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Approximately one-quarter of the retirees relocated to another state, with Florida being the most popular destination.
Here are the seven questions he suggested consideringif you want to retire in Florida.
What Is the Cost of Living in Your Desired Area?
The cost of living in Florida can vary significantly depending on the region, explained Shirshikov.
For instance, coastal cities like Miami and Naples tend to have higher living costs compared to inland areas.
Retirees living on a fixed income will want to ensure they can afford the move to Florida.
However, you may need significantly more, depending on where you decide to reside.
How Will You Handle Healthcare Expenses?
Retirees must take healthcare costs into consideration.
As you age, your healthcare needs may change substantially.
Being prepared for the potential expenses is imperative to a successful retirement.
Florida is known for its excellent healthcare facilities, particularly for retirees, noted Shirshkov.
However, healthcare costs can be substantial, especially as you age.
Consider the availability and cost ofhealth insurance plans, Medicare coverage, and out-of-pocket expenses.
What Are Your Housing Options and Their Costs?
Housing is a major expense in retirement, said Shirshkov.
Decide whether you want to buy a home, rent, or perhaps consider a retirement community.
Each option comes withdifferent financial implications.
What Are the Travel Expenses?
Consider the costs of flights, gas, car maintenance, and other travel-related expenses.
How Will Your Taxes Change?
Florida has no state income tax, which is a major draw for retirees, explained Shirshkov.
However, other taxes, such as property taxes and sales taxes, can still impact your budget.
Investigate the tax implications of your move thoroughly.
What Is Your Plan for Long-Term Care?
Long-term care can be one of themost significant expensesin retirement, noted Shirshkov.
Evaluate options like long-term care insurance, assisted living facilities, or home health care.
Planning ahead can help manage these costs.
Will You Have a Source of Supplemental Income?
This can help bridge any gaps in your retirement budget.
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