Is retiring in Florida the best option?
Florida is a state which is known for its cosmopolitan culture and an open attitude towards intercultural diversity. However, if you decide you live the rest of your life in Florida, there are a few things you need to know.
You may be intrigued to know there are over 3.5 million residents in Florida who have already crossed the age of 65. So if you’re afraid of getting deserted, there’s nothing to worry about. Stats predict the population of Florida to increase to 21.5 million by 2020. Secondly, experts also predict the population of the senior citizens to rise in the near future which makes Florida a good habitat for the elderly who want to retire there. In this article, I will guide you through a few things you must know if you’re choosing Florida as a state you want to retire in.
1. Florida is bombarded with natural disasters
If you want to retire in Florida, keep in mind this state is flooded with natural disasters. This means you will need a lot of insurance. In fact, insurance policies in Florida are more expensive than many other states of the US. Secondly, if you live in a locality where hurricanes are rampant, you should expect to pay more deductible as compared to other states. Normally the percentage of deductibles is between 2 to 5% higher than other insurance policies. Secondly, you must save enough money for emergency funds.
2. Florida has fewer taxes
You will be surprised to know, Florida is one of the ten most tax-friendly states for senior citizens who are close to retiring or have retired already. Taxes consume a significant amount of income which is why people are always looking forward to settling in cities where they can get tax exemptions. It has no state income tax and inheritance tax. However, if you want to avail of this opportunity, you must prove you stay more than half of the year in the state. For beginners, it is crucial to keep a log to show the number of days they’ve spent in the state.
3. Homes are less costly in Florida
If you want to retire in Florida, there’s no need to live on rent, for houses are available at economical prices. If you think you can buy a luxury house for $1 million at the waterfront, you can! However, the average price of a family home in Florida begins from $250,000. Furthermore, the other localities in Florida also have houses that can be bought at a normal price. Tampa Bay is one of the most affordable localities In the US and I recommend seeing these communities and be sure to make your decision wisely.
4. Florida is the land of creepy crawling things
If you think you’ll see an alligator in a zoo only, you’re wrong! Florida’s ecosystem is very famous which is why it is common for the natives to spot a lot of insects and real-life creatures come out of the water every day. For instance, termites are a major problem in Florida homes and might cost a lot of money. So once you buy a house after retiring, you will also have to pay to cater to the insects which might crawl into the house. A normal termite inspection begins from $350 and might go up to $5000.
5. Florida is the land of tourists
If you think Florida is a peaceful state with its lights going down in the evening, you’re wrong! Florida caters to thousands of tourists every year who flock the state to enjoy the culture, food, heritage, tourist destinations, and many other places. So if you think you’ll be able to drive fast, you better cut that thought, for most streets are jammed with tourists all the time. You can also google different communities to know the culture of the state.
Lastly! There’s no escape from the fact when it comes to finances, Florida is a perfect state to live in. However, it is equally imperative to consider the problems of natural disasters and wildlife creatures hounding the state all the time. Overall, Florida is a good state to retire in and settle for the rest of your life. The senior population is dense, which means one won’t feel deserted after bidding farewell to work life.