The Benefits Of Retiring In Florida
There are several benefits of living in a Florida retirement community.
Taxes
The first benefit of retiring in Florida is that there is no state income tax. Therefore, if you retired and you do not have a lot of money saved so you are planning on working since you are still in good health, then Florida is a good state for you to live in. There are seven other states like Alaska, Wyoming, Texas, Washington, Nevada, and South Dakota but you are not going to be able to get the beautiful weather that Florida has to offer. There is a sales tax of 6 percent, but this is a lot less than some of the tax rates in the rest of the United States.
Income
The second benefit of living in a Florida retirement community is that the retirement income will be exempt from taxes. This is going to include the benefits that you will get from social security. This is because Florida has no state income tax so any of the money that a person might receive from the individual retirement accounts, 401(k)s, social security, and private and public pensions. Florida is one of the 37 states that does not have taxes on the social security benefits that a person who has retired might be receiving.
Cost of living
The third benefit is that the cost of living is around the national average. This means that it is not going to cost a lot of money to live in Florida. Therefore, the people who have retired will be able to make their dollar stretch a little bit more if they are living in Florida. This is especially true since they are not going to have to pay any state income taxes. This is based on the median household income that comes from the Census Bureau’s American Community Survey.
Exemption
The fourth benefit of living in the Florida retirement community is the homestead exemption. When it comes to the property tax rates, Florida is in the middle compared to the other states in the United States. Plus there is a sizable deduction that is available for the seniors that are low income because they are over the age of 65 who have lived in Florida for a long period of time like 25 years or more. These people might also qualify for an extra homestead exemption up to $50,000 based on the city and county governments. A widow or widower who lives in Florida will also have the opportunity to claim an additional $500.
Weather
The fifth benefit is most definitely the gorgeous weather that will be available to you when you live in Florida. In fact, this is one of the main reasons why a lot of people who are retiring want to live in Florida. The climate in Florida is great, which is why it is called the sunshine state in the first place. The winter in Florida is very mild and the summer will be very warm. Therefore, this is the type of climate that all of the people who live in Florida are going to appreciate.
Beaches
The sixth benefit is one of the things that Florida is so famous for and that would be the beaches. The beaches in Florida are like no place in the world because they are soft and white. You get gentle breezes from the ocean and the warmth of the sun. You will have the opportunity to see the Atlantic Ocean and the Gulf Coast while you are visiting all of the different beaches that are located in Florida.
