Posted on 08/26/2023 8:31:51 PM PDT by SeekAndFind
While choosing to retire in Florida isn’t the best choice for everyone, relocating to the Sunshine State comes with its share of benefits. Of course, some people move to Florida for the warm weather and plentiful beaches, but that’s not all the state has to offer.
Florida happens to be one of the most tax-friendly states for retirees, and plenty of out-of-state retirees are taking notice. For example, Kiplinger previously reported on migration data showing that Florida gained residents from high-tax states. (Between 2020 and 2021, more than 84,000 new Florida residents came from New York alone.)
If Florida is already your first choice for retirement, you’re not alone. According to a 2022 study, roughly 12% of all retirees who moved out of another state chose Florida as their destination, making it a top choice for retirement relocations in the U.S.
But you may be wondering where in Florida other retirees are going. Well, the same study found that the majority of new Florida retirees chose the Palm Bay area to call their home. Tallahassee was also a popular retirement spot for new Floridians.
But regardless of which part of Florida you have your eye on, you are bound to reap some benefits, at least where taxes are concerned.
Perhaps the biggest reason people choose to retire in Florida is the state’s tax treatment of retirement income. There are plenty of states that don’t tax Social Security benefits, but there aren’t too many states with no income tax at all.
Florida won’t tax any of your income, regardless of its source. That means you won’t pay state tax in Florida on your 401(k) distributions, investment income, or even your wages, should you choose to go back to work or to unretire.
Florida's average combined state and local sales tax rate of 7.02% isn’t necessarily low compared to other states, but it’s not one of the highest either. And Floridians have more sales tax holidays than any other state in the country. Many of these tax holidays were recently expanded due to a $1.3 billion Florida tax relief bill.
The tax relief package also made several children’s products permanently tax-exempt, so you may save some money if, for example, you want to spoil the grandchildren when they come to visit. Here are just a few of the things you can buy-tax free.
You can also purchase tickets to events, such as concerts in Florida, without paying sales tax, until September 4, 2023.
Property taxes in Florida aren’t the lowest in the U.S., but the median average Florida property tax bill of $2,143 is less than in most states, according to PropertyShark. And with an average effective property tax rate below 1%, even homes with higher tax valuations may cost you less in property tax than you’re used to.
Still, not everyone who relocates to Florida will experience lower tax bills, and some will see more savings than others.
By now, you may have heard that a ticket in Florida matched all six numbers to win the record-high, August 8 $1.58 billion Mega Millions jackpot. But the winner won’t pay state taxes on the payout. That’s because Florida is one of the states that won’t tax your Mega Millions payout, or any other lottery winnings, for that matter. Depending on how much you win, that could result in savings worth millions of dollars.
Of course, most people won’t win a lottery jackpot, but if you hope to take home some lottery winnings, state taxes are something to consider. Just don’t forget you’ll still be on the hook for federal taxes. Lottery jackpots, including the Mega Millions payout after taxes, will always be much less than the advertised amount.
You may also have heard, however, that some retirees have been fleeing Florida. For example, nearly 50,000 Floridians landed in Georgia alone in 2021, according to US Census Bureau data.
But if Florida is so great, why are some retirees leaving? Tax breaks are just one factor some people consider when deciding whether to remain in or retire in Florida.
So, before making the move to any state, it’s good to consider all aspects of a new location, so you can make the best decision for yourself and your family.
WV has some of the cheapest housing and land in the country. Plus, it has spectacular scenery, mild winters, close to everything.
But check for any lakes containing ash from coal power stations...mostly shut down now or converted to natural gas.
Known as a "blue lake" gets its color from a mix of arsenic, selenium and mercury ...from the dumped coal ash slurry.
That’s protein though lol
I think there are a lot of shysters in Florida.
A guy I know likes to take long, rather aimless drives. That’s just his thing. And on one such trip, he stopped at a rural West Virginia two-pump gas station.
My friend: Can you recommend a good place to eat around here?
Attendant: Yes. Try the Sunshine Diner. It’s about a mile up the road. You can’t miss it. Just don’t go there on Wednesday evenings.
My friend: Why not on Wednesday evenings?
Attendant: That’s when the Klan meets.
Don’t get me wrong. I’ve been to West Virginia many times. I love the place. But I don’t believe I’ll be patronizing the Sunshine diner.
Have to laugh. 2 of the 3 bullet pointed reasons people are leaving Florida are climate change and LGBTQ+ legislation.😂😂😂😂
Do not even think of drifting to the high plains of N.D., S. D., Wyo. and eastern Mont.
People go there and disappear. The weather is bad, wild beasts that can kill you exist, it’s a long way to a Walmart which might be the only store keeping he place from being a food desert, gardens are a tough slog, the soil is poor, the gov’t owns most of the land, the drives are long and public transport is poor. And that’s just the start of it....
And the bugs. For bugs, it's bug heaven. They used to bats, but the skeeters 'et 'em all.
Each to his own.
-PJ
I currently live in Northern Wisconsin, I don’t think the high drifts and cold will affect me.
the #1 reason people leave Florida... they were ‘recalled Home’
as for anyone leaving because the state is not groomer friendly... good. don’t let the door hit ya where the good Lord split ya.
I don’t think property tax is lower. And auto insurance is $$$.
It's not the heat, it's the freaking humidity...
RE: I lived in Florida.
So, which state did you move to?
The Interstates can be closed for days and the fascists won’t let you leave town.
It’s ground zer0 for Armageddon given all of the missile silos.
It can take a week for Bezos or Mr. Brown to get your supplies to you.
Cell phone service is very spotty. 5G with its reduced range is a joke.
The canoeing is poor and lame.
Antifa gets kicked outta town [No, wait, that’s actually good if one is not antifa...].
• property taxes
• crowds
• traffic
• crime
• insurance rates
WV - wild and wonderful, but medical care not so much. I know, I retired just across the river, and it’s no better here. Had to go back to Michigan to find a good cardiologist.
OTOH both WV and Ohio are Constitutional Carry states, property taxes in my county very low, politics generally pretty conservative.
Several Reasons Why People Leave the Sunshine State
1) Giant lizards that drop out of trees when cold out.
2) Poisonous snakes.
3) Boa constrictors.
4) Giant mosquitoes.
5) Alligators!!!
Palm Bay?
Surely they joke
It’s over crowded……
….not well planned communities
High traffic
Certain areas very run down
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