Return to Knowledge Base

Does Retiring in Florida Affect the Amount of Social Security Benefits?

No, the state you retire in does not affect the amount of Social Security benefits you receive. Social Security is a federal program, meaning your benefits are calculated the same way no matter where you live in the U.S. However, some states are more tax-friendly to seniors and that could greatly affect budgeting for your retirement. Our knowledge on this topic comes from operating several retirement communities in Florida, keeping us familiar with its state-specific factors.

The good news for current or future Floridians – your social security check could stretch further since it’s a lower cost of living generally in Florida compared to many other states. Another advantage of retiring in Florida, there are more Medicare Advantage plans and retiree healthcare options due to its large retiree population.

If you’re looking of moving anywhere, to maximize your health benefits, you could look into continuing care retirement communities or CCRCs.

How CCRCs work: residents pay a one-time entrance fee (usually from selling their home that often becomes a burden when we retire) and then predictable monthly fees which include taxes, utilities, meals, and amenities and access to a continuum of care – rehabilitation, assisted living and skilled care if needed in the future. These fees can also be tax deductible making it more affordable because you’re essentially prepaying for future healthcare at today’s prices. The most common reason our residents move a CCRC, is to have greater financial peace of mind for them and their families. Not worrying about unpredictable healthcare expenses is also a huge relief for their children, too.

Acts Retirement-Life Communities operates some of the best CCRCs in Florida.

Related Resources: