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.
Retire In Florida: Things To Know
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%
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
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.