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Plan Your Retirement in Florida with These Three Tips

The tax-friendly environment, sunshine, and the beaches are some of the reasons why many retirees are flocking to Florida. The state now has one of the highest median ages at 40.7. Those 65 years old and above also make up 17.3% of its population.

The Sunshine State, meanwhile, embraces them. It considers the increase in population as one of its economic drivers. It offers many beautiful retirement communities and provides programs to make old lives here as fun and as comfortable as possible. For those thinking of moving, though, preparation is still one of the best strategies to have a good life:

1. Plan for Home Health Care

Many people believe that health care assistance is only for those with limited mobility or disability. It is necessary for older individuals. Elderly healthcare services in Riverview, for example, can provide the following types of assistance: Aging might not cripple the mind for a lot of people, but it does break down the body. It can slow down, and it can experience exhaustion fast. A bit of help goes a long way for any senior.

a senior woman waking up

2. Know the Budget

Florida is a tax haven for a lot of Americans, especially the older ones who have to depend on a limited income. It doesn’t have personal income tax and doesn’t levy anything on withdrawals from retirement accounts. It doesn’t even charge fees on inheritance or estate. While people have to pay property taxes, those with disability and people over 65 years old don’t have to.

It doesn’t mean that it’s giving away everything for cheap. It has a high gas tax and sales tax. People bringing in items to the state might have to pay use tax even if the owners didn’t have to pay any fee upon purchase or the sales tax rate used was lower than that of the state.

In Florida, the median adjusted income is lower than most of the states. It is even below the national average, which is over $45,000. Some expenses, though, can eat up a bulk on the budget. Three of these are housing, health care, and transport. In reality, it’s not a question of how much the person has in their savings.

It’s about how long they can sustain themselves with the available funds or income. Knowing the possible spending in Florida can help in that area.

3. Determine the Eligibility for the Programs

Florida has a long list of available programs for the elderly. These include Adult Care Food, Disaster Preparedness, Public Guardianship, Senior Companion, and Memory Disorder Clinics. Drivers who are at least 55 years old can receive a reduction in their auto insurance coverage. Each of these, though, has eligibility guidelines.

For example, the Adult Care Food program will provide free or reduced-priced meals according to the gross income, which is from weekly to annually, and household size. Retiring in Florida is excellent for the wallet, but it can still run empty fast without proper planning. These three points can give anyone dreaming of the sun and sea (and tax benefits) a nice head start.

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