When it comes to planning for retirement, one of the most important financial considerations is taxation. How much you keep of your hard-earned savings often matters more than how much you earn. That’s why for millions of retirees, Florida continues to rank as one of the most desirable places to retire — not just for its sunshine and beaches, but for its incredibly favorable tax climate.
If you’re approaching retirement and considering where to enjoy your golden years, Florida deserves a serious look. Here’s why the Sunshine State is a tax-efficient retirement haven — and how working with seasoned professionals like David Kassir, Managing Director and Senior Financial Advisor at Manna Wealth Management, can help you make the most of your retirement dollars.
No State Income Tax — A Major Financial Win
Florida is one of only nine states in the U.S. with no state income tax. This means:
- No tax on Social Security benefits
- No tax on pensions
- No tax on IRAs or 401(k) withdrawals
- No tax on investment income (at the state level)
For retirees, this translates into substantial annual savings. Imagine relocating from a high-tax state like California or New York — where income taxes can reach over 10% — and suddenly keeping that money in your pocket instead of sending it to the state government.
As David Kassir of Manna Wealth Management emphasizes, “For clients nearing retirement, choosing a tax-friendly state like Florida can increase the longevity of their savings. You essentially gain more financial freedom without changing your income.”
No Estate or Inheritance Tax
Another reason retirees flock to Florida? The state has no estate tax and no inheritance tax. This allows individuals to pass on more of their wealth to children or heirs — without the state taking a large cut.
This is particularly important for high-net-worth individuals concerned about generational wealth transfer and long-term legacy planning. By basing your estate in Florida, you can simplify the process and protect assets more effectively.
Manna Wealth Management’s team, led by David Kassir, frequently works with families to integrate Florida’s tax advantages into comprehensive estate planning strategies.
Real Estate Benefits for Homeowners
Florida’s real estate is more than just palm trees and ocean views — it also offers tax-friendly perks for homeowners, especially retirees.
The Homestead Exemption
Florida residents may qualify for a homestead exemption of up to $50,000 off the assessed value of their primary residence. This significantly lowers annual property taxes.
Portability
Florida also allows for the portability of property tax savings if you move within the state. This is a major benefit for retirees who may want to downsize or move closer to family without losing valuable tax savings.
A Financial Ecosystem Built for Retirees
Florida doesn’t just offer tax savings — it also offers infrastructure built to support retirees, from healthcare to specialized financial services.
At Manna Wealth Management, David Kassir and his team serve as trusted partners to retirees who want to optimize their retirement income, minimize taxes, and protect their wealth for the long term.
With offices serving Florida clients, Manna Wealth Management is equipped to help you:
- Structure tax-efficient withdrawals from retirement accounts
- Coordinate Social Security and pension benefits
- Invest in tax-advantaged assets
- Develop an estate plan aligned with Florida laws
Lower Cost of Living Compared to Other Retirement States
While some parts of Florida have luxury price tags, many areas still offer a relatively low cost of living, especially compared to states like California, New Jersey, or Connecticut. Combined with no state income tax, this makes Florida one of the few places where retirees can maintain or improve their lifestyle without increasing expenses.
The Bottom Line: Florida is More Than Sunshine — It’s Smart Financial Strategy
Retiring in Florida isn’t just a lifestyle choice — it’s a strategic financial decision that can extend the life of your savings, reduce your tax burden, and give you greater peace of mind.
Whether you’re just starting to explore the idea or ready to relocate, working with an experienced advisor like David Kassir can help you navigate the financial landscape with confidence.
Explore your options with the Florida-focused experts at Manna Wealth Management. With tailored retirement planning and a deep understanding of the state’s tax advantages, they’re the partner you need to make your Florida retirement dream a financial reality.
