Florida Has Lower Taxes
Florida is one of the 10 most tax-friendly states for retirees in the nation, with no income tax. This means that living in the Sunshine State could help you save a lot of money you would otherwise pay for state taxes on Social Security benefits, pensions, IRAs, 401(k)s and other retirement income. Inheritance tax and estate tax are also non-existent in this taxpayers’ paradise.
Now, let’s get to the not so nice parts. If you own two homes, one in the Sunshine State and one in a colder state, you cannot simply choose Florida as your primary state of residence. You need to demonstrate to state tax auditors that you spend more than half the year, this means 183 days, in Florida.
Here’s how to do this:
- Register to vote in Florida
- If you are summoned for jury duty, perform your civic duty
- Apply for a library card
- Change your driver’s license and car registration
- Register with health care providers in your new location
- Open an account at a local bank, and keep receipts of ATM withdrawals
- Shop at local stores (credit card records are sometimes reviewed as well)
- File a Declaration of Domicile with the local county court.
2 thoughts on “8 Things You Should Know Before Retiring to Florida”
Which city or town in Florida has the most job opportunities with good salaries?
I relocated from Indiana to SW Florida 2 years ago because of the nicer weather year round, but I have decided to leave the state for many reasons:
1. Summers are HOT and living indoors with AC is a must! People may venture out at night if it’s cool enough.
2. Hurricanes are horrible!
3. Property taxes are outrageous!
4 Home owners and vehicle insurance is extremely high.
5. Healthcare is 10 years behind the North and good luck finding a physician! Also, I work in healthcare and pay is much less in FL.
6. Traffic is terrible and drivers do not obey the laws, especially speeding and blatantly running red lights.
7. People are just plain RUDE!
8. The area is dirty, trash along the roads, etc
9. For those who are older and retired and living in SW Florida, if you are in need of elder care,be prepared to pay heavily for nursing home care in poorly staffed facilities. I suggest that you have family members check on your care often and advocate for you.