Oh, and before you call the pool company, realize that since the pandemic began, there's been such a shortage of materials and labor that some pool firms are penciling you in -- for up to two years away. Who knew? And those same boomers, now aging, are eager for the tropical Florida sunshine. But consider the dark side: Too much sun causes premature wrinkling, uneven skin coloring and worse. The sun can also cause brown, red, yellow, or gray spots in the skin called sun spots. Prolonged sun exposure and frequent sunburns can also increase your risk of skin cancer.
Sun worshippers are urged to avoid the sun between 10 a. And when you are on the beach or poolside, sit under an umbrella. The Atlantic hurricane season is a long one. It runs from June 1 to Nov. Florida is in the crosshairs of many of those deadly and destructive Atlantic hurricanes. In , Hurricane Michael, one of the most powerful storms to hit the U.
Hurricane Irma, one of the costliest natural disasters in U. Oh, and if you buy a home in a designated flood zone, your mortgage company will insist you buy flood insurance. Typical homeowners insurance covers wind and rain, but not flooding. Florida newcomers tend to brace themselves for a lot of visitors from the north.
But, some transplants say, that wears off after initial visits to Florida by your siblings or your adult kids. The Best T. Rowe Price Funds for k Retirement Savers. Skip to header Skip to main content Skip to footer. Home retirement. For those who prefer an entire community of neighbors of a certain age, Florida offers plenty of 55 and older communities, most notably The Villages in Central Florida. Keep in mind that many of these communities have covenants that forbid minors from permanently residing in these neighborhoods, so grandparents who find themselves in a situation where they have to take in their grandchildren will be better off in a more age-diverse setting.
One of the reasons why many retirees settle in Florida besides the weather is that property taxes are relatively low and there is no state income tax. You can even deduct property taxes from your second home as well as interest on the mortgage.
Income tax services like Turbo Tax can help you make the proper calculations when it comes time to file your income taxes. There are other tax deductions you can make as the owner of a second home in Florida, depending or whether you rent out the property for a portion of the year or if you are the kind of snowbird who leaves the house or condo vacant for half the year. By renting out your property for part of the year you can help cover the mortgage as well as the utilities, because in Florida, the air conditioning has to run continuously in a property to prevent mold--whether someone is living in it or not.
Whether you prefer a peaceful day at the beach or want to play a round of golf, Florida's warm temperatures encourage residents and visitors to enjoy an active lifestyle. Many second homes in Florida have swimming pools, but if you don't want to deal with the expense and work involved with the upkeep of a backyard pool, many Florida communities have a pool that is open to neighborhood residents. Moving to Florida does not have to mean separating yourself from family and friendships you have treasured for most of your life.
Once you move to Florida, even for part of the year, you'll be amazed at how many people will want to visit you. Moving to the Sunshine State could save you a lot of money in taxes. Florida, one of our 10 most tax-friendly states for retirees , has no state income tax. That means no state taxes on Social Security benefits, pensions, IRAs, k s and other retirement income.
It also has no inheritance tax or estate tax. For starters, keep a diary or log showing the number of days you spend in each state during the year, says Tim Steffen, director of financial planning for Robert W. Here's what else to do:.
But still Florida homes are affordable, compared to the national average. The U. Affordable, yes, when you can find one. Florida, like elsewhere in the country, is low on inventory in this seller's market. Florida Realtors Chief Economist Dr. Most of this decline has been a result of our ultra-high rate of sales.
The risk of hurricanes makes insuring your home in Florida much more complex and expensive than it is in many other areas. 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. If you live in certain flood zones, your mortgage company will require you to get flood coverage ; floods aren't covered by a standard homeowners policy.
You can get coverage from the National Flood Insurance Program. You may also be able to find flood coverage from private insurers, which may have higher limits than the federal program. The availability of coverage and cost of premiums can vary a lot by insurer in Florida. The Florida Office of Insurance Regulation has a great Rate Comparison Tool that provides premium estimates from insurers in your county.
You can find an independent agent in your area who works with many companies and knows the local marketplace at TrustedChoice. They might also eat into your budget. For instance, dealing with termites is just part of the routine for Florida homeowners. Of the top 25 U. Then there are the rats -- on the beach, in the trees, and perhaps on your roof, too. Yes, they are the same rats you know and loathe; they've just adapted to the climate and are called, among other things, palm rats and roof rats.
Oh my. The benefit of all these medical providers goes above and beyond simply having numerous options; because of the competition, the quality of health care in the state benefits in a great way. Florida is known for its low taxes, and more specifically, having no state income tax. This means that Social Security retirement benefits, pension income and income from IRAs or a k are all untaxed.
Florida also has no estate or inheritance tax, and property and sales tax rates are close to the national averages. According to a study by Kiplinger, the median property tax on homes is slightly below the national average. Another benefit of Florida retirement? The Sunshine State also boasts one of the highest number of continuing care retirement communities — or CCRCs — in the nation.
CCRCs can help secure your finances by securing your future healthcare needs.
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