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It comes as no surprise that Florida tops the charts again for retirement living. Seniors have long flocked to the Sunshine State for its most famous benefit: good weather. Low taxes for retirees have much to do with the ranking also. A study from WalletHub, released in January 2024, cites financial security as the top reason for Florida’s ranking.
As most would agree, economic factors are essential for a comfortable retirement. Despite this need for financial stability, the Federal Reserve reports that 28 percent of not-yet-retired adults have no money saved for retirement. In addition, the Center on Budget and Policy Priorities points out that while social security provides a retirement foundation, it only replaces about 39 percent of an average worker’s past earnings.
WalletHub’s study on the best place to retire considers that Florida’s lack of income taxes greatly benefits retired people living on lower incomes, as does the absence of estate and inheritance taxes. In addition, regular daily health services in the Sunshine State are inexpensive for seniors who don’t require 24/7 care. Lastly, the study also reports that Florida’s death rate for people ages 65 and older is among the lowest in the entire U.S.
Another important factor for retirees as they enter their golden years is staying mentally and physically active and Florida provides numerous opportunities for such. Florida ranks second in the United States for the second-most miles of beaches, it also leads in outdoor activities such as ample golf courses and activity and sport driven country clubs. Yet another draw to Florida is the varied volunteer activities offered to keep seniors as busy as they want to be while allowing more time to bask in the sun on a Florida beach.
One part of retirement that is a challenge is housing, which can be big business in Florida. Real estate expert, Jackson Wiener, states that 90 percent of his business transactions are in Florida, and many other professionals are working in real estate there as well.
“From my experience, Florida is hands down the hottest land market and where most people are filing for building permits. The coast of Florida is currently a top destination for home buyers and home builders,” Wiener says.
This boom can raise housing costs, which can be an issue for many Florida seniors. However, Jackson offers a solution for these individuals and states that some people can cash in vacant land they own to finance their retirements. Wiener, Founder and President of JW Lighthomes says seniors often own undeveloped property along the waterfront in the Sunshine State that they bought decades ago for their retirement.
“Many of the sellers we work with purchased their properties cheaply many years ago,” Wiener says. “They initially planned to retire and build their dream homes there, but their plans changed. For a top tier realtor, they’d rather make their commission off of a multi-million dollar home and it’s often not worth the effort to handle the paperwork, listings, and showings for such a small commission being land is much cheaper.”
Such a piece of land can be a burden, Jackson Wiener says, because the land is sitting vacant and doing nothing while the owners continue to pay property taxes and maintenance on the lot. The solution is selling it to someone who knows how to deal with undeveloped property rather than large coastal homes, although finding someone who cuts through the usual real estate red tape can be challenging.
Carson Wiener, Jackson’s brother and business partner, says JW Lighthomes is able to move faster than real estate agents and offer a better deal.
“We give the property owner more than they would typically get from anybody else,” Carson Wiener explains. “They avoid the six percent agent’s commission, and we cover the closing fees, too. Selling to JW Lighthomes will not only save the property owner about eight to ten percent, but an added benefit is that we are able to get the transaction done a lot faster.”
Regular real estate closing dates are usually 30 to 60 days from acceptance of an offer. The average time a property is on the market before the sale is 151 days. Carson Wiener says JW Lighthomes can move faster, contracting in one day and closing in less than 30, sometimes in as few as seven to ten days.
The sale of never-used property gives seniors cash in the bank along with savings on property taxes and maintenance fees. Many individuals can add to their retirement savings this way while decluttering and simplifying their lives. The appeal of a stripped-back lifestyle paints a brighter and happier picture while allowing retirees more time to spend their later years as they always imagined.
