Question: Why Do So Many Retirees Move To Florida?

Why are so many people moving to Florida?

The top reasons included buying a new or better home, starting a new job or being transferred, and establishing a family household.

But for many moving to Florida, it comes down to money.

“They’ll move to Florida because it’s so affordable,” said Lambert..

How much money do I need to retire in Florida?

Residents who are 65 in the state are expected to live to an average of just over 85, about a year longer than the national average. Due in part to the higher life expectancy, the estimated retirement costs in Florida are $1,186,139, greater than the $1,134,687 national average.

Is retiring in Florida a good idea?

Florida is tax-friendly for retirees and retiring in Florida means that you will get to keep more of your income retirement. … There are no estate or inheritance taxes, and property taxes are reasonable, making the state financially appealing to seniors looking to save their money in retirement.

What are the benefits of retiring in Florida?

Florida is known for its low taxes, and more specifically, having no state income tax. This means that Social Security retirement benefits, pension income and income from IRAs or a 401(k) are all untaxed. Florida also has no estate or inheritance tax, and property and sales tax rates are close to the national averages.

How many retirees move to Florida each year?

1 spot for retirees, with 84,600 more retirees moving to Florida than leaving. It was followed by Arizona at 28,600 and North Carolina at 15,600.

Where do most retirees live in Florida?

Best Places to Retire in FloridaOrange Park. … Brooksville. … Stuart. … Vero Beach. … Inverness. … Venice. Venice is the town for shark lovers. … Sarasota. Located south of Tampa, Sarasota ranks about average for most our our metrics. … Sun City Center. This is the only retirement-focused community on this list.More items…•