A lot of people have visions of Florida sunshine in mind when they think about retirement. Indeed, the mild weather is certainly part of the appeal of relocating to Florida after you put your working years behind you.
There are however financial motivations to retire to Florida and other states that offer favorable environments to retirees.
When you are living on a limited fixed income you have to stretch your dollars as far as they will go. Paying ever-increasing taxes is certainly not going to be assisting you to that end.
In the state of Florida there is a homestead exemption that limits any property tax increases that may take place to a very small percentage. In addition to this there is no state income tax in the Sunshine State and this is another positive.
As for the preservation of your legacy, there is no estate or inheritance tax levied by the state of Florida.
We are not expressly touting any particular retirement destination. But when you are planning for your retirement you have to consider all your options and go forward with the benefit of good information.
The best way to be certain that your senior years will be comfortable and secure is to stick to an intelligently conceived long-term financial plan along the way. If you are not currently working within any type of cogent framework that leads to the fruition of your goals right now may be a good time to pick up the phone to arrange for a consultation with a good Indianapolis retirement planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.