Whether you live in Florida now or elsewhere, you might be thinking of retiring in Tampa. And why would you not? Tampa is in a beautiful part of the state. It is close to the beach, and there is plenty for you to experience and enjoy.
Hopefully, you have been saving for years to reach your retirement goals of living in Tampa. If you have not been saving much, it may not be too late. Talk to a financial professional at ProVise about your current circumstances and retirement goals and what it may take for you to reach your goals.
What you need to know about retirement planning in Tampa
- Taxes — One of the key advantages to retiring in Florida — besides all the sunshine — is the tax advantages. Florida has no state income tax, which means there will be no state taxes on your Social Security or retirement account withdrawals. It also means there are no state taxes on estates or inheritances.
However, keep in mind that this only applies to Florida. If you have property or assets in other states, you may still be responsible for taxes there.
- Insurance — Florida is mostly nice and sunny, but it is vulnerable to damage from storms during hurricane season. This means you may want to consider insurance policies that cover damage from storms, floods and similar disasters.
You may also want to pad your emergency savings with a little extra money to help keep you covered in the event a bad storm causes unexpected devastation.
- Age — Roughly 19.9% of Florida’s population is aged 65 or older. Clearwater, which is in the Tampa area, has one of the highest senior populations in the country. For retirees, this can be good news because it means there is plenty of opportunity to find community with people in the same walk of life.
- Activities — Tampa has plenty to offer for someone interested in an active lifestyle. There are many miles of beautiful beach nearby, several parks to enjoy, professional sports to attend, and many other activities downtown that may be attractive to you.
- Health care — Because Florida has a large senior population, the state attracts some of the world’s finest physicians. This means that you may have access to some of the best medical care in the world in Florida.
Talk to a ProVise CFP® professional about retiring in Tampa
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about retiring in Tampa? Contact ProVise today to schedule a complimentary consultation.