Retire in Fort Lauderdale

Affordability

Find out how much it costs to live in Fort Lauderdale.

Cost of Living

Trying to keep your retirement income in your pocket instead of Uncle Sam’s? If that’s your goal, Florida could not be better. Rated by Kiplinger’s as one of the most Tax Friendly in the country, Florida has no income tax, no social security tax, and no taxes on any other retirement income. The cost of living in Naples, however, is above the national average.

Kiplinger Rating:

Most Tax Friendly

State Income Tax:

None

Social Security Tax?

None

County + State Sales Tax

6%

Property Tax Rate *

1.2%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

1011

* 2008-2010

Cost of Living Index (100=average):

114.9

Housing + transportation costs as % of income:

53%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

None

Tax burden: % income going to state and local taxes:

9.2%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

None

Property Tax Break for Seniors (per Kiplinger):

Florida residents ages 65 and older who meet certain income limits can receive an extra homestead exemption of up to $50,000 from some city and county governments and/or an exemption equal to the assessed value of the property, as long as the real estate has a fair market value of less than $250,000, the homeowner has maintained permanent residence at the location for at least 25 years, and household income does not exceed $27,994 during 2014.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Real Estate overview not available for Fort Lauderdale

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Work Potential

Fort Lauderdale has a slightly higher unemployment rate than the national average, while simultaneously having a higher percentage of 65+ individuals employed than the national average. Some of the largest employers in the area include AutoNation, Nova Southeastern University, and American Express.

  • Area
  • National Average

5 Largest Companies

  • AutoNation
  • Nova Southeastern University
  • American Express
  • The Answer Group
  • Kaplan

GDP Growth Last 3 Years

10.6%

Income Growth Last 3 Years

3.2%

Employment Growth Last 3 Years

4.9%

Top Industries Hiring

  • Administrative and waste management services
  • Accommodation and food services
  • Retail trade
  • Local government
  • Construction

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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