Florida Taxes for Retirees
Why do so many seniors choose to spend their golden years in Florida? There are the 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 seniors, the Sunshine State can oftentimes also help their dollar go further while in retirement.
Is Florida Tax-Friendly for Retirees?
The short answer is an enthusiastic yes, Florida is very tax-friendly for retirees. The state of Florida has done their best to entice seniors to retire here. You can see in the section below some of the specific information on Florida taxes for retirees. In addition to FL tax benefits for retirees, the cost of living in Florida is roughly the same as the national average. While obviously you should compare the cost-of-living in Florida to where you currently live, it’s helpful to know that the cost of goods and services more or less meets the national average.
Tax Benefits of Retiring in Florida
The good news is that because there is no state income tax in Florida, retirement income is tax exempt. Here is other great information on Florida taxes for retirees:
- Florida has no state income tax.
- No state taxes on pension income & income from an IRA or 401K.
- No state taxes on Social Security.
- In Florida there is no inheritance tax or estate tax.
Should You Consider Moving to a Retirement Community in Florida?
While Florida is undoubtedly tax-friendly for seniors and 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 Florida, choose one of our Florida communities below to download a free information and pricing kit: