Ask the Americans about their dream place to retire. Interestingly, the majority of them will say Florida without hesitation. Understandably, the warmth of the sun, palms, and sand make it a perfect ambiance to relax and take an honestly deserved rest. However, there is a question all of them think about. Will their pension pot cover their retirement dreams? In other words, each of them needs the answer to the question:”Can I afford retirement in Florida?” Although we cannot give a unique answer, we can provide you with the key factors you need to consider. They will be indicative of whether your answer to this essential question will be affirmative or negative.
Can I afford retirement in Florida? – The cost of living is crucial for providing the answer
When you are considering moving to Florida from another state, it is important for you to be thorough in searching for information concerning this move. It is of utter importance to be sure you are doing the right thing before you make this monumental change in your life. Thus, some calculations and a glance at the cost of living are necessary to be able to realize whether you can afford retirement in Florida.
Housing in Florida can cost the earth
Generally, housing in Florida is very pricey. Those who want to enjoy the benefits of the Sunshine State have to be ready to pay substantial amounts of money. Although the prices vary from one city to another, on average, you need around $230,000 for a decent house in Florida. On the other side, if you decide to rent, the median monthly cost equals $1,800. Furthermore, due to the popularity of this area and the ever-growing population, the prices are likely to increase. Ask yourself :”Can I afford retirement in Florida given the circumstances?”.If your answer is “yes”, your search for a moving company to help you turn your plans into reality should start soon. Luckily, with companies like the one you can find at movingkings.com, conducting relocation successfully is not much of a challenge. This company is a perfect example of how professional movers can turn relocation into mere pleasure.
Figure 1Housing in Florida is considerably pricey.
Home insurance in Florida is the most expensive in the country
Contrary to the general belief, Florida is not all about pleasant warmth and the sun. Even though there are a lot of sunny days throughout the year, there is a serious threat to Floridians. Very often hurricanes cause great damage to their homes and the whole area. In addition, this fact also causes considerably high prices when it comes to home insurance. Besides the appropriate coverage you will need to choose intelligently for your home, it is inevitable to know how to keep your home cool after a hurricane as well. Hence, take some time to think whether this will be too much for your budget once you retire.
Healthcare costs are on the rise
This is one of the key factors when thinking about your life in Florida as a retiree. Unfortunately, we must say that the prices for healthcare insurance are above the national average. Luckily, the Affordable Care Act in Florida offers health insurance to some individuals and their families by using subsidies and tax credits. If you are eligible for this program, affording retirement in Florida becomes less challenging. Once your relocation is complete, it is crucial to find the right doctor for you. Then, your joyous retirement in Florida can begin.
Figure 2The prices for healthcare insurance are above the national average.
It is possible to save some money on taxes
Taxes in Florida do not influence the cost of living much. Being a low-tax state, Florida enables its citizens to save some money on taxes which are significantly more expensive in other states. Consequently, it has been one of the top life destinations for retirees for quite some time. There is no income tax here. Generally, a sales tax is 6% throughout Florida, although, in some counties, it can reach a maximum of 7.5%. The highest tax Floridians are obliged to pay is a gas tax which is among the highest in the US. So, have you come up with the answer to “can I afford retirement in Florida” question so far?
Utilities in Florida do cost a lot
The utility costs in Florida can be a considerable burden on your home budget. Prices for both electricity and gas are more than 10% higher than the national average. Every month, you will need to pay slightly below $150 for electricity and around $25 per thousand cubic feet of natural gas. Do you think you can meet these among other financial requirements? Think well before you answer.
Favorable food prices are a great advantage
Food does not cause much financial pressure to Floridians.The prices are reasonable and affordable. As one might expect, they vary from one city to another, but they are still considerably lower than in other US states. Also, the types of food you can taste are numerous. Indeed, if you can afford retirement in Florida, both your body and mind will enjoy immensely.
Figure 3The food prices in Florida are reasonable and affordable.
Drive, explore and enjoy
Concerning the number of things to see and do in Florida, it is not surprising that most of the people use cars. It is the easiest and most convenient way to explore all the options The Sunshine State has to offer. Also, the price of gas is around the national average, which is another advantage. However, if you decide to use public transport instead, the price of your monthly pass can be anywhere between $25 and $125.
I can afford retirement in Florida, so what are the best places for retirees?
Once you have examined all the crucial factors, we sincerely hope your answer to the “can I afford retirement in Florida” question willbe affirmative. The last step of identifying the best time to pack and leave parts you from your dream.If you are still uncertain about where in Florida you want to move once you retire, we have a few suggestions. Choosing Naples, Vero Beach, Venice or Sarasota will be a smart decision. Of course, your final choice will depend on your preferences, needs,interest and budget. After all,living in Florida and experiencing sheer pleasure during the retirement period is all that matters.