Florida Retirement Calculator | Plan Your Retirement Income

Calculate Your Florida Retirement Needs

Enter your information below to see how much you need to retire comfortably in Florida.

Current Age

Desired Retirement Age

Current Savings ($)

Monthly Contribution ($)

Expected Annual Return (%)

Inflation Rate (%)

Desired Annual Retirement Income ($)

Social Security Start Age

Expected Monthly Social Security ($)

Your Florida Retirement Projection

Projected Retirement Balance —

Total Contributions —

Required Nest Egg (for desired income) —

Monthly Income from Savings —

Monthly Social Security Income —

Total Monthly Retirement Income —

Savings Gap / Surplus —

💡 Florida Advantage: Florida has no state income tax on retirement income! Your savings, Social Security, and pension income are all state tax-free, helping your nest egg stretch further.

This calculator provides educational estimates based on Florida's tax laws and typical cost of living. Actual results may vary. Consult with a financial advisor for personalized advice.

Florida Retirement Snapshot

Understanding Florida's unique financial landscape helps you plan effectively.

State Income Tax

0%

Avg. Property Tax

0.98%

Cost of Living Index

99.6

Healthcare Cost Index

102.8

Key Financial Facts for Florida Retirees

No State Income Tax: Florida doesn't tax retirement income, including Social Security, pensions, 401(k), and IRA distributions.
Homestead Exemption: Florida homeowners can save significantly on property taxes with the homestead exemption (up to $50,000).
No Estate or Inheritance Tax: Florida has no estate or inheritance tax, making it easier to pass wealth to heirs.
Sales Tax: State sales tax is 6%, with counties adding up to 1.5% (average 7.01%).
Healthcare Costs: Slightly above national average, with excellent access to healthcare facilities.
Housing: Median home price around $400,000, varying significantly by region (higher in South Florida, lower in Panhandle).

Sources: Tax Foundation, Census Bureau, Council for Community and Economic Research (2024)

Your Florida Retirement Action Plan

Follow these steps to optimize your retirement in the Sunshine State.

Maximize Tax-Advantaged Savings

Since Florida doesn't tax retirement income, focus on maximizing contributions to tax-deferred accounts (401(k), traditional IRA) to reduce federal taxes now. Consider Roth conversions before retirement while in lower tax brackets.
Plan for Hurricane and Insurance Costs

Budget for higher homeowners insurance premiums (typically $2,000-$6,000+ annually) and consider flood insurance. Build an emergency fund for hurricane preparedness and potential evacuations.
Apply for Homestead Exemption

File for Florida's homestead exemption by March 1st of the year after purchasing. This can save $500-$1,500+ annually on property taxes and provides additional protections.
Review Healthcare Coverage

Ensure adequate health insurance before 65. Florida has robust Medicare Advantage options once eligible. Consider long-term care insurance given Florida's higher healthcare costs.
Diversify Income Sources

Combine Social Security (delay until 70 if possible for maximum benefits), retirement account withdrawals, and consider part-time work in Florida's tourism or service sectors.
Estate Planning

Take advantage of Florida's lack of estate tax. Update your will, establish healthcare directives, and consider trusts for efficient wealth transfer without state tax burdens.

Top Retirement Providers for Florida Residents

Compare leading financial institutions to help grow and manage your retirement savings.

Fidelity

✓ IRA, Roth IRA, 401(k) rollovers
✓ No account minimums or fees
✓ Retirement planning tools
✓ Florida branch locations

Open Account

Vanguard

✓ Low-cost index funds
✓ IRA and brokerage accounts
✓ 0.04% - 0.25% expense ratios
✓ Retirement income planning

Open Account

Charles Schwab

✓ Full-service investment options
✓ Robo-advisor and managed portfolios
✓ Free financial planning sessions
✓ Multiple Florida branches

Open Account

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Frequently Asked Questions

Does Florida tax Social Security benefits?

No, Florida does not tax Social Security benefits. Florida has no state income tax, so your Social Security income is completely state tax-free. You may still owe federal taxes on Social Security if your combined income exceeds certain thresholds.

How much do I need to retire comfortably in Florida?

Most financial advisors recommend having 25-30 times your desired annual spending saved. For a $50,000/year retirement lifestyle in Florida, you'd need $1.25-1.5 million, assuming a 4% withdrawal rate and factoring in Social Security. Your actual needs depend on your lifestyle, healthcare costs, and where in Florida you live.

What is Florida's homestead exemption and how does it help retirees?

Florida's homestead exemption reduces your property's taxable value by up to $50,000 for primary residences. The first $25,000 applies to all property taxes, while the second $25,000 applies to non-school taxes. This can save retirees $500-$1,500+ annually. You must apply through your county property appraiser's office.

Are there property tax breaks for seniors in Florida?

Yes! Florida offers additional property tax exemptions for seniors 65+ with household income under $32,000 (2024 threshold). Some counties offer additional local exemptions. The Save Our Homes amendment also caps annual property tax assessment increases at 3% for homesteaded properties.

How expensive is healthcare for retirees in Florida?

Healthcare costs in Florida are slightly above the national average (102.8 index vs. 100). Medicare covers most seniors 65+, with average Medicare Advantage premiums around $20-50/month. Budget $200-400/month for supplemental coverage and out-of-pocket costs. Long-term care is more expensive, averaging $4,000-8,000/month for assisted living.

What's the best age to start taking Social Security in Florida?

While you can claim at 62, delaying until full retirement age (67 for most) or even 70 maximizes your monthly benefit—up to 24% more at 70 vs. 67. Since Florida doesn't tax Social Security, the higher amount is more valuable. Consider your health, life expectancy, and other income sources when deciding.

Do I need to worry about hurricanes affecting my retirement in Florida?

Hurricane preparedness is essential for Florida retirees. Budget $2,000-6,000+ annually for homeowners insurance, keep 3-6 months expenses in an emergency fund, and maintain adequate property coverage. Many retirees choose to live inland or in newer, hurricane-resistant construction. Consider these costs in your retirement budget.

Related Calculators & Resources

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Calculate Your Florida Retirement Needs

Your Florida Retirement Projection

Florida Retirement Snapshot

Key Financial Facts for Florida Retirees

Your Florida Retirement Action Plan

Maximize Tax-Advantaged Savings

Plan for Hurricane and Insurance Costs

Apply for Homestead Exemption

Review Healthcare Coverage

Diversify Income Sources

Estate Planning

Top Retirement Providers for Florida Residents

Fidelity

Vanguard

Charles Schwab

Frequently Asked Questions

Related Calculators & Resources

Get Your Personalized Florida Retirement Plan