Discover Why Arizona and Florida are so Attractive to Retirees
Beyond the warm weather, there are many reasons so many retirees want to move to either Arizona or Florida. Finance Buzz compared the two to determine which would be best for seniors looking to stretch their retirement dollars the most while enjoying a quality life. Here’s where they stacked up on the various criteria compared:
State taxes – Florida was the winner here. Not only does Florida not have a state tax, but it also does not tax Social Security, pensions, or retirement account withdrawals. Arizona has a state tax and taxes withdrawals from retirement accounts, and pensions are partially taxed.
Weather – While both states boast warm weather, the high humidity in Florida can be unbearable, especially during the summer. Arizona takes the win here.
Housing costs – This is a tough one to call. Based on current home prices, Florida is better. But prices are falling in Arizona, which could benefit you depending on when you want to buy. Finance Buzz gave this one a tie.
Homeowners insurance – Florida is facing a property insurance crisis, largely due to claims over recent hurricanes. Many insurance companies are raising premiums at astronomical rates, if not dropping customers altogether. Hands down this one goes to Arizona.
Food costs – Arizona took the win here, but it was close. The average monthly food bill in Arizona is $543, compared to $568 in Florida. The cost of eating out is about $2 less in Arizona.
Gas prices – Florida was the big winner here. Comparing prices, gas was more than $1 more per gallon on average in Arizona than in Florida. Additionally, gas in Florida was cheaper than the average price nationwide.
Age – This might be a personal preference. Florida’s senior population (over age 65) is 21.1 percent compared to Arizona’s 18.3 percent. So, if you want to be around more people your age, Florida would be the place to be, but if you prefer a more multi-generational community then Arizona could be a better choice.
No matter where you choose to live, The Seniors Trust wants you to enjoy a quality retirement without stressing about money. That’s why we want to see Congress enact The Social Security Expansion Act. It will give retirees an immediate $200 per month (average) benefits increase, create a fair annual cost-of-living adjustment (COLA), and increase minimum benefits.
