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Retiring to Florida

Retiring to Florida

Old Aug 29th 2016, 5:07 pm
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Default Retiring to Florida

I am in my late 50s and thinking of retiring to Florida. Before anyone states the obvious I have US nationality (as well as UK) but have never lived there. I Have not paid into the US equivalent of national insurance so am presuming that I will have to pay some sort of medical insurance in order to cover me. I would be living on my NHS pension together with my State pension (when that kicks in at 66 years - unless they change the goalposts again). I know it is a big ask, but very roughly what sort of costs are they? $200, $300, $400 $500 per month? So far I am healthy and not on any medication. (Crossing my fingers and toes here). I've just found your link about health insurance so scrap that part!

Also please could you tell me the other monthly bills I should expect? I'm thinking of their equivalent of Council Tax, service charges, house and content insurance plus car expenses. (Do they have road tax? Parking permits etc?). Is there any big expense I haven't thought of?

Sorry to be so ignorant and grateful for your help, Also just as an aside can my adult children visit/stay with no restrictions? Obviously they would have to go through the usual hoops to obtain work visas as they're UK citizens. Thanks in advance.

Last edited by Louise3; Aug 29th 2016 at 5:16 pm.
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Old Aug 29th 2016, 5:25 pm
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Default Re: Retiring to Florida

Florida license fees - https://www.flhsmv.gov/fees/
Property taxes are payable by the homeowner, so it depends if you'll be renting or will own your home. They're assessed locally, so it also depends where you'll be living, but it'll be around 1% of the value of your home (annually).
Home insurance depends on a) whether it's renter's insurance or homeowner's insurance, b) the value of your home and c) the value of your contents.

It would be helpful if you could give more info regarding the specific area you're thinking of living in, and whether or not you will own your own home.

If you will be owning, be aware that, in general, home maintenance costs are pretty high in the US.

Your adult children will be subject to the same restrictions when visiting as any other UK citizen - i.e. 90 days on the VWP.
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Old Aug 29th 2016, 5:28 pm
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Default Re: Retiring to Florida

Also... you may not be aware that as a US citizen you are obligated to file a tax return every year, whether you have been living in the US or not. If you haven't been doing so, it's probably best to get up to date with the last 3 years worth of tax returns before moving over permanently.
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Old Aug 29th 2016, 5:36 pm
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Default Re: Retiring to Florida

Thanks so much for your reply. I would be looking to buy a property, possibly in the Fort Lauderdale area. I understand the property taxes are a percentage of the price of the property, I am assuming that is based on the last sale price? Are there any other taxes I should factor in? I understand if it is a condo or an appartment or part of some community you would have another monthly payment (which would be the equivalent to our service charge).

Yes I know I will have to submit my tax returns and will be doing so!!

Thanks.
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Old Aug 29th 2016, 5:44 pm
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Default Re: Retiring to Florida

Originally Posted by Louise3 View Post
Thanks so much for your reply. I would be looking to buy a property, possibly in the Fort Lauderdale area. I understand the property taxes are a percentage of the price of the property, I am assuming that is based on the last sale price? Are there any other taxes I should factor in? I understand if it is a condo or an appartment or part of some community you would have another monthly payment (which would be the equivalent to our service charge).

Yes I know I will have to submit my tax returns and will be doing so!!

Thanks.
I live in CA, so I guess I shouldn't assume that it's the same in FL (and hopefully some FL folks will be able to clarify), but here's how it's done here:
Property taxes are based on the last sale price of the home, unless you have any permitted work done, in which case they'll factor that in and increase your home value accordingly (we had a bathroom remodel, needing permits, and they did adjust our property tax based on that). You can also have your property taxes reassessed if you believe your home has lost value (or if it's gained value, of course, but who are we kidding here? )
You *may* have to pay HOA fees or other monthly payments - it all depends, and is something you'd need to factor in when choosing a home to buy. If you buy an apartment in a complex, I'd have thought it's highly likely there'd be a monthly fee for upkeep of shared amenities but, again, that's on a site-by-site basis.
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Old Aug 29th 2016, 5:45 pm
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Default Re: Retiring to Florida

Originally Posted by Louise3 View Post
Thanks so much for your reply. I would be looking to buy a property, possibly in the Fort Lauderdale area. I understand the property taxes are a percentage of the price of the property, I am assuming that is based on the last sale price? Are there any other taxes I should factor in? I understand if it is a condo or an appartment or part of some community you would have another monthly payment (which would be the equivalent to our service charge).

Yes I know I will have to submit my tax returns and will be doing so!!

Thanks.

Not sure how Fort Lauderdale works, but in many places the property tax is based upon the assessed value of the property -- which is not related to the sale price -- and is calculated on a mill rate set each year by the town council or relevant authority.
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Old Aug 29th 2016, 5:50 pm
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Default Re: Retiring to Florida

The rule of thumb quoted several times here recently, is that US retirees, who do have access to Medicare, the federal retiree health insurance scheme, should budget for an average $6,000 per annum in healthcare related expenses.

If you are not Medicare-eligible your medical costs may be substantially higher - for starters I would guess you'll be lucky to get private health insurance for less than $1,000/mth, with deductibles and copays on top of the insurance.

To be sure that you have the funds, I would budget for $20,000 per year of healthcare related expenses until you become Medicare-eligible, which I think will be after five years of residence.

Last edited by Pulaski; Aug 29th 2016 at 6:03 pm.
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Old Aug 29th 2016, 6:01 pm
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Default Re: Retiring to Florida

Originally Posted by Pulaski View Post
To be sure that you have the funds, I would budget for $20,000 per year of healthcare related expenses until you become Medicare-eligible, which I think will be after five years of residence.

If, by that time, she is turning/has turned 65.
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Old Aug 29th 2016, 6:20 pm
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Default Re: Retiring to Florida

Originally Posted by Nutmegger View Post
If, by that time, she is turning/has turned 65.
..... and also don't forget that, as she will not have paid into the Medicare system via payroll, she will have to pay for Part A of the medical cover - which currently is $405.00 per month. Then she will be paying for Parts B and D and if a supplementary policy Part C; $500+ per month say, just for premiums

Last edited by SanDiegogirl; Aug 29th 2016 at 6:31 pm.
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Old Aug 29th 2016, 6:37 pm
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Default Re: Retiring to Florida

Originally Posted by SanDiegogirl View Post
..... and also don't forget that, as she will not have paid into the Medicare system via payroll, she will have to pay for Part A of the medical cover - which currently is $405.00 per month. Then she will be paying for Parts B and D and if a supplementary policy Part C; $500+ per month say, just for premiums
So that's another $1,000/mth. ..... It sounds to me like she should budget $20,000 per annum for healthcare expenses for ever.
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Old Aug 29th 2016, 7:13 pm
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Default Re: Retiring to Florida

Originally Posted by Pulaski View Post
So that's another $1,000/mth. ..... It sounds to me like she should budget $20,000 per annum for healthcare expenses for ever.
Sorry, I did not write explicitly enough.... Part A is currently costing $405 per month; Part B is around 100 bucks per month (based on income) and Part C (prescriptions) around 40 bucks a month. So $500 to $600 a month for Medicare. Getting a supplementary policy would be extra.
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Old Aug 29th 2016, 7:17 pm
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Default Re: Retiring to Florida

Originally Posted by SanDiegogirl View Post
Sorry, I did not write explicitly enough.... Part A is currently costing $405 per month; Part B is around 100 bucks per month (based on income) and Part C (prescriptions) around 40 bucks a month. So $500 to $600 a month for Medicare. Getting a supplementary policy would be extra.
OK, so $20k pa for the first five years, and $15k pa thereafter. .... Which are still pretty scary numbers for someone who is used to healthcare being almost free.
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Old Aug 29th 2016, 7:21 pm
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Default Re: Retiring to Florida

Originally Posted by SanDiegogirl View Post
Sorry, I did not write explicitly enough.... Part A is currently costing $405 per month; Part B is around 100 bucks per month (based on income) and Part C (prescriptions) around 40 bucks a month. So $500 to $600 a month for Medicare. Getting a supplementary policy would be extra.

Part C is the "advantage plan" coverage from a private insurer. From what I gather, it is an alternative to the "medigap" supplementary plans. Part D is for prescriptions (also private insurer).
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Old Aug 29th 2016, 8:38 pm
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Default Re: Retiring to Florida

Originally Posted by Nutmegger View Post
Part C is the "advantage plan" coverage from a private insurer. From what I gather, it is an alternative to the "medigap" supplementary plans. Part D is for prescriptions (also private insurer).
Correct .... getting my C's and D's mixed up.
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Old Aug 29th 2016, 10:56 pm
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Default Re: Retiring to Florida

Originally Posted by SanDiegogirl View Post
Sorry, I did not write explicitly enough.... Part A is currently costing $405 per month; Part B is around 100 bucks per month (based on income) and Part C (prescriptions) around 40 bucks a month. So $500 to $600 a month for Medicare. Getting a supplementary policy would be extra.
Let me try and understand this, are you saying Part A are equivalent to insurance premiums? Part B, another premium and $40 a month for medication (assuming you use medication) ?
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