Senior Spotlight: Baby Boomers Are Making Moves To These 10 States
Plus, the 10 states that cost the most to retire in!
Two main questions run through most of our minds as we retire: What are we going to do with our ‘free’ time? How are we going to afford it? The largest costs of retirement are the things that we need, not the things that we want, such as a manageable house payment, sustainable grocery and gas bills and quality health insurance. How much the practicalities cost determines how much you have left for the fun stuff, right?
As such, you have no doubt considered where you live is financially feasible and desirable for this stage of your life. While most studies show that retirees want and plan to age in place, there are times when making a move can improve quality of life and finances. Both AARP and Yahoo! Finance recently published some ‘Top 10’ data on what states retirees are flocking too, and the ones fixed income residents are most likely to flee.
AARP has updated an article on 5 Reasons to Relocate in Retirement with the 10 states retirees are moving to the most, based on data from consumer finance website SmartAsset.
Top States For Retiree Moves
These 10 states had the highest net migration of people 60 and older (the number moving into the state minus the number moving out):
1. Florida
2. Arizona
3. South Carolina
4. Texas
5. North Carolina
6. Georgia
7. Alabama
8. Tennessee
9. Nevada
10. Kentucky
Top reasons cited for retirement location are: lower housing costs, closer proximity to family, better weather, a lifestyle ‘reboot’ and tax benefits (such as states with no income tax or exempt retirement income).
10 Most Expensive States for Baby Boomers
There are few surprises on this list, and probably not much shock that California appears here. In terms of the states with the highest expenditure costs for different generations, Yahoo! Finance reports the most expensive states for Baby Boomers as:
1. New York
2. Oregon
3. New Hampshire
4. Rhode Island
5. Alaska
6. New Jersey
7. Washington
8. Massachusetts
9. California
10. Hawaii
Factors impacting cost of living here are household median income, Boomers’ average monthly expenditure costs (highest cost in most of these states is health care) plus the overall cost of living both monthly and annually.
As always, your individual situation may vary; a retirement relocation may or many not benefit you. The goal of providing information such as this is to provide perspectives on the costs of retirement, what you value both financially and personally and where you can write your next, best chapter.
One great way to decide what you love about different locations is to travel, though we never need an excuse for that! 😉
Happy fall,
Bobbi
Bobbi Decker
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Broker Associate
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www.bobbidecker.com
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