When we get to retirement, we find ourselves having the freedom to move somewhere new. The first place that comes to mind for many is likely our great state of Florida. However, before you take the leap, you should examine the pros and cons. Although you shouldn’t think of the below an exhaustive list, it should give you some good things to consider.
The Pros (in no particular order)
- Florida offers residents the best legislated asset protection whether your assets are large or small (along with Texas).
- Florida offers big tax savings for high income families or individuals, and generally good tax savings for the rest of us.
- The weather in Florida is as close to perfect as you can get in the U.S., during the winter months.
- You will feel like the smartest investor on earth when your Florida home is worth more every day (during good economic times).
- Florida offers a huge variety of entertainment for retirees, and you will likely develop new close friends with common interests.
The Cons (in no particular order)
- You will miss family (grandkids) and friends from back home.
- People from “home” will come to Florida to visit you a lot (this almost always starts as a Pro but can shift to a Con for some).
- It does get stupid hot in the summer in many parts of Florida.
- Florida’s beautiful winter weather brings in tons of tourists (when you aren’t one, you will feel differently about them).
- As a Floridian, you will pay more for homeowner’s insurance than anywhere else.
What’s your bottom line? Are there more pros than cons for you? You still may make a retirement mistake even if you know the pros and cons first. However, by identifying what’s important to you ahead of time, you will increase your odds of making the right decision.
Finally, don’t forget that you can turn a few of the Cons into Pros for yourself as well. When life gives you a lemon, don’t be afraid to make lemonade.