""I suddenly realized I could afford to retire years earlier than I expected," Scovel told Business Insider. "For that, I'm extremely grateful to Miami.""
"Florida has no personal state income tax, which can be a huge advantage for high earners. Scovel estimated that when he lived in New York, state and city taxes cost him close to $40,000 in some years."
"Once Scovel retired and stopped drawing a salary, the income tax advantage no longer mattered. Florida doesn't tax investment income or Social Security."
"Scovel found everyday costs in Miami to be similar to New York, with groceries modestly cheaper, but transportation was pricier."
Scott Scovel sold his Manhattan condo for $1.65 million and moved to Miami in 2021, seeking benefits from Florida's lack of income tax and lower living costs. He spent $727,500 on a Miami condo, which enabled him to retire earlier than expected. While he saved around $40,000 annually in taxes while working, the real advantage was the increased affordability of housing. Everyday costs were similar, but transportation was more expensive in Miami, and property taxes also needed consideration.
Read at Moneywise
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