If you’re considering a Florida retirement, it’s important to understand how the move could impact your finances, healthcare, and day-to-day life. From taxes to travel logistics, there’s a lot to consider before making the move. Here are some tips to help you feel more prepared and confident in your retirement choices.
Key Factors to Consider Before Retiring to Florida
1. Cost of Living: Florida’s cost of living varies widely. While some areas offer affordable housing, many popular retirement communities come with higher price tags. And while you may save on heating compared to New England, you may spend more on summer cooling and community fees.
2. State Income Tax: One major draw for retirees is that Florida has no state income tax. This can be especially beneficial when you’re living off retirement income or working part time during retirement. Still, it’s important to consider that savings here may be offset by higher costs in other areas. And if you decide to keep your home in MA or RI, you may still need to file taxes there, depending on your income and how much time you spend in that state.
3. Property Insurance: If you plan to buy a home in Florida, it’s important to keep in mind that homeowners insurance and flood insurance can be more expensive there, due to weather related risks. If you're buying near the coast or in a flood zone, expect higher premiums and potential storm expenses.
4. Healthcare Access: Healthcare is a major part of retirement planning. Florida has many hospitals and clinics, but availability can differ by region. Check whether your insurance network includes providers near your Florida home. Likewise, if you’re enrolled in a Medicare Advantage plan, you’ll need to confirm whether your coverage extends to Florida. If you take regular medications, you should also verify pharmacy options.
5. Seasonal Travel Planning: If you’ll be traveling between Florida and the Northeast throughout the year, planning ahead will be helpful. Whether you’ll be driving or flying, scheduling your trips during off peak days or seasons can save you time and money. And, if you’re planning a true “snowbird” retirement, preparing your MA or RI home is important too. Be sure to winterize your property, arrange for snow removal while you’re away, and consider hiring someone to periodically check in on your home. Consider keeping duplicates of everyday essentials like toiletries, chargers, and small tools in both homes to make packing and traveling between them easier. You should also set up mail forwarding to ensure you won’t miss important notices.
6. Residency Rules: If you plan to make Florida your primary residence, be sure to follow the state’s residency guidelines. This may include spending a certain number of days in Florida each year, updating your driver’s license and voter registration, and changing your primary mailing address.
Should You Buy or Rent a Home in Florida?
If you decide that a Florida retirement or snowbird lifestyle is the right fit, it’s important to give some thought to your living situation. Should you buy or rent a home in the Sunshine State? For many retirees, renting at first can be a great way to test out a neighborhood before making a long-term commitment. Renting can also offer flexibility if you plan to split time between Florida and New England.
Others prefer to buy a home in Florida. Buying allows you to put down roots and can offer long-term housing stability. Owning your home can also make sense if you want predictable housing costs over time. The right choice will ultimately depend on your lifestyle, budget, and long-term plans.
If buying feels right, today’s tools make it possible to explore Florida homes right from the comfort of your MA or RI living room. Begin your home search by defining your must haves—location, budget, lifestyle, HOA expectations, and airport access. Use virtual tours and live video walk throughs with a local agent to get a real feel for homes and neighborhoods. If possible, plan an in-person visit to experience traffic, noise, and weather firsthand.
When it comes time to finance a Florida home, working with a mortgage lender licensed in both New England and Florida, such as BankFive, can help keep the process straightforward. Having a familiar local bank that understands both markets can make communication easier and reduce stress.
Planning a Florida Retirement with Confidence
Retiring to Florida or embracing a snowbird lifestyle comes with important decisions, but with thoughtful planning and the right support, it can be a rewarding next chapter. Having a financial partner who knows both New England and Florida can make the process feel more personalized and less complicated. At BankFive, we’re proud to help our MA and RI neighbors navigate the path to homeownership in Florida. If and when buying becomes the right next step, our team is here to help you explore your options.