My mother is considering moving to Florida to be closer to her sister. She is now retired, and my father passed away in 2018. She is tired of the snow and cold and wishes to relocate south. Is she alone in wanting to go to Florida?
Florida has always been the go-to state for retirement for a variety of reasons. It’s warm, there are plenty of other retirees living there, the attractions are endless, and the taxes are reasonable.
Florida does not impose state income, estate, or inheritance taxes. It also charges reasonable sales and property taxes. In Florida, seniors are also exempt from paying state Social Security benefits taxes.
Mass. Retirees Are Choosing 2 New States To Live In
West Virginia and South Carolina are emerging as new retirement destinations.
West Virgina
The state was recently named one of the most affordable in the nation to live in. It is extremely tax-friendly, and you do not require much to live on.
However, West Virginia’s appeal extends beyond finances. Charleston combines laid-back, scenic mountain living with big-city amenities, including a thriving arts and culture scene. Retirement communities in nearby towns, including Hinton and Point Pleasant, are known for their close-knit nature.
South Carolina
Who does not love Myrtle Beach? The weather in this state is fantastic, though it can get hot and hurricanes are always a risk. The median home price in South Carolina is $238,000, while it is approximately $100,000 higher in Florida. Landscapes, a slower lifestyle, and overall affordability all contribute to an increase in retirees in this state.
What distinguishes South Carolina is its tax structure. There is no estate tax, Social Security benefits are tax-free, and 401(k) and IRA withdrawals are only partially taxed.
