Social Security Snapshot
Florida
It is one of the leading go-to destinations for thousands of seniors and for good reason! The Sunshine State has year-round temperate weather, a large number of recreational activities and beautiful beaches that make it a big draw for retirees. Now’s the time to make sure you get the most from your Social Security income and benefits — and count on a Social Security Advisor that is a Registered Social Security Analyst to show you how.
Social Security for Floridians — here’s what you can expect:
- Retirement benefits
- Benefits for disabled workers and their dependents
- Benefits to the families of deceased workers
You may also be entitled to:
- Supplemental Security Income program (SSI) – a needs-based program for people ages 65+ and people with disabilities, regardless of age.
- Assistance if you are a Medicare beneficiary with limited income to apply for extra help with the cost of prescription drugs (Medicare Prescription Drug Program.)
Social Security: It’s tax-free in Florida
While the IRS may tax you on up to 85% of on Social Security benefits, all Social Security income is tax-free on your Florida state income tax return —regardless of income or the size of your Social Security benefit.
What you need to know as a Florida retiree:
- No tax on Social Security income
- No tax on withdrawals from retirement accounts
- Wages are taxed at normal rates
- Marginal state tax rate is 0%
- No tax on public and private pension incomes
- No tax on estate or inheritances
Find a Social Security Advisor that has the RSSA credential.
If you’re planning for retirement in Florida, advisors that are Registered Social Security Analysts can help you gain far more Social Security income by making the optimal claiming decisions. Our clients have realized from $20K to $200K in potential additional benefits. Contact us today for a complimentary 10-minute consultation with one of our RSSA advisors.