Why Florida residency makes sense.

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  #1  
Old 06-21-2011, 10:14 AM
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Default Why Florida residency makes sense.

Why it might be a good retirement move, and how to do it.
Another interesting article from the TopRetirements website.
http://www.topretirements.com/blog/f...to-do-it.html/
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  #2  
Old 06-21-2011, 11:07 AM
bkcunningham1 bkcunningham1 is offline
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Thanks for posting that very informative interview. I didn't realize all of the protections the Homestead laws give Florida residents.
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Old 06-21-2011, 11:46 AM
waynet waynet is offline
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thank you
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Old 06-21-2011, 01:56 PM
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Thanks for posting this. It reminded me that taxes could be reduced with the Homestead Exemption and not raise more than 3 %. With fixed incomes, this is a blessing.

A friend of mine who was a very calm individual lost his cool when his taxes doubled in one year.

I don't want to be "old and cold" in CT but I'm still a wannabee.

Life is good, (no make that great), in TV.

2BNTV
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Old 06-21-2011, 02:18 PM
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Ditto, from me. I hadn't read an informative article like this on the Homestead laws but only conjecture from some informed people. I really appreciate it.
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  #6  
Old 06-21-2011, 02:53 PM
mitchbr47 mitchbr47 is offline
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Default Change residency to FL

Quote:
Originally Posted by KayakerNC View Post
Why it might be a good retirement move, and how to do it.
Another interesting article from the TopRetirements website.
http://www.topretirements.com/blog/f...to-do-it.html/
Another incentive is the tax increases to government workers and those in education in places like Wisconsin, Ohio, and Michigan. These taxes hinder the younger retirees. Currently we don't qualify for any Homestead in our state (MI) as it is based on income. I think it is time to change residency. Initially there won't be much savings as license transfer fees are expensive. I heard some military vets get a break on some license fees.
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Old 06-21-2011, 03:35 PM
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2BNTV,I'm a CT guy and I just bought preowned in March. I will no longer be old and cold. Doing 6 months to start then I hope all the way.
  #8  
Old 06-21-2011, 03:50 PM
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Quote:
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2BNTV,I'm a CT guy and I just bought preowned in March. I will no longer be old and cold. Doing 6 months to start then I hope all the way.
waynet:


Congrats to you. I hope the 6 months is during the winter months or.
  #9  
Old 06-21-2011, 05:44 PM
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The problem we have with becoming Florida residents is health insurance.

If we keep our Maine residency, our hospital bills are paid at 100% with no lifetime limit. If we move out of Maine, the insurance covers only 80% and there is a million dollar lifetime limit on benefits. Don't ask me why this is, it is just how the State of Maine retiree benefits work. Personally, I think the State wants to keep the retirees in Maine because their pensions are subject to the income tax.

Medicare will kick in when we turn 65, but Blue Cross will be our supplemental insurance.

Reading the Save our Homes link in an earlier post, it seems that if we were Florida residents and ran up some big medical bills the insurance didn't pay and (we couldn't pay) we could stay in our home until we die, then the house could be taken for the amount due.

Not the way we like to do things, but if that is the only way to keep from living on the street, we'd do it, I guess.
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  #10  
Old 06-21-2011, 06:55 PM
Ohiogirl Ohiogirl is offline
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owning 2 homes is way expensive - maybe more than buying supplemental health care, and paying to heat a home in Maine, and paying Maine income taxes on a pension, if it is taxed.

Is there any kind of supplemental health insurance that would just cover anything over the million dollar lifetime limit and maybe the 20% that Maine retirement healthcare won't cover?

Maybe you've already looking into this, but if you haven't . . .
  #11  
Old 06-21-2011, 07:47 PM
Dennis Ga Dennis Ga is offline
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Default Living in Florida

Thanks for posting that web site. As my Wife and I are coming down on July 1st for 2 weeks and renting. We have done a weekend in a hotel and week Life Style last year. I think we have 11 months and 4 days until we become Frogs, my Wife has a clock on her computerr counting down. We are renting the smallest home we would consider and in 2 weeks will know if it will work.
We can't wait until we get there next week as with that much time we can get a short list of villages that will be for us.
  #12  
Old 06-21-2011, 10:39 PM
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Quote:
Originally Posted by Dennis Ga View Post
Thanks for posting that web site. As my Wife and I are coming down on July 1st for 2 weeks and renting. We have done a weekend in a hotel and week Life Style last year. I think we have 11 months and 4 days until we become Frogs, my Wife has a clock on her computerr counting down. We are renting the smallest home we would consider and in 2 weeks will know if it will work.
We can't wait until we get there next week as with that much time we can get a short list of villages that will be for us.
I hope you have a great trip down and enjoy your visit. Let us know how it works out for you two. Have fun!
  #13  
Old 06-21-2011, 11:26 PM
mrfixit mrfixit is offline
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Quote:
Originally Posted by KayakerNC View Post
Why it might be a good retirement move, and how to do it.
Another interesting article from the TopRetirements website.
http://www.topretirements.com/blog/f...to-do-it.html/
THANK YOU to "KayakerNC".... I really appreciate that info..
  #14  
Old 06-22-2011, 07:02 AM
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Thanks KayakerNC!
Good info. Can't wait to make it happen....our NY home goes up for sale any day now. I'd give you rep points if I could here...!

Frank
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  #15  
Old 06-22-2011, 03:00 PM
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Quote:
Originally Posted by Ohiogirl View Post
owning 2 homes is way expensive - maybe more than buying supplemental health care, and paying to heat a home in Maine, and paying Maine income taxes on a pension, if it is taxed.

Is there any kind of supplemental health insurance that would just cover anything over the million dollar lifetime limit and maybe the 20% that Maine retirement healthcare won't cover?

Maybe you've already looking into this, but if you haven't . . .
We have thought of additional insurance but have not looked into it yet. Too busy showing our house lately...with no offers so far. It is on our "to-do" list.

Thanks...

Dirigo
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