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Tampa Estate Planning Attorney > Blog > Estate Planning > Is Florida Still An Affordable Place To Retire?

Is Florida Still An Affordable Place To Retire?


Everywhere you click, journalists are saying that retirement is becoming an outdated concept and that the current generation of employees will never be able to afford to retire.  By this logic, retiring in Florida may be an outdated dream.  Yes, times change.  Retirement pensions are vanishingly rare, and even with a six-figure salary, it is hard to afford the minimum payments on your debts, to say nothing of putting away any money for retirement, either on your own or through your employer.  When people dream of spending retirement somewhere far from their empty nest, they are usually looking for a warm climate, a slow pace of life, and an affordable cost of living.  Florida definitely still has warm weather, and there are still quiet towns to be found in Florida despite that some of the Sunshine State’s former wide-open spaces have become part of the sea of strip malls and parking lots.  Life in Florida is undeniably more expensive now than it was when your parents retired, though.  A Tampa estate planning lawyer can help you find a way to make retirement in Florida affordable.

Polk County Is Florida’s Newest Boomtown

No matter where you go, housing and other expenses are higher in the big cities than they are in the far suburbs and in rural areas.  For years, Polk County was the perfect happy medium.  Centrally located between Tampa and Orlando, it was a penny pincher’s paradise not too far from two major metropolitan areas.  If you did not have to commute to work or school in Tampa or Orlando, Tampa was the place for you; let the employed people and the parents of students pay the higher prices for the short commute.  During the COVID-19 pandemic, tens of thousands of people moved to Polk County; it was one of the top five cities in the United States for population growth driven by migration from within the United States, as opposed to international immigration or new births.  As a result, the trappings of suburbia have come to Polk County, and with them, their high prices.  Seniors may need to look elsewhere for an affordable retirement destination.

Why Seniors Still Love Florida, Even Though Young People Are Starting to Appreciate It

Yes, homeowners’ insurance is prohibitively expensive in Florida, but there is still plenty for your wallet to love in the Sunshine State.  The fact that Florida does not impose estate taxes at the state level makes it a popular destination for retirees.  In fact, some seniors even choose to make Florida their legal domicile even though they spend the summer months up north, closer to their younger relatives.  To establish Florida as your legal home, you should register to vote in Florida or get a Florida driver’s license.

Contact David Toback About Planning to Retire to Florida

A Central Florida estate planning lawyer can help you work out the details of your plan to retire to Florida.  Contact David Toback in Tampa, Florida to set up a consultation.



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