Why To Retire In Florida
Relocating for retirement is often associated with Florida, largely due to the state’s beautiful warm weather. Paired with the state’s low tax rates, the year-round sunshine can be an unbeatable draw for many. In addition, the state has great retirement villages and low average home prices, making the move an easy decision for many.
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Retire In Florida: Things To Know
Taxes
Florida has no state income tax, meaning there is no tax on an income from a 401(k), IRA, or pension. Florida also has no estate or inheritance tax, making it a great place for retirees to settle down.
- Current Income Tax Rates: 0%
- Median Property Tax Rates: 0.98%
- Estate or Inheritance Tax Rates: 0%
Healthcare
Florida’s healthcare system consistently ranks on par with the national average, with a variety of coverage options and easy access to hospitals and other medical facilities.
- Medical Facilities Per 1,000 Residents: 2.6
- Health Insurance Networks: Aetna Health Insurance Company, Assurant Health Insurance Company, Blue Cross And Blue Shield Of Florida, CIGNA, and Avalon Healthcare Company
Cost Of Living
Despite its popularity as both a tourism hub and retirement destination, Florida maintains a cost of living on par with the national average. The state has the 24th highest average home price, and its cost of living is only 1% higher than the rest of the country.
- Average Home Price: $245,169
- Average Cost of Living Index: 101.0
Weather
Florida has a reputation as a popular retirement destination largely due to its warm, sunny weather. Florida has warm temperatures year round, with even its coldest month, January, averaging a pleasant 62 degrees Fahrenheit. Much of the year is hot and humid, with the height of summer reaching 90+ degrees. The warm, sunny weather is coupled with a heavy rainfall, particularly during the spring and summer.
