The taxes are low and the sunshine is abundant for those people who seek retirement in Florida. But are lower taxes a good reason for moving or is an abundance of sunny days that important? Here is a look at some myths about retirement in Florida.
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- Moving to a Retiree-friendly State Will Save You Money - The overall taxes are definitely lower due to there being no state income tax in Florida along with no taxes on pensions or Social Security. However, The Week magazine notes that this might not be enough to save a lot of money because there might be higher property and sales taxes. Don't forget to factor in travels costs, too, if retirement in Florida means leaving the rest of your family behind. "Many clients of ours have left California for states with lower or no income taxes, and their overall expenses have gone up because they spend a tremendous amount to visit their families," says Scott Hanson, a certified financial planner with Hanson McClain in Folsom, California.The bottom line: "Don't make a move just because of taxes," says Alfie Tounjian, a certified financial planner with the Tounjian Advisory Group in Fort Myers, Florida.
- If Struck By Lightning, Death is Likely - For every person killed by lightning, 10 others survive, although they can be seriously injured. This is important to know because Florida has more lightning strikes, 24.7 per square mile, than anywhere else in the country. There are 1,414,284 strikes per year. Between 1959 and 2011, 463 people died after being struck by lightning. Enjoy all the golf you want in your retirement in Florida, but go inside during a storm.
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- Boredom is a Possibility - Some people follow a lifelong dream, which can include a number of different activities while others just want to take it easy. It varies by person. However, if you seek retirement in Florida, chances are you won't have enough time to do everything. Florida boasts world-class beaches, the Everglades National Park, St. Augustine (the nation's oldest permanently occupied European settlement), Walt Disney World, Universal Studios Orlando, SeaWorld, Busch Gardens, top-notch zoos, incredible museums, many sporting events and professional teams including those from Major League Baseball, the National Hockey League, National Basketball Association, and National Football League, plus NASCAR and college sports to name a few. Volunteer works also abounds. Don't forget time with the grandchildren. In fact, there is so much to do, it is advisable to make a list of your priorities.
- Retirement Equals Happiness
- A recent study from Princeton University found that people are happiest in their mid-20s, then again in their mid-to-late 60s, according to U.S. News & World Report. Most people don't change, however. If you were always happy, you probably will be happy during retirement in Florida.
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