Retirement in Florida
When you start thinking about your retirement years, one of the priorities will be where the best place to live will be.
Even though not ranked the number one choice, Florida is in the top five, and it’s a great choice for many entering their golden years. South Dakota might have been ranked number one, but Florida is still thought of as a great place to settle once you have stopped working.
The state’s got a lot more to offer than balmy weather. It’s also attractive due to the cost of living and favorable tax laws. Compared to places like New York, New Jersey, or California, Florida is a good bet. For instance, an income of $80,000 a year in Tampa would require $145,000 in Los Angeles.
Apart from the finances, the sun and beautiful beaches are certainly a strong draw.
Known as the Sunshine State for good reason, Florida has an average of 230 days of sun every year. Compare that to South Dakota which gets 104 clear days, and you begin to see why Florida is more attractive to many retirees.
For some people, the recreational activities that are available are also a huge bonus to moving to the Sunshine State. If you enjoy the beach, fishing, and boating then it will be a destination you will have thought of already.
Golf is another strong attraction that entices folks in that direction. Florida has the most golf courses of any state in America. There are over 1,250 courses, and the state is a preferred destination for many professionals who want year-round lush fairways and well-groomed greens.
When it comes to taxation, Florida is right up there with great places to live. There is no state income tax, and the state is in the top five when it comes to low tax burdens on its residents. The fact that you don’t have to worry about being taxed on your income is a big deal if you are thinking about moving somewhere.
The fact that Florida has no state income tax means Social Security retirement benefits don’t get taxed. It also means your pension income and income from an IRA or a 401(k) are also yours in their entirety, and you don’t have to worry about giving Uncle Sam a share of your savings, so you can breathe easy.
In fact, you can breathe easy knowing the air you are breathing is of a higher quality than many other places. [8] When you compare the Sunshine State to New York, the air is significantly cleaner and less polluted. It’s less noisy, the water is purer, and you can see more stars due to the fact that there is way less light pollution.
Overall, Florida is a great destination to retire. Once you take into account all its benefits, it’s no wonder many folks entering their retirement move down there.
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