Things you must know before retiring to Florida - Top Tips

#retirement #floridaliving #retirementtips

Many baby boomers approaching retirement age are hunting for a warmer climate to call home in their golden years. Here are some very important tips and things to consider before retiring to Florida.

Florida’s a Lot Less Taxing
Moving to the Sunshine State could save you a lot of money in taxes. Florida, is tax friendly for retirees and has no state income tax. That means no state taxes on Social Security benefits, pensions, IRAs, 401(k)s and other retirement income. It also has no inheritance tax or estate tax. To take advantage of this benefit you’ll need to show that you spend more than half the year—183 days in the state of Florida. State tax auditors expect you to prove it. So you may consider keeping a diary or log showing the number of days you spend here during the year. You will also need to claim Florida as your homestead. The local property appraiser will have a list of things you will need and they are as follows:
 Register to vote in Florida,
 Provide a copy of your social security card with the homestead application
 Florida driver’s license
 Automobile must be registered I with a Florida Tag.
 Provide copy of property deed
 File a Declaration of Domicile with your local county court.

Extreme Weather
If you’ve visited Florida infrequently or for short periods of time, you probably don’t know the full scope of Florida weather. Thunderstorms are frequent in the summer, and Florida is the lightning capital of the United States.
Florida is often in the bull’s-eye for many hurricanes. The Atlantic hurricane season is a long one: from June 1 to Nov. 30 – so half the year – the season peaks during August through October.

Insurance Cost are Higher
The risk of hurricanes makes insuring your home in Florida much more complex and expensive than it is in many other areas. Expect to pay a higher deductible for hurricane damage -- generally, between 2% to 5% of your coverage amount for damages caused by a hurricane. Try to keep enough money in your emergency fund to cover those potential expenses.
In addition to a standard home inspection, get a wind mitigation inspection before buying a home. The inspector will check for special construction features that help a home withstand high winds. “The cost to insure a home without wind mitigation features could be several times higher than a home with wind mitigation report. Another thing to consider is if you are in a flood zone, you’ll be required to buy flood insurance. ( If you have a mortgage) If considering a home directly on the water you’re going to need flood. and keep in mind homeowners insurance in general can be tough to get when you live on a barrier island.

Homes Are Affordable in Florida
Sure, you can find luxurious waterfront homes for $1 million or more in many Florida communities, but the median sale price on a single-family home in Florida in the third quarter of 2018 was $257,000.

Location and logistics
There’s often a major misconception about Florida as a retirement destination: Many think the state is one big beach. An easy-to-reach beach.
Not so. Those world-famous theme parks? They’re in Orlando, in the middle of the state, an hour or so car ride to the beach. People who are thinking about a move to Florida should really explore the state.
The east and west coasts of Florida are very different -- as different as the Gulf of Mexico and the Atlantic Ocean. North Florida features vast stretches of rolling hills and countryside.” You already know the big destinations: Orlando, home to Disney World, Universal Studios, Miami, if you want to live out your “Miami Vice” fantasies (whatever floats your boat;); and without a doubt the Florida Keys you will experience a laid-back lifestyle nearly like being off the grid.

Whatever you're looking for in retirement life it’s best to do your research ahead if time, so visit the state that you’re interested in several times before you pull the trigger. It's important to know what it’s going to cost to purchase a property, insure a home and generally the cost to live there. You’ll thank me.

You can find out more about this area of Florida by surfing my channel for more video’s and of course you can visit my blog 772living.com for more articles about the area.

NOTE: Always consult a tax advisor before making any purchase to discuss your particular financial situation.

TO WATCH NEXT:
SOUTH RIVER: https://youtu.be/OkEdGOaGeRI
DE LA BAHIA: https://youtu.be/stNQxRmwf6w
MONTEREY YCC: https://youtu.be/bjWYy1XJlSc
BEACON 21: https://youtu.be/ybrkXqlyZGU

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