Key Factors
Florida is not very keen on taxing your retirement revenue.
Nonetheless, it does have a gross sales tax that might hit you laborious with some purchases.
Weigh the professionals and cons rigorously.
- The $23,760 Social Safety bonus most retirees fully overlook ›
When individuals consider relocating for retirement, they usually consider Florida — and tens of millions have truly moved there for his or her golden years. If the Sunshine State is tempting you, make sure you learn up on it and think about a number of execs and cons.
For instance, upsides of Florida embrace a number of pure magnificence and seashores, heat winters, and no state revenue tax. Florida is certainly one of many states that do not tax Social Safety advantages, and it would not tax pension revenue or distributions from 401(ok) and IRA accounts, both.
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There are different taxes, although. For instance, Florida’s state gross sales tax is 6%, although groceries and prescribed drugs are exempt. (That 6% charge applies to vehicles, although, so a brand new $30,000 automobile might price you $1,800 in state taxes.)
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Downsides of Florida embrace hurricane dangers; the price of hurricane and flood insurance coverage (in case you appear to want it); pores and skin injury from the solar; pests equivalent to alligators, snakes, and rats; and the new, scorching summers.
The typical Florida house worth, as of 2025’s second quarter, was about $407,830, roughly on par with the latest median U.S. house sale worth of $410,800. A lot relies on the place you reside, although. The state’s general price of residing is simply 2% increased than the nationwide common, per RentCafe.com, however in locations equivalent to Miami and Fort Lauderdale, it may be greater than 20% increased.
Automotive insurance coverage, in the meantime, just lately averaged $3,229 yearly in Florida for full protection, nicely above the nationwide common of round $2,400.
Go forward and think about Florida, however do numerous analysis first. It is also a good suggestion to simply attempt residing there for a couple of months or perhaps a 12 months, to ensure it is a good match for you.
The $23,760 Social Safety bonus most retirees fully overlook
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View the “Social Safety secrets and techniques” »
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