1. The tax benefits
Let’s start with the topic that is probably the most important for everyone: the state tax benefits. Yeah, it’s nice to have sunshine, sun-kissed beaches, and the ocean at your feet, but you also need money to support a lifestyle like this.
Hopefully, Florida is a fantastic place that is friendly with your budget, and there are many folks who choose to move here just for tax reasons. For example, here the state tax for IRAs, social security, 401(k)s, pension funds, and other retirement incomes is nonexistent. You don’t have to pay anything for them.
More than that, the Sunshine State doesn’t have a state income tax, so if you have any side gigs, your budget is safe. This benefit is also making even those who are not retired want to live in Florida.
And there is even more: The state of Florida is also not collecting any estate tax, inheritance tax, or gift tax. This means that you can keep more of the wealth you have inherited and won’t lose any money.
All of these advantages make this place a very attractive destination for those over the age of 65.
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