s most southeastern state for generations, and the trend does not look to be letting up in the 2020s.
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