New rules governing pensions in the UK mean that the Florida lifestyle could now become accessible for many more people looking to retire to Florida. Since April this year, UK retirees are able to choose from a range of flexible options, including taking out a number of tax-free lump sums or drawing their whole pension in one go.
Lifestyle and Financial Returns if You Retire to Florida
Investing your pension into Florida property could bring you good returns – our article Why Florida Has 3 of the World’s Top 5 Property Hotspots for British Buyers details how some investors have seen 8-10 percent returns each year on holiday letting — plus capital appreciation — whilst having 17 weeks of the year to use the house for themselves. There are huge benefits to this kind of investment, not only the returns but having a holiday home which allows you to escape the winter once you have the flexibility of retirement.
Some of our featured communities such as Davenport and Reunion offer great deals to retirement investors from the UK we believe. These communities have the plus points which make them desirable rentals – proximity to Disney World, Orlando International Airport, and wonderful facilities including golf courses, tennis courts, water parks, and country clubs. Depending on your circumstances, you can let out your property as little or as much as you like, and decide how often you and your family and friends want to enjoy the Florida lifestyle.
Health & Well Being: Owning a Retirement Home in Florida
Retiring to sunnier climes has always been a popular choice for UK pensioners, as the health and well-being aspects of living in the sunshine state are second-to-none. The warm weather, coupled with the numerous beaches, natural parks, and leisure opportunities means you can easily stay active and the abundance of fresh fruit, vegetables, and seafood available means staying healthy is arguably easier than in a cold English winter too. And there are many travel insurance companies which will give you good rates of cover.
Fair and Flexible Pension Laws for UK Retirees
Drawing a lump sum out of your pension isn’t the only way to retire to Florida – the UK and US have a reciprocal agreement meaning that you can still draw your UK state pension whilst living in Florida and have it rise in line with the cost of living as if you were in the UK. Many other countries allow you to draw your pension but ‘freeze’ it at the rate it was first paid. You can find out more about this from the International Pension Center.
Of course, when considering making any investments overseas, or making any changes to your pension, it is important you seek professional advice and do what is best for your circumstances. The UK has a number of advice services such as Pension Wise.
In addition, we always recommend using the services of a good Realtor to help make informed decisions and guide you through the buying process. There have been some property investment scams profiled recently in the media, all completely avoidable if you use a local, experienced Realtor, which won’t cost you anything. Check out our article here to find out why.
