Is it worth it to retire in Florida?

Moving to the Sunshine State could save you a lot of money in taxes. Florida, one of our 10 most tax-friendly states for retirees, has no state income tax. That means no state taxes on Social Security benefits, pensions, IRAs, 401(k)s and other retirement income. It also has no inheritance tax or estate tax.

Does Florida tax Social Security and pensions?

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.

At what age do seniors stop paying property taxes in Florida?

65 years old
The Senior Exemption is an additional property tax benefit available to home owners who meet the following criteria: The property must qualify for a homestead exemption. At least one homeowner must be 65 years old as of January 1.

Where do most seniors live in Florida?

Florida is well known for being home to the largest amount of seniors in the country. As of 2016, 19.9\% of the state’s population was 65 years of age or older. On top of that, Florida has four of the top ten towns with the highest senior population – Clearwater, Hialeah, Cape Coral, and Miami.

Are there any cons or negatives to retiring in Florida?

Yes, there are cons or negatives to retiring in Florida. However, as a real estate broker and talking with 1000’s of new retirees moving to Florida from other states, you wouldn’t think so.

Why are so many newly retired people moving out of Florida?

That’s what causes so many new Florida retirees to end up moving out of the state and moving back, or to yet another state that they’ve never lived in. Newly retired people move to Florida for the perceived advantages, but it’s disadvantages that they weren’t aware of until living in Florida full-time, that causes them to move out.

What are the advantages of continuing care retirement communities in Florida?

One of the best advantages to consider when retiring in Florida is the concentration of continuing care retirement communities. These CCRCs give you a way to secure your finances because you can prepare for your future services if there is a life care plan in place.

What are the pros and cons of living in Florida?

Florida offers it’s residents the best built in protection of your assets than any other US state (Okay, maybe it’s tied with Texas on that). Seriously, if you have a sizable net worth, or if you want to protect what you have no matter how much that is, becoming a Floridian has a wide range of specific advantages not found in other states.