Buying Florida properties and retiring to Florida
Florida is one of the most popular retirement destinations in the world. Millions of people have already decided on retiring to Florida and hundreds more are buying Florida properties to retire to each day. The sunshine state is also proving popular with British retirees looking to draw their pensions in Florida.
Why is retiring to Florida so popular?
There are many reasons why so many people want to collect their pensions in Florida. For a start there is the year-round sunshine and warm climate which results in better health for many retiring to Florida.
Then there’s the reasonable price of Florida properties in many parts of the state and the lower cost of living. This means pensions in Florida might stretch further than in other areas.
A more relaxed pace of life is another reason why so many people are retiring to Florida. A love of Florida, its culture and people also inspires retirees to buy Florida properties. Thousands of people are claiming pensions in Florida to be close to championship golf courses, enviable fishing spots or the many other facilities and activities on offer.
Pitfalls of retiring to Florida
Retired couples very often fail to fully discus the implications of retiring to Florida or one partner might be more committed to the move than the other.
The climate might not be to your taste after all and you may be struck by homesickness after buying expensive Florida properties.
The retirement castle and lifestyle you dreamed of may not be available with your savings or the pensions in Florida you will be drawing. Get a full pension forecast before committing to buying property overseas and retiring abroad.
There is no such thing as a permanent visa for retiring to Florida. If you do not have the money to buy a business in Florida or have relations allowing you to live there it may be difficult to get a visa. That said, a growing number of “snowbirds” are living in Florida properties for the six months they are entitled to stay before heading back to the UK for summer.
Precautions to avoid regretting retiring to Florida
- Rent Florida properties for a few months to see how homesick you become.
- Visit at two different times of year so you can see what drawing pensions in Florida would be like when cooler and quieter.
- If either you or your partner suffers from ill health, you will need to consider the availability and proximity of medical services to Florida properties.
- Think about what type of environment you want to live in.
Pensions overseas
You can still collect your UK State pensions in Florida and should contact your local social security office to complete the correct forms.
You should also write to the Pensions Service to tell them you are retiring to Florida and give them your new address.
Personal and company pension schemes can usually be paid anywhere and it may be a good idea to transfer your pensions overseas as this would eliminate exchange rate risk.
Before buying Florida properties you should note that your pensions in Florida may be subject to taxation. It is advisable to consult a financial adviser before retiring to Florida.
