Are you thinking about making Florida your retirement home? Florida continues to be one of the most popular states to retire in.
And, with its warm year-round weather, excellent beaches and golf courses, and friendly people, it’s no wonder why so many people choose to retire here.
However, before moving to the Sunshine State to retire, there are some things you should know.
Check out this guide to learn everything you need to know about retiring in Florida.
While the weather is what draws retirees to the state of Florida, there’s a lot of perks that Florida offers that makes people stay.
Here are some of the biggest perks that come with retiring here:
No Income Tax
One of the top-selling points for retirees is that Florida is one just a handful of states that doesn’t have state income tax. (The others being Nevada, Arizona, Washington, Alaska, Wyoming, South Dakota, and Texas.)
If you’re looking to save some money, this makes Florida a great state for you. However, keep in mind that Florida does have a 6 percent levied sales tax.
Retirement Income is Exempt
Since Florida has no state income tax, this also means that your retirement income is exempt.
This means that any money you receive from 401(k) accounts, IRAs, pensions, or Social Security is completely tax-free.
Cost of Living
Florida’s cost of living is right around the national average. When you combine the fair cost of living with the tax benefits, it’s easy to see why so many retirees choose to live here.
Other reasons people love living in Florida include:
- The weather
- Endless amounts of activities (golf, beaches, hiking, swimming, scuba diving)
- Great place for grandkids to visit: Florida is home to dozens of amusement parks and water parks
- Vacation options: You don’t need to go far to embark on an awesome vacation. In fact, cruises from Miami can help you explore the world
- It’s extremely retirement-friendly
Of course, living in Florida does come with a few drawbacks. The main one being that it’s particularly prone to hurricanes. If you do move here, getting hurricane insurance is an absolute must.
Also, if you live in a flood zone, remember that your mortgage company will require you to get flood insurance.
Some people also find the heat in Florida to be a bit too much, and many people only feel like they can enjoy outdoor activities during the winter month.
Also, let’s not forget that Florida is home to a lot of creepy, crawly things, from termites to crocodiles.
The Best Places to Retire
If you do choose to retire in Florida, where should you go?
Here are some of the best cities for retirees:
- Fort Meyers
- Daytona Beach
Retiring in Florida: Are You Ready to Take the Plunge?
As you can see, there are a lot of benefits to retiring in Florida. And, if you find that these benefits outweigh the cons, then this may be the place for you!
Be sure to check back in with our blog for more tips and tricks for retirees.