Have you ever wondered why Florida is such a popular destination for retirees? It can’t just be the fantastic weather, beautiful beaches, and modern and developed cities, right? (Well, it probably does play a big part, let’s be fair). Florida boasts incredible landscapes that are great for all manner of outdoor activities like hiking, golfing, and fishing, but it also claims fantastic tax benefits. In fact, these tax benefits are a primary reason driving individuals all over to retire in Florida. In this article we cover a bunch of Florida tax benefits for seniors in more detail, so read on to find out more!
Firstly, it is important to consider the financial state of a retiree. Unlike your regular working adult whose wages are expected to increase over time, a retiree’s income remains stagnant and is largely dependent on the savings accumulated over time and their pension fund. This means that variables like inflation and rising costs of living hit a retiree even more than a working adult. For this reason, tax benefits matter even more to a retiree who needs to pay closer attention to bookkeeping and managing his or her finances.
So just what are these tax benefits? Well firstly, Florida has no state income tax. This means that less of your income is going towards the state’s coffers. There are also no taxes on pension incomes or incomes from an IRA or your traditional 401k account. This means that you fully receive all of your distributions from your savings accounts. Furthermore, if you rely on social security pay-outs, once again, no state taxes apply there.
Here’s another fun tax-related fact (bet you’ve never heard that sentence before). In Florida, there is no estate tax or inheritance tax. This means that if you’re concerned about passing on any financial assets or inheritances to your loved ones, your family members will receive the full value of that inheritance (minus any miscellaneous lawyer fees).
There’s more to Florida than just tax benefits however! Florida also has a relatively low cost of living as compared to the rest of the United States. This is particularly the case when it comes to healthcare, which can be a particularly expensive cost for some retirees. The state of Florida also knows that much of its population is made up of retirees, hence it has also developed a lot of infrastructures to cater to that, from gated communities to golf courses. Not only that, but many museums and attractions in the area run special discounts for individuals aged 55 and above.
If you’re looking to retire in Florida, have you considered staying in a Living Community? At Discovery Village At Deerwood, our community is centered around providing resort-style facilities and amenities for our residents along with a plethora of recreational events, concierge-level care, and gourmet-style meals. Have a look at our beautifully designed interior here! Our residents love staying with us, and their families love visiting them there. Not only that, but we are conveniently located next to many attractions in Jacksonville! Come down for a tour or contact us here for any queries!
