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Here’s what Florida retirees should know about taxes in 2025, and how they might affect their golden years: Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move?
For example, Florida has no state income tax. Other states, like New York, California and Oregon, have high state income taxes that can eat into retirement savings.
Although there’s no Florida income tax for individuals, the state does charge a 5.5% corporate income tax rate. Without an income tax, Florida is often a popular destination for retirees or ...
Image source: Getty Images. 5 benefits of retiring in Florida. Here are five reasons Florida is a great choice for retirees: 1. Warm weather. Florida is a popular destination for snowbirds trying ...
However, key considerations like the cost of living, taxes, housing expenses, and the overall quality of life all matter to retirees. If Florida isn’t on the table for retirement, those retiring ...
For retirees moving from high-tax states like New Jersey, where residents pay an average $8,797 thanks to the state’s 2.47% average effective tax rate, moving to Florida can feel like a windfall.
Not only does Georgia not tax Social Security income, it offers a tax exclusion for seniors on retirement income — retirees between 62 and 64 can exclude $35,000, and retirees 65 and older have ...
“This current generation of retirees possess 68% of the nation’s wealth, so they have money to burn,” notes Desiree Avila, a real estate agent in south Florida. “I do see lots of ...