Being a land known for its theme parks, beaches, and natural sceneries, it comes as no surprise that Florida is seen as one of the most optimum places for an enjoyable and relaxing retirement. As of the 2010 census, it is estimated that Florida had the highest number of residents over the age of 65, making up approximately 17.3% of its population.
What makes Florida ideal for retirement is not solely attributed to the landscape of the area and the activities you can do here, but also the unique tax benefits introduced for retirees. Read on to learn more about Florida tax benefits for retirees.
Tax Benefits of Retiring in Florida
To entice seniors to retire here, the state of Florida has introduced several measures including the introduction of taxes that are extremely friendly for retirees. The following are some information regarding taxes in Florida for retirees:
- No state income tax
- No state taxes on pension income as well as income from 401K or IRA
- No estate or inheritance tax
- No state taxes on Social Security
These tax rules allow retirees to save up and retain money, especially after a long period of time. As such, it comes as no surprise that many who choose to start their retirement journey in Florida end up staying for a long duration. In addition to these tax benefits, the general cost of living in Florida is also roughly the same as the national average. All of these factors make Florida an ideal place for retirees who don’t want to spend too much of their retirement fund on daily necessities.
Retirement Living Communities in Florida
With such high demand, homeownership may be on the pricier end for retirees looking to retire in Florida. As such, when you compare the financial aspect of being a homeowner as opposed to residing in a living community, you might be surprised about how affordable senior living communities can be. The best part is that in Florida, senior living communities such as Discovery Village At Stuart feature resort-like residences and allow residents to live independently just as they did before, with the only difference being the addition of useful amenities and required assistance.
Perks of Living in Senior Living Communities in Florida
Here at Discovery Village At Stuart, we understand that different residents have different needs and preferences. As such, a variety of floor plans as well as living options are available for residents. This way, there is bound to be something that is ideal for you or your loved ones.
In addition, regardless of the living option, all residents in the community get to enjoy the different amenities available, such as a state-of-the-art fitness center, a resort-like pool, putting green and games room, beautiful courtyards, and walking paths. And that’s not all, residents also have access to a variety of services aimed at stress-free living such as complimentary transportation, housekeeping services, dining services, and others alike.
