Have you ever noticed that many Americans end up retiring to Florida? That’s no coincidence. The Sunshine State is a popular place to leave your old life behind and enjoy the peace that lies ahead. If you also plan on retiring to Florida, you’ll want to make sure all of your ducks are in a row so everything can go off without a hitch. The professionals at Maggi Tax are here to let you in on our top end-of-the-year retirement tips for Florida Retirees!
If you plan on retiring in Florida, the most important thing you can do is to be aware of the state’s economic practices and adjust your estimated cost of living according to your findings. Basically, you need to know what to expect and prepare as much as you can.
Why Florida Is The #1 State To Retire
Why is Florida so popular with retirees? Other than the gorgeous scenery, there’s lots to do like golfing, fishing, visiting historical landmarks, and eating amazing food. There’s also the added benefit of being close to cruise lines. You have everything that you need to set yourself up for a vacation that never ends! However, one of the main draws of Florida is the topic of taxes and the cost of living.
Florida is commonly known as one of the most tax-friendly states in America due to the fact that there is no income tax. Property taxes are also fairly low and there are plenty of incentives to cash in on. The state makes up for it in higher sales tax, but many would agree that’s a small price to pay.
When Is The Best Time To Retire In Florida?
So now you’re dead set on retiring to Florida. But when should you do it? The ideal retirement age is 62 since that’s when you can start claiming Social Security. However, the percentage that you receive increases each year to age 70, so waiting is something you should consider.
Coming In To Retire From Out of State? Here’s What To Expect In Florida
If you’re coming in from out of state, there’s a lot that you need to process. To play it safe, make sure you account for these expenses before you settle down and order your first mimosa:
- Cost of living
When accounting for your housing situation, you also need to factor in the cost of possible damages and increased insurance rates. This is Florida that we’re talking about, after all. The home of seasonal storms and hurricanes can lead to higher rates and plenty of costly repairs.
Additional Tips To Help Your Retirement
It’s never too early (or too late) to start planning for the financial aspect of your retirement. Sitting back and letting your 401(k) pile up isn’t always enough. If you want to maximize your retirement fund for an easier and stress-free time, consider a Roth IRA and pay attention to your yearly contribution limits. You also don’t want to neglect your estate plan which can come in handy during your senior years.
Learn more > What Estate Planning Documents Do I Need In Florida?
Need Assistance In Retiring? Maggi Tax Welcomes You!
Make sure your retirement in Florida goes smoothly by confiding in your trusted tax advisors at Maggi Tax! Call us today at (727) 799-1701 for retirement planning and estate planning services starting with a complimentary consultation. We want to help you enjoy the retired life so we’ll do everything we can to help you!