One of the most popular locations to retire in the United States is Florida. The Sunshine State is appealing for numerous reasons — the warm temperatures, beautiful beaches, palm trees, big cities and plenty of outdoor activities that every person can enjoy. If you have Florida on the top of your list for a retirement spot, you’re following in numerous other retirees’ footsteps.
The U.S. Census reported that 20.9% of Florida’s population is 65 years old or older. The outstanding number of retirees in the state shows that it’s a favorable place for retirement, but how much money do you need to retire in Florida?
Learn everything you need to know before you choose to retire in Florida. From the benefits of moving to The Sunshine State to the cost of Florida retirement, you’ll be adequately prepared for your golden years.
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What's the Cost to Retire in Florida?
Since Florida is continually growing in popularity for retirees and people of all ages because of the plentiful offerings, the price of residing in Florida can vary depending on location. If you want to retire comfortably and enjoy everything about your new home, laying a foundation for an optimal fixed income for monthly payments while still having enough left over for secondary expenses will help make your retirement successful.
If you’re looking to have relaxing and enjoyable retirement in Florida, the amount you should have saved varies based on the city you live in, the type of housing you choose and other miscellaneous expenses.
The cost of retirement in Florida is based on some of the following:
- Cost of living: Weigh the difference between a mortgage payment and rental payment for your living situation in Florida. Owning property versus renting offers various benefits depending on your wants and financial situation.
- Cost of long-term care: Will you or a partner need access to long-term care? Services like a home health aide, assisted living facilities or a private room in a nursing home can impact your cost of retirement in Florida.
- Cost of healthcare: The cost of Medicare can range between plans and services you may need, hospital coverage, prescription medication coverage and other healthcare aspects.
You can use a few retirement tools to help secure a fixed income, including:
- Roth IRA Annuity
- Social Security Income
- Non-Qualified Annuity
These three sources of income can help increase your money for monthly spending and help you have more money for secondary expenses like vacations, fun outings and luxury items.
6 Benefits of Retiring in Florida
People name many reasons why they choose Florida as their new home during retirement. From outdoor activities to international airports, you’ll find numerous benefits of living in the Sunshine State.
These are just a handful of the numerous benefits of retiring in Florida:
1. Florida Is a Tax-Friendly State
If you’re living in Florida as a retiree, you’ll enjoy excellent tax breaks that benefit older adults. The state has no state income tax and no tax on Social Security benefits or retirement income. The state also offers no inheritance or estate taxes and appropriate property taxes. Florida is a beautiful and financially appealing state for retirees.
2. Plenty of Sunshine
The Sunshine State has its nickname for a reason. Florida has an outstanding amount of sunny days and a warm climate for residents to enjoy plenty of time outside. The climate in Florida is subtropical, offering mild winters and warm weather all year round. Even with the rainy season during the summer and early fall, there are still sunny days to enjoy.
3. Great for an Active Lifestyle
While retirement is a time for relaxing, it’s also fun to enjoy activities and trips during your new free time. The great thing about retirement in Florida is you’ll have access to numerous outdoor parks, beaches and other recreation locations to enjoy the sunshine. View manatees on a walk along a river, swim in beautiful natural springs or explore well-known parks like Everglades National Park.
4. Famous White Sand Beaches
Florida is home to some of the best beaches in the country. Explore Florida’s Gulf Coast or Atlantic Coast beaches and take in all of the beauty of the state’s coastline. Venture to secluded islands or enjoy the bustling atmosphere of popular tourist beach towns.
5. Numerous Large Airports
If you’re looking to travel during your retirement, you can do so from one of Florida’s international airports. These large airports make it easy for you to travel outside the United States and within the country. You can easily plan trips to visit other family members or go on the vacation of your dreams.
6. Top-Tier Theme Parks
A big contributor to Florida’s popularity for travel and living in the world-class theme parks in central Florida. Residents can enjoy discounts on popular theme parks like Walt Disney World, Universal Studios Orlando, Seaworld Orlando, Legoland Florida and Busch Gardens Tampa Bay. These parks are perfect for taking grandchildren to or going on a trip yourself any day of the week.
Best Places to Retire in Florida
Florida has popular big cities, growing suburbs and smaller towns throughout the state. Retirees have many locations to choose from when they move to Florida. Some of the best cities to retire in make the list because of home affordability, quality of health care, the job market, retiree taxes and overall happiness of residents. Check out some of the best cities in Florida to retire in:
- Sarasota
- Ocala
- The Villages
- Tampa
- Port St. Lucie
- St. Cloud
- Daytona Beach
- Naples
- Fort Myers
- Ponte Vedra
- Jacksonville
- New Smyrna Beach
- Kissimmee
- The Florida Keys
- Orlando
- Boyton Beach
- Venice
- St. Augustine
- Melbourne
- St. Petersburg
- Winter Garden
How Nova Wealth Management Can Help You Plan for Retirement
The process of planning your retirement can be simple with help from a seasoned financial advisor at Nova Wealth Management. We can help you feel confident in your Florida retirement plan and explain every detail of retirement preparation.
The professionals at Nova Wealth Management will review everything regarding your financial situation and figure out your retirement income needs. We’ll then develop a strategy to keep your plan on track and meet all of your retirement goals. While the plan is in place, we’ll stay in contact with you regarding any new updates on your retirement plan. We strive to help all Florida residents achieve their preferred retirement plan.
Contact Us About Our Retirement Planning Services
Are you ready to start working on your Florida retirement plan? Contact Nova Wealth Management today to schedule an appointment with one of our financial advisors.
