Best known as the Sunshine State (or the Alligator State) Florida is often considered one of the best states in the U.S. for retirees. There are close to 9M individuals who are 50+ living in the state. Here are several reasons why.
- No State Income Taxes: One of the most attractive features of retiring in Florida is the lack of state income taxes. This means retirement income, including Social Security benefits, 401(k) distributions, and pensions, are not subjected to state taxes, providing significant financial relief to retirees.
- Warm Weather Year-Round: Florida's climate is appealing, especially to those seeking to escape colder weather. With warm temperatures throughout the year, retirees can enjoy outdoor activities and a generally pleasant climate. Golfing and enjoying the beach can be done even in the winter.
- Friendly Retiree Communities: Florida has a high percentage of residents above 65, and by 2030, about a quarter of the population is expected to be retirees. This demographic trend has led to the development of numerous retiree-friendly communities, providing ample opportunities for socializing and forming new friendships. The Valencia communities are just some of the resort-style communities in South Florida that cater specifically to those 55+.
- Relaxation and Entertainment Opportunities: Florida offers a wide range of leisure activities, from beautiful beaches to golf courses, and various indoor entertainment options. Whether you're an outdoor enthusiast or prefer indoor activities, Florida caters to diverse lifestyles. From award-winning beaches on both the east and west coasts, to the bustling cities and nightlife in Fort Lauderdale and Miami, and the themepark capital in the world in Orlando, there are plenty of vacation and exploration opportunities just in Florida alone.
- Affordable Cost of Living: The cost of living in Florida aligns with the national average. Housing is available across a wide range of prices, making it possible for retirees to find affordable living options. However, it is important to note that living costs are expected to rise in the future.
- Plenty of Year Round Sunshine: Florida enjoys up to 300 days of sunshine per year, which is perfect for those who love sunny weather. However, retirees should be mindful of sun protection due to the high UV exposure. Be sure to find a good dermatologist in the area and keep those annual screening checkups on the calendar.
- Access to Continuing Care Retirement Communities (CCRCs): Florida's concentration of CCRCs allows retirees to plan and budget for potential healthcare costs effectively, potentially lowering overall healthcare expenses.
- Special Tax Rules Beneficial to Homeowners: Florida's tax code includes provisions like the homestead exemption, which can reduce the tax liability on a property by up to $50,000 for qualifying homeowners, further enhancing its appeal to retirees.
- Diverse Active Adult Retirement Communities: With over 670 active adult retirement communities, Florida offers a wide range of housing options designed for retirees. These communities often include amenities like clubhouses, maintenance services, fitness centers, gardens, and on-site dining options specifically to older adults and create a resort-style community.
Overall, Florida offers many advantages for retirees, including tax benefits, warm weather, and a supportive community. When it comes to purchasing your renting the retirement home you've dreamed of, let's connect. I'd be happy to share why we relocated to Port St. Lucie and what the active adult, resort-style living has to offer.
References
Here are the Top 5 Reasons I Enjoy Living in Port St. Lucie
