How is Fort Lauderdale as a Retirement Destination?

Retiring in Fort Lauderdale comes with a lot of advantages due to its great weather and activities for everyone. There are plenty of beaches, restaurants, and attractions to explore, as well as low taxes and an affordable cost of living. The city has become one of the most attractive places for retirees in the USA. In this guide, we’ll dive deeper into what makes Fort Lauderdale an ideal retirement destination.

Location and Climate

Fort Lauderdale is located on the Florida’s Atlantic Coast and is bisected by the Intracoastal Waterway. The city is home to over 180,000 residents and the metropolitan area has a population of more than five million residents. It lies only 24 miles north of Miami, so it’s close enough to major attractions like South Beach, yet it still offers a calmer lifestyle with a bit more distance from the hustle and bustle of the larger metropolis. The city enjoys a warm subtropical climate, with temperatures rarely dropping below 60°F in the winter and reaching into the mid-90s in the summer.. The climate allows for an extended boating season and provides ample opportunities to enjoy the ocean with various water sports year-round or take a stroll along the mile-long Las Olas Boulevard. The rainy season typically runs from May through October and lasts until December, however, rain usually isn’t that extreme or frequent.

Real Estate

The city offers a great selection of real estate with different arrays of housing options to fit every budget and style. Whether you prefer a condo, townhome or single-family home with a waterfront view, Fort Lauderdale most likely has a property to fit your needs. Property values are on the rise in the area due to its prime location, but there are still plenty of affordable options. The median home value is $319,539 according to Zillow, and condos typically start around $300,000. Foreign buyers are drawn to the area due to its great weather, availability of properties and variety of lifestyles from beachfront to downtown living.

Cost of Living

Fort Lauderdale’s cost of living is lower than that of Miami and the majority of the cities across the nation. The expense may depend on the areas you’ll be residing in, however; summer rentals can get very expensive in high-end properties on the waterfront. The overall cost of living is 6.7 percentage points higher than the national average, but most items cost less than they would in other major cities on the coast. Clothing, groceries and utilities are all cheaper in Fort Lauderdale than in other coast cities like Miami or New York. Healthcare expenses are consistently below the national average standards and transportation costs are average when compared to other cities in the U.S..

Tax Benefits

Retirees in Florida enjoy some of the best tax benefits in the USA due to having no state income tax and some of the lowest sales tax rates. The state taxes only certain types of intangible property such as stocks and bonds, but retirees with Social Security benefits are not impacted at all by such taxes. Social Security benefits are still exempt from federal taxes, however; more than half of U.S states tax Social Security benefits including Florida. On top of that, in Florida no inheritance or estate taxes are collected and homeowners can take advantage of homestead exemptions for property tax deductions, within certain limits. Property value assessments are only increased by 3% each year which is much lower than the rates increases seen in throughout other states.

Activities and Amenities

Fort Lauderdale is an ideal spot for retirees looking to enjoy their golden years with endless attractions and recreational activities available right at their fingertips. Whether you are looking for archaeological educational classes, cultural sights or miles of sandy beaches with picturesque views, they’re all here. The city boasts 60 miles of beaches exploring such as Deerfield Beach, Hollywood Beach, Pompano Beach and Fort Lauderdale Beach which offers unique events such as swimming races, kite festival, and sand soccer tournament. For an amusing night out, try Las Olas Boulevard with its lively bars and restaurants or the exceptional Singer Island which boasts some heavenly deck bars for those sunset views you can’t resist. And when it comes to sightseeing, there’s no place better than Las Olas Riverfront Mall with its four-miles buzzing promenade full of fascinating shops, galleries and restaurants located along the Intracoastal Waterway. Fort Lauderdale also offers cultural activities from galleries and museums like Bonnet House Museum & Gardens or outdoor concerts during the New River Jazz Series events at Downtown Riverwalk Arts & Entertainment District and many more facilities available throughout the year including golfing facilities and city marinas.

Conclusion

For retirees who want sunny weather throughout most of their days, Fort Lauderdale definitely has that covered along with many other amenities that make it an ideal retirement destination for those looking for a blend between an active lifestyle and relaxation. City offers plenty of activities year-round without sacrificing great weather conditions and costs that are relatively low compared to other coastal cities in the U.S.. So if you’re considering retirement in Fort Lauderdale, consider all your options before hopping on a plane to South Florida as it might indeed be one of your best decisions ever. To learn more detailed information about Fort Lauderdale you can visit Prosperity Now’s website.