Florida offers tax-free Social Security benefits attracting retirees

finance.yahoo.com November 29, 2024, 05:01 PM UTC

Florida does not tax Social Security benefits, making it attractive for retirees. In 2022, nearly 5 million residents received over $93 billion from Social Security's main program, with significant amounts also going to low-income individuals through Supplemental Security Income. The state has no income tax on any retiree income, including pensions and investment earnings. Florida's property tax rate is lower than the national average, and sales tax rates are about average. Residents can find local Social Security offices using an online locator tool. The main Social Security website offers services like benefit applications and work history reviews. A toll-free number is also available for assistance.


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