Florida Taxes for Retirees
Why do so many older adults choose to spend their golden years in Florida? There are obvious reasons – the great weather, lots of outdoor activities like golfing and fishing – but we shouldn’t overlook the amazing tax benefits of retiring in Florida as well. Because they mean that Florida isn’t just a dream destination for retirees, the Sunshine State can oftentimes also help their dollar go further.
Is Florida Tax-Friendly for Retirees?
Yes, Florida is one of the most tax-friendly states for retirees. Florida has no state income tax, no taxes on Social Security, no inheritance tax, no estate tax, and no taxes on retirement income like pensions, IRAs, or 401ks. It’s evident that Florida does its best to entice older adults to retire there.
What are the Pros and Cons of Retiring in Florida?
Beyond the tax benefits of retiring in Florida, the state boasts a lower cost of living, world-class healthcare facilities, and the allure of its renowned sunshine-filled weather. These advantages make Florida an irresistible destination for retirees seeking both financial benefits and an enhanced quality of life.
However, property insurance costs in Florida are particularly expensive due to the risk of hurricanes, and property taxes are relatively high. But for those who choose to move into a retirement community instead of directly purchasing a home, these disadvantages wouldn’t apply. An extra benefit of retirement communities is that, in addition to being beautiful, they tend to be well protected from hurricanes.
Should You Consider Moving to a Retirement Community in Florida?
While Florida is undoubtedly tax-friendly for retirees, there are added financial benefits to moving into a retirement community in Florida. Especially when you compare a community to the surprisingly high cost of home ownership (ongoing maintenance, utilities, property taxes, etc).
If you’d like to see costs for moving to a retirement community in Florida, choose one of our campuses below to download a free information and pricing kit: