Florida has always been among the most attractive destinations for retirees. The dream of moving from the North to the South for a warmer way of life remains among the most popular retirement planning moves.
If you live in New Jersey and are considering retirement in Florida, there are a few things you should know before making the move. Some are good, some are not so great, but all are helpful to know ahead of time.
If you’re over 50, take advantage of massive travel discounts and trip-planning resources
Over 50 and love traveling? Join AARP today — because if you’re not a member, you could be missing out on huge travel perks. When you start your membership today, you can get discounts on hotels and resorts, airfare, cruises, car rentals, and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
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An AARP membership not only unlocks discounts that could save you hundreds on your next trip, but you’ll also have access to deals on vacation packages, guided tours, and exclusive content to help plan your next getaway.
Important: Start your membership by creating an account here and filling in all of the information (do not skip this step!). Doing so will allow you to take up to 25% off your AARP membership, making it just $12 per year with auto-renewal.
There is no income tax in Florida
One of the biggest differences between New Jersey and Florida is the income tax.
New Jersey has some of the highest income taxes in the U.S., with a top rate of 10.75%. In Florida, your income tax rate will be zero.
So, as soon as you move to the Sunshine State, you might feel like a bonus has just hit your pocket.
Housing is less expensive
There are plenty of expensive estates in Florida. If you want to live in a spendy villa in Naples or a mansion in Palm Beach, you will find it.
However, you will generally pay less to buy a house in Florida than you would in New Jersey.
The population is older than in most states
More than 1 in 5 folks — 21.6% — in Florida are 65 or older, according to the U.S. Census Bureau. That compares to New Jersey’s 17.4%.
This can be a good thing if you are looking to be surrounded by your peers. It’s always easy to find people for a leisurely Monday lunch when everyone around you is retired too.
But some transplants from New Jersey might miss being surrounded by a little more youthful energy.
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You might have to pay a tax when leaving New Jersey
Did you know there is a tax upon leaving the state of New Jersey? Although it’s commonly known as an “exit tax,” it’s really an estimated capital gains tax.
Upon leaving New Jersey, either 8.97% of the net gain of selling one’s home or 2% of the total sales price — whichever is higher — goes back to the state.
Homeowners insurance is more expensive
Homeowners insurance has increased by a staggering 102% in Florida over the past three years, according to the Insurance Information Institute.
Some insurance companies are pulling out of the state altogether. Prepare to dig deep to insure your new digs in Florida.
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Hurricanes are a constant threat in late summer and fall
From summer through fall, Floridians have their eye on the weather forecast.
Hurricanes are a major threat no matter where you live in the state, with storms regularly making landfall on both the Atlantic and Gulf coasts.
Summer is really hot
Perhaps you know “hot” in New Jersey, but you don’t know “Florida hot.”
Highs in the summer are typically in the 90s, and humidity is an ever-present and unwelcome wet blanket over the state throughout the sweltering months. Don’t expect any relief from cool fronts until at least October.
High season brings tourists
From spring break to the annual influx of snowbirds, you are going to encounter the buzz of the winter high season when you move to Florida.
That could mean you will have to wait longer for a table at your favorite restaurant, sit longer in traffic when heading toward the water, or endure the fact that college students are mobbing your favorite local bar.
The pests are bigger
If you are used to fending off small pests in New Jersey, you might want to get a bigger fly swatter when you move to Florida.
From “palmetto bugs” — essentially, cockroaches — to big spiders and alligators, the pests tend to be bigger in Florida. And in some cases — such as fire ants and scorpions — they are a lot nastier.
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Imagine sipping complimentary cocktails in downtown Manhattan at KYU NYC or saving 20% on the best sushi in Hollywood Hills at Yamashiro.
Like to shop? Members receive VIP discounts like 15% off at Brooks Brothers, and up to 60% off at Tumi.
Enjoy special offers at luxury hotels like the Four Seasons and Omni Select. For example, you get 15% off at Hyatt Hotels worldwide.
But it’s not just about the hundreds (or thousands) you could save. There are so many features that make you feel like a VIP every day. Like SELECT’s white-glove concierge that assists with bookings, recommendations, or anything you need. And priority access to reservations to some of the year’s hottest events (many not open to the public).
There is a lot of diversity
Much like in New Jersey, Florida is one of the most racially diverse states in the nation.
In Florida, you will find much of what you love about the diversity in New Jersey — a vibrant mix of cultures, incredible food — but in a climate where it is warm and sunny throughout the year.
Car insurance is expensive
If you are crafting your retirement plan for Florida, you might want to consider moving to a golf cart community: Car insurance is more expensive in the state than in many other places.
Full coverage costs 55% more in Florida than the nationwide average, according to a recent Bankrate study.
Bottom line
Florida is a state geared toward retirees. So, if you live in New Jersey and are hoping to find an easy, breezy, sunny lifestyle, this could be the place.
So, grab one of the top travel credit cards and book a visit to Florida so you can see if you are ready for a retirement full of sunshine, beaches, and sweet Florida citrus.
Easy-to-Earn Unlimited Rewards
Benefits
Card Details
- $0 annual fee
- Simple, flat-rate rewards
- Flexible redemption options
- Up to 75% preferred Rewards bonus potential
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- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
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- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.74% - 28.74% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
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- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
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Earn 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
Annual Fee
$0
Why we like it
The Bank of America® Travel Rewards credit card is great for individuals who enjoy earning rewards and traveling.
Cardholders will enjoy the flexibility to redeem points with no blackout dates and receive a statement credit to pay for travel and dining purchases.
Earn 1.5X points on all purchases everywhere, every time.
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