It’s easy to see why Florida is one of America’s most popular retirement destinations, as the Sunshine State does not tax Social Security, 401(k)s or pensions, there is no estate or inheritance tax, and the state basks in warm, tropical weather. It’s a perfect state for retirees to live out their golden years, assuming they can afford it.
Recently, GOBankingRates conducted a study to find the best cities in every state for retirees with $500,000 in savings. To do so, GOBankingRates used the U.S. Census Bureau’s 5-year American Community Survey to determine the retirement populations and household median incomes of cities in every state, including Florida. Then, cost-of-living indexes were taken from Sperling’s BestPlaces to determine monthly and yearly costs of living, as well as how long a 20-year retirement would cost in each city. Finally, GOBankingRates ranked the cities from highest to lowest in terms of their overall livability, ultimately finding the 36 best Florida locations for a $500,000 retirement.