Deciding whether to move or not when you hit the age of retirement is difficult, but there are many advantages to doing so, especially in these 10 best places to retire in Florida on social security.
After a lifetime of working hard for every penny you made, knowing that you’ll have to live off of social security may be a hard pill to swallow. Alas, it’s what you’ll have to do in the end, although it won’t hopefully be just social security income alone.
Commonly, when a person retires, part of the monthly cash they’ll have available for spending comes from social security, while the rest is made up of a mixture of pre-retirement earnings, private pensions, savings, and investments. For the sake of our article today, however, we only took into consideration the average social security paid to a worker at full retirement age, which, according to the Social Security Administration, it’s $2,663 per month. That’s not too much, but it’s not a negligible sum either.
Retiring in Florida has many advantages. For instance, Florida is one of the very few states that does not charge state income taxes, which means that the entire amount is yours to enjoy. Of course, you’ll still have to pay the local home taxes, based on the millage rate, but the rest is yours to enjoy. Alternatively, you can also check out another of our lists regarding the 10 best places to retire in Central Florida, if you are more inclined to the specific area in this beautiful state.
In order to create our ranking we took a look at the millage rate for each county and the median home price for the area and did a bit of math about how much you’d have to pay in tax. Then, we took the rest of the money and divided it by the cost of living in the area to reveal in which counties you’d be able to buy the most with the money you have left from your social security pension alone, resulting in a score.
In 2015, according to the Social Security Administration, the maximum social security benefit for workers retiring at full retirement age was $2,663 per month, which adds up to $31,956 per year.
Without further ado, here are the 10 best place to retire in Florida on social security.