Florida is one of the most preferred locations for retirement. Nicknamed the “Sunshine State,” Florida provides many opportunities for an affordable and enjoyable retirement. The state also topped WalletHub’s top 20 best states for retirement in the 2024 list.
Here is a list of twelve reasons why Florida is the best place to retire.
Tax-Friendly
One of the major reasons Florida is the best place to retire is the state’s tax-friendliness. There is no individual income tax in Florida, which means residents won’t have to pay any state tax on salaries, retirement, or investment income. Despite having sales tax, all essentials like groceries, prescription drugs, feminine products, and diapers are exempted from tax.
Florida’s property tax, which stands at 0.82%, is much lower than the national average, and retirees under specific criteria can also get homestead exemption. There are no inheritance or estate taxes in Florida.
The Villages
Florida is known for its numerous retirement communities, and one of the most famous is “The Villages.” It is the best retirement community in the U.S. and is home to more than 130,000 people. The Villages has the world’s largest recreation department and many golf courses. It is only for people over 55 and has world-class amenities.
Healthcare Access
According to WalletHub, Florida is ranked 29th in healthcare facilities per capita. The state has 309 hospitals and 13,000 healthcare facilities.
Life expectancy is also high in Florida, and the state was ranked 9th in life expectancy by WalletHub. The state ranks second in Hospice care access, which is essential for seniors. Florida also ranked fifth in preventive screening and fifteenth in nursing home quality, making it ideal for retirees who can spend their Golden years accessing quality healthcare.
Community
Florida has 8.6 million people over 50, and 31.2% of the state’s population are 60 and older. Many cities in Florida, such as Venice, Naples, and Punta Gorda, have a high percentage of people-more than 50%-aged 65 and older. This allows retirees to find a community and gives socialization opportunities that other states with fewer retirees might not provide.
Affordable Housing
Florida is known for its affordable housing; cities like Ocala, University, Pensacola, and Daytona Beach are particularly known for their affordable housing options.
The median home price in Florida is $419,200, which is the same as the national average, and the median gross rent in Florida is $1348.
Entertainment
Florida provides its retirees with many entertainment opportunities. The state is home to the Kennedy Space Center and amusement parks like DisneyWorld and Universal Studios. Apart from this, the state also has nature trails like Wekiwa Spring State Park, Apopka Wildlife Trail, and Lake Eola for nature lovers.
The state is also known for its arts scene, with numerous world-class museums, such as the Ringling Museum of Art, Salvador Dalí Museum, the Florida Museum of Natural History, and the Ernest Hemingway Home and Museum.
Low Crime Rate
Safety is a significant concern when it comes to picking a retirement destination. Florida’s violent crime rates and property crime rates are below the national average, with the violent crime being the fourteenth lowest in the U.S. Florida is also home to cities with zero murders (Doral, Sunny Isles, and Marco Island)
The number of property crimes per 1,000 people in Florida is 19.4, while the national average is 20.7, and the number of violent crimes per 1,000 is 3.8, while the national average is 4.0.
Climate
Florida is nicknamed the “Sunshine State” because of its 237 days of sunshine. The pleasant climate allows retirees to enjoy a wide range of outdoor activities, like golfing, swimming, and beachcombing, throughout the year. The state’s temperatures rarely drop below sixty, even in winter, allowing retirees to enjoy a warm and pleasant retirement.
Affordability
Affordability is one of the major reasons the Sunshine State is the best place to retire. The cost of living in Florida is 2% lower than the national average, and utilities are 2% lower than the rest of the U.S. Basic amenities cost 4% less than the rest of the country, and essential services like health care cost 5% less.
Even entertainment services cost 4% lower than the national average, ensuring retirees can afford everything they need without burning a hole in their pockets.
Beaches
Florida’s stunning beaches are a major draw for retirees looking for a laidback retirement. With over 825 miles of coastline and 189 beaches, including many beautiful white-sand beaches, the Sunshine State offers many options for beach lovers. Some of the best beaches in Florida include Siesta Key, Anna Maria Island, Delray Beach, Pompano Beach, and West Palm Beach.
Accessibility
Florida is one of the most accessible states in the U.S. and ranks eighth in highway performance. The state has more than 1,000 miles of interstate highways, and its major airports, such as Miami International, Orlando International, and Tampa International, connect Florida to major destinations worldwide.
Availability of Caregivers
One of the most important factors to consider when choosing a retirement destination is the availability of caregivers. One in four adults in Florida are caregivers, and almost a third of them provide care for twenty hours a week.
Additionally, the cost of availing a caregiver is also affordable; the average hourly rate for a caregiver in Florida is $23.50.