Is it for sunshine and sandy beaches, the state’s many retirement communities, or for other reasons? Just why do people retire in Florida anyway? Seniors Guide writer Eric J. Wallace went looking for the answer and brings us the pros and cons.
The Sunshine State has been the nation’s top homing beacon for seniors seeking the luxuries of a tropical destination retirement since the 1950s.
About 20% of all relocating retirees land in Florida each year, and its overall population of 55-plussers is now the country’s second highest at nearly 22%. The figure increases in the state’s popular southern coastal regions where, for instance, the age group accounts for about 40% of the entire Palm Beach County population.
“My husband and I vacationed here for years and fell in love with the beautiful beaches and warm winters,” says 96-year-old Springfield, Virginia, transplant Marilyn Greehan. The couple relocated to a 55-plus Florida retirement community in Boynton Beach in the late 1990s. Balmy year-round climate aside, “my favorite thing about living here has been the many friendships I’ve made. … I don’t think that would have happened if I’d gone on living in a regular neighborhood.”
While often front-of-mind for migrating seniors, Florida’s selling points extend well beyond sun and sand. And state tax benefits aimed at 55-plus residents sit high atop the list of why people retire in Florida.
Personal finance and business forecaster Kiplinger ranks the Sunshine State as one of the 10 most tax-friendly states for U.S. retirees. For those that choose a Florida retirement, “There are no state income taxes,” writes tax and finance columnist Ketelyn Washington, “which means you can continue working, receive your retirement benefits, [collect Social Security,] and enjoy your dividends, all without worrying about the state taking a cut.”
Statewide property taxes, meanwhile, are well below the national median, adding to the reasons for why people retire in Florida. AARP says that many cities and counties sweeten the deal for residents over the age of 65 through added incentives like homestead value exemptions of up to $50,000, notes Kiplinger. Lastly, Floridians pay zero estate or inheritance taxes, letting you maximize the money you pass on to loved ones or special causes.
A more recent and unexpected development is a surge in housing supply.
A report from real estate intel company Redfin shows that fewer buyers and increased building inventory has led home listings to jump by more than 50% in some areas. It goes on to say that, of the 10 U.S. “metros that saw the biggest upticks in median days on market, two are in Florida.” The typical home “took 31 more days to sell than a year earlier – the largest jump in the nation.”
The trend can translate to big savings for transplants. The consequence of this is that “sellers are slashing prices in these areas,” writes former Kiplinger senior editor Bob Niedt. For buyers, “the odds of getting an offer accepted below market value are pretty high.”
Why people might not want to retire in Florida
But experts say that, while positive factors are many, move-ready retirees should be aware of Florida’s long list of cons before diving in to a Florida retirement. Niedt recommends a “try before you buy” approach where seniors bypass the glitzy marketing and spend an extended period of time in the Sunshine State to really “get to know the place before they move.”
Rising oceans, increasingly catastrophic hurricane seasons and extreme weather events, for instance, have combined to cause major insurers like AAA and Farmers to restrict or totally drop coverage across the state. The trend has made it difficult for homeowners to secure quality insurance and forced them to shop with high-risk focused companies – and the skyrocketing premiums are hitting their wallets hard.
“Homeowners insurance rates in Florida rose 42% [in 2023 alone], to an average of $6,000 annually,” found a 2024 report from NBC News. Statistics from the Insurance Information Institute, meanwhile, show car insurance is now “more than 50% higher than the national average.”
Seniors should also consider the danger and inconvenience of extreme weather.
Thunderstorms in Florida are frequent and intense. The threat of the Atlantic hurricane season looms from June to November and peaks between mid-August and October. Three major storms strike each year on average and have terrorized literally every inch of coastline since 1850. More recently, 2024 tied historic records for the most events to hit land in a single year. Related evacuations can last for days and damages can be costly to clean up at best, catastrophic at worst.
Scientists have also shown that the heat is getting worse. Climate change has fueled rising temperatures that are about 3.5 degrees Fahrenheit higher on average since 1950. A string of cities have recorded record-high temperatures in the past few years and, with warming expected to continue, researchers at the Florida State University Climate Center predict many areas of the state will see upward of 40 extra 95-plus-degree days annually by 2050. The change will boost already expensive cooling-related energy costs and make it uncomfortable or even dangerous to stay outside for extended periods of time.
There are other reasons to avoid spending your golden years in Florida – like a family of wall-infiltrating armadillos, rogue alligators, invasive boa constrictors, rooftop rats, and the nation’s highest rates of termite infestation. But native Floridian and former Tampa Bay Times journalist Craig Pittman says it’s the wildly polarized political environment, widespread corruption, and a knack for attracting sleazy hucksters of every stripe that takes the cake.
“The deal with Florida is the charlatans and lunatics and Snapchat-famous plastic surgeons,” Pittman wrote in his book, “Oh Florida: How America’s Weirdest State Influences The Rest Of The Country” (2017). “It is the Ponzi schemes, the Byzantine corruption, the evangelical fervor and the consenting-adult depravity. It is the … lack of historical consciousness. The way in which this nation’s unctuous elements tend to trickle down as if Florida were the grease trap under America’s George Foreman grill.”
All of the above has contributed to an ongoing mass exodus from the state that ballooned to more than half a million people in 2023 alone.
As with any important life choice, when it comes to a big move, it’s imperative to investigate and weigh all aspects of the new locale beforehand. That way you can make an informed decision and hedge your bets on the side of happiness.
