Should You Retire in Florida?
When people think of relocating for retirement, they often think of Florida -- and millions have actually moved there for their golden years. If the Sunshine State is tempting you, be sure to read up on it and consider lots of pros and cons.
For example, upsides of Florida include lots of natural beauty and beaches, warm winters, and no state income tax. Florida is one of many states that don't tax Social Security benefits, and it doesn't tax pension income or distributions from 401(k) and IRA accounts, either.
There are other taxes, though. For example, Florida's state sales tax is 6%, though groceries and prescription drugs are exempt. (That 6% rate applies to cars, though, so a new $30,000 vehicle could cost you $1,800 in state taxes.)
Source Fool.com
