Why Florida is the Best State For Retirement

Why Florida is the Best State For Retirement

Lacey Hagler
Posted by Lacey Hagler
Updated on
|
Published in Local News

Did you know that the Sunshine State is one of the top retirement destinations in the word? From its great weather, arts and cultural destinations, and beautiful beaches, this state proves an irresistible destination to those looking to relocate before or after retirement. However, one outstanding factor that separates Florida from the rest is the state’s tax friendliness. Take a more in-depth look at the tax breaks and financial benefits here. This is your chance to take full advantage of what Florida has to offer!

NO STATE INCOME TAX

Florida is one of only seven states that have no personal income tax. It’s no wonder residents of highly taxed states like New York find living here so attractive! For those that are still working, Florida is the best place to stretch your money further. Florida also has one of the more favorable sales tax rates in the country at 7%.

RETIREMENT INCOME EXEMPTION

Because Florida has no state income tax, this means any retirement income is also exempt from state taxation. Any money that’s received from Individual Retirement Accounts, private and public pensions, 401(k), and even social security is completely free of in-state taxation. That alone could benefit thousands in tax savings for retirees who decide to make Florida home.

HOMESTEAD EXEMPTION

While property taxes are one of the primary sources of revenue for local governments, property tax rates are considerably low in Florida. The state’s average effective property tax rate is 0.98% which is just below the national average of 1.08%. In addition to the lower rate of Florida’s property tax, there’s a sizable deduction available for lower-income seniors over the age of 65 who’ve lived in the state for at least 25 years. As noted by Kiplinger, Florida residents with household income not exceeding $30,721 (as of 2020) may qualify for an extra homestead exemption of up to $50,000 from some city and county governments. 

If I were you, I’d start to browse our website for your ideal retirement home... and when you find it, give us a call! 

 

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.

The data relating to real estate for sale on this web site comes in part from a cooperative data exchange program of the Realtor® Association of Martin County, Inc. MLS. Real estate listings held by brokerage firms other than Waterfront Properties and Club Communities are marked with the IDX logo (Broker Reciprocity) or name and detailed information about such listings includes the name of the listing brokers. Data provided is deemed reliable but is not guaranteed.

IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Copyright 2024 Realtor® Association of Martin County, Inc. MLS. All rights reserved.

Listing information last updated on May 27th, 2024 at 9:37pm EDT.

The data relating to real estate for sale on this web site comes in part from a cooperative data exchange program of Palm Beach Board of Realtors Multiple Listing Service. Real estate listings held by brokerage firms other than Waterfront Properties and Club Communities are marked with the listing broker's logo or name and detailed information about such listings includes the name of the listing brokers. Data provided is deemed reliable but is not guaranteed.

The broker providing this data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

© 2024 Palm Beach Board of Realtors Multiple Listing Service. All Rights Reserved.

Listing information last updated on May 27th, 2024 at 9:37pm EDT.

The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®, and is updated as of May 27th, 2024 at 9:37pm EDT (date/time).

All information is deemed reliable but not guaranteed by the MLS and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Waterfront Properties and Club Communities shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. © 2024 MLS of MAR.

The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing

Beaches Multiple Listing Service LogoAll listings featuring the BMLS logo are provided by BeachesMLS, Inc.This information is not verified for authenticity or accuracy and is not guaranteed.Copyright © 2024 BeachesMLS, Inc.

Listing information last updated on May 27th, 2024 at 9:37pm EDT.