Retirement in Florida...recommendations

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In a word: don't. Retiring in Florida is so cliche. And Florida sucks.

But sun, sand and [b]most importantly no state taxes.

First, you get what you pay for. Second, if not state taxes is that important to you, then I feel sorry for you. You must be broke.

actually it's the opposite, moving to no tax states is very common for rich people.
https://www.bostonherald.com/2021/02/01/taxes-driving-wealth-out-of-massachusetts-and-into-florida-new-hampshire-report/

Talking specifically about moving for retirement: If you're a high earner then you'll presumably have a good amount of wealth by the time you retire. State and local tax on the income from your wealth won't have a big impact on your financial situation, relative to total assets. For people without a lot of savings, who have to live on Social Security and pensions that may be taxed, state and local tax can make a big difference.

That’s why I am looking at NC. I just found out my federal pension will not get taxed in NC. However, Md, VA and DC will tax it at its regular rate. I hate Florida and Tennessee, so neither was a consideration.

[Anonymous]

People who don't want to pay state income tax but want to pay large fees so they can live in a "gated community".

I am sorry, but if it is gated, it is the very opposite of a community.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In a word: don't. Retiring in Florida is so cliche. And Florida sucks.

But sun, sand and most importantly no state taxes.

First, you get what you pay for. Second, if not state taxes is that important to you, then I feel sorry for you. You must be broke.

actually it's the opposite, moving to no tax states is very common for rich people.
https://www.bostonherald.com/2021/02/01/taxes-driving-wealth-out-of-massachusetts-and-into-florida-new-hampshire-report/

Talking specifically about moving for retirement: If you're a high earner then you'll presumably have a good amount of wealth by the time you retire. State and local tax on the income from your wealth won't have a big impact on your financial situation, relative to total assets. For people without a lot of savings, who have to live on Social Security and pensions that may be taxed, state and local tax can make a big difference.

[b]That’s why I am looking at NC. I just found out my federal pension will not get taxed in NC. However, Md, VA and DC will tax it at its regular rate. I hate Florida and Tennessee, so neither was a consideration.

You got bad advice, friend. Unless you have 5 or more years of creditable service BEFORE August 1989, your federal pension will be taxed in NC.

[Anonymous]

I would totally buy a second place in Naples. Heck, I almost bought it, and I am not even retiring.
Peaceful, nice beaches, quiet place most of the time. That suits dh and me. Kids love it too for the beaches.
FIL raves about the Panhandle having the best beaches, he would like to retire there.

[Anonymous]

Anonymous wrote:I would totally buy a second place in Naples. Heck, I almost bought it, and I am not even retiring.
Peaceful, nice beaches, quiet place most of the time. That suits dh and me. Kids love it too for the beaches.
FIL raves about the Panhandle having the best beaches, he would like to retire there.

The problem right now is that anywhere near the water in Florida (excluding Pandhandle) is wildly expensive. And it's only going to get more expensive as the Boomers retire and move. You're looking at $700K-1M for anything with a decent view and nearby access to the water. A LOT more if you want beachfront or a dock to park a boat outside your house.

Florida was cheap 10 years ago. It no longer is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In a word: don't. Retiring in Florida is so cliche. And Florida sucks.

But sun, sand and [b]most importantly no state taxes.

First, you get what you pay for. Second, if not state taxes is that important to you, then I feel sorry for you. You must be broke.

actually it's the opposite, moving to no tax states is very common for rich people.
https://www.bostonherald.com/2021/02/01/taxes-driving-wealth-out-of-massachusetts-and-into-florida-new-hampshire-report/

Talking specifically about moving for retirement: If you're a high earner then you'll presumably have a good amount of wealth by the time you retire. State and local tax on the income from your wealth won't have a big impact on your financial situation, relative to total assets. For people without a lot of savings, who have to live on Social Security and pensions that may be taxed, state and local tax can make a big difference.

I'm so confused. I'm a fed on a special pay scale with a healthy TSP balance, and my understanding is that I will be taxed on both. So yes, the tax rate matters. And the PP who hates FL and keeps posting incessantly is sick in the head. Maybe their SO ran away with someone else to FL, otherwise I can't explain this amount of hate on a state.

PP here. For tax-deferred nest egg I think you’re right.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Trump, DeSantis, and Gaetz. Ewww...

As someone who’s wintering down here, yes. You have to be okay living in a place where your government officials don’t believe in government. And for many, that’s a big adjustment.

This is OP. Let's take the politics out of the conversation please. I would like to identify a place that is reasonably family friendly, walkability for elderly parents; nature for young children who love the beach/biking/fishing; access to museums/good restaurants. I'll look into the areas recommended. Appreciate the feedback thus far.

OP, are you looking to retire and raise your own kids? Or are you looking to retire to a place that your grandkids can visit?

OP here, am looking to winter in Florida and also a place for my parents to retire if they want to stay there more permanently. I don't want to leave the DMV but the winter here is not amendable for my parents. This makes me think that I could buy a second home in Florida--my parents could live there when the weather isn't to their liking, I can winter there with my children as well as vacation there during the summer if the children want to spend the summer months at the beach. I don't want a location with all retirees. I want to location where my kids could enjoy the beach and water sports, fishing, biking, and other outdoorsy activities. Thanks again for all the great ideas so far.

OP, how are you planning to winter in Florida if you have school-aged kids? Distance learning won't last forever. Make sure you have realistic expectations for how frequently you'll stay there before you buy. You could spend the Summer there assuming work isn't a factor, and visit during school breaks, but you can't winter there if your kids go to school in the DC area. Also how old are your kids? Once they start school sports and other activities, you'll be tied to your DMV home many weekends during the school year.

I say this as someone who owns a beach house about 2.5 hours from DC. I don't work so I spend the Summer there with the kids. When I worked, I could take vacation time to be there with them. Even working remotely means you're not available to take them to actually go to the beach. It's just them sitting around the house waiting for you to finish your work day unless the grandparents are willing to be babysitters and take them to the beach without you.

You could pick a more family friendly area, but it might not be easy to make friends if you don't live there and your kids don't go to school there. I would pick a beach community so there's stuff for your kids to do when you visit. It's also easier to make friends if you're always on the same part of the beach together.

I recommend renting for a year somewhere before buying. You can use that place as your base to visit other beach communities, and also see how much you and your parents actually use it.

OP here. Thanks so much for this PP. This is such a thoughtful response. I haven't thought through the logistics. When I said winter there--am thinking perhaps for winter breaks... My children are still very young and my parents are retired and quite involved with the children and can still drive. Ideally, they would want to be in warmer climate so they'd love living in Florida. In the DMV, they are pretty stuck since I live a bit far out of DC.

[Anonymous]

You have to look at the entire tax picture. Kiplinger's ranks states by their retirement tax laws. DC actually comes out ahead of Florida if you're a lower or middle class retirees due to the the ultra-low property tax for seniors.

Of course, if you have a sizeable estate, Florida will be better.

https://www.kiplinger.com/kiplinger-tools/retirement/t055-s001-state-by-state-guide-to-taxes-on-retirees/index.php

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Trump, DeSantis, and Gaetz. Ewww...

As someone who’s wintering down here, yes. You have to be okay living in a place where your government officials don’t believe in government. And for many, that’s a big adjustment.

This is OP. Let's take the politics out of the conversation please. I would like to identify a place that is reasonably family friendly, walkability for elderly parents; nature for young children who love the beach/biking/fishing; access to museums/good restaurants. I'll look into the areas recommended. Appreciate the feedback thus far.

OP, are you looking to retire and raise your own kids? Or are you looking to retire to a place that your grandkids can visit?

OP here, am looking to winter in Florida and also a place for my parents to retire if they want to stay there more permanently. I don't want to leave the DMV but the winter here is not amendable for my parents. This makes me think that I could buy a second home in Florida--my parents could live there when the weather isn't to their liking, I can winter there with my children as well as vacation there during the summer if the children want to spend the summer months at the beach. I don't want a location with all retirees. I want to location where my kids could enjoy the beach and water sports, fishing, biking, and other outdoorsy activities. Thanks again for all the great ideas so far.

OP, how are you planning to winter in Florida if you have school-aged kids? Distance learning won't last forever. Make sure you have realistic expectations for how frequently you'll stay there before you buy. You could spend the Summer there assuming work isn't a factor, and visit during school breaks, but you can't winter there if your kids go to school in the DC area. Also how old are your kids? Once they start school sports and other activities, you'll be tied to your DMV home many weekends during the school year.

I say this as someone who owns a beach house about 2.5 hours from DC. I don't work so I spend the Summer there with the kids. When I worked, I could take vacation time to be there with them. Even working remotely means you're not available to take them to actually go to the beach. It's just them sitting around the house waiting for you to finish your work day unless the grandparents are willing to be babysitters and take them to the beach without you.

You could pick a more family friendly area, but it might not be easy to make friends if you don't live there and your kids don't go to school there. I would pick a beach community so there's stuff for your kids to do when you visit. It's also easier to make friends if you're always on the same part of the beach together.

I recommend renting for a year somewhere before buying. You can use that place as your base to visit other beach communities, and also see how much you and your parents actually use it.

OP here. Thanks so much for this PP. This is such a thoughtful response. I haven't thought through the logistics. When I said winter there--am thinking perhaps for winter breaks... My children are still very young and my parents are retired and quite involved with the children and can still drive. Ideally, they would want to be in warmer climate so they'd love living in Florida. In the DMV, they are pretty stuck since I live a bit far out of DC.

PP here, glad it helped. I would have a very candid conversation with the grandparents before making any purchases. Would they want to live there over the winter and summer? If they're there over the summer and you're able to finagle teleworking, would they feel comfortable taking the kids to the beach while you stayed back and worked? What's their physical capacity? Could they realistically take care of really little kids? It's a LOT of work to take care of 2 little kids on the beach.

Winter break is usually 1.5-2 weeks per year. That means you would spend every Xmas and NYE in FL if that's your plan.

If you buy a place, then I highly recommend getting a place on the beach or within a few blocks from the beach. That would offer so much flexibility for your parents to just take the kids to the beach for a couple hours, or for you to swing over to meet them on the beach after work, etc. It becomes a pita to drive, park, etc every time and you'll likely find yourself not going to the beach or amenities as much as if you just walk there in a couple minutes without all the logistics hassle. Good luck whatever you decide!

[Anonymous]

I live on the beach in Florida. Don’t buy here if you have young kids not even in school yet and you’re only talking about a few weeks vacation a year. That plan doesn’t make any financial sense unless you rent it out for the rest of the year, but if you’re taking all the good vacation times, your ability to rent it out will be limited. And even if you an rent it out, having a place in Florida is sooooo annoying and high maintenance. The ac will break at least once a year, you’ll have roof leaks and other water intrusion, and have to worry every time there’s a hurricane or tropical storm and you’re not physically here.... and places I’m Florida are not good real estate investments, so you try and sell 15 years later and it could easily be worth less than what you paid for it.

If you were coming for four months, it makes sense to buy, otherwise just rent. That also allows you to try out some areas.

[Anonymous]

I’m from Tampa. South Tampa area is great and the is so much to do near by. Very expensive area though.

[Anonymous]

Pinellas County is nice... we have the best parks, all dog-friendly, and all of Tampa next door to enjoy.

[Anonymous]

And Florida has Ron De Santis as the governor! A win-win!

[Anonymous]

I'm the pp who posted about Tampa Bay-I live around the Pasco-Hernando line. I can be at the beach in about 15 minutes. I don't want, and can't afford to, live right on the beach. Not interested in hurricanes and flood insurance.

It's easy to live a bit inland and still have good access to the water. OP, your kids would probably enjoy a house with a nice pool, and just driving to the beach. Many people here do that. There is even a development here that has a 'crystal lagoon', Epperson.

[Anonymous]

Keep in mind that Florida summers are a lot like Northern winters.

For those not acclimated, the summers may seem unbearably hot. There is usually a very heavy thunderstorm (like lightning, horrific thunder) every day in the mid-afternoon so that will impact outdoor activities.

Water quality is becoming a huge issue in Florida. With so much development, and run off, the waterways and beaches are becoming more and more polluted. Issues like red tide and blue green algae are not going away.

It is so sad to now see dead dolphin, manatee and fish washing up on shores. The fragile natural landscape simply cannot handle it anymore.