Many people choose to relocate when they retire, and they often do so because they want to enjoy mild weather all year around. This is one of the reasons why Florida is such a popular retirement destination.
There are however some other things to consider when you are deciding where to spend the latter portion of your life. Gauging the financial implications of any move is certainly relevant when you are engaged in your retirement planning efforts and the cost of living varies depending on where you want to live.
Getting back to the state of Florida, in addition to the weather there are some financial benefits that can be enjoyed if you were to retire to the Sunshine State. There is no income tax on the state level in Florida, and there is no Florida state estate tax.
Here in Ohio we do of course have an income tax but the estate tax is being repealed next year.
You also have to look at the cost of real estate in the areas that you are considering. You may be able to lower your expenses while enjoying a similar lifestyle or perhaps even a somewhat improved standard of living if you were to move to certain areas.
We’re not suggesting that retiring to another state is necessarily going to be an upgrade in every instance. As we all know the greater Cleveland area is a fantastic place to call home.
We are simply suggesting that you recognize the fact that you have options that can and should be explored. You may be able to enjoy a new experience while you stretch your spending power by retiring to a place with an economic environment that is particularly favorable for seniors living on a fixed income.
And of course, being able to go to the golf course 12 months a year isn’t bad either.