Where Retirees Are Moving

Posted on March 12, 2020

Where Retirees Are Moving

We found this great article in SmartAsset, written by Stephanie Horan, CEPF® ( https://smartasset.com/author/stephanie-horan ), regarding where Americans are retiring and why. Find full article here: READ ON: ( https://smartasset.com/financial-advisor/where-retirees-are-moving-2020 )
In 2018, roughly 930,000 people ages 60 and older moved across state lines, an increase of about 16% from five years earlier. When moving, retirees consider items such as climate and weather, different tax rates and housing costs:

  • Warm weather matters. Florida and Arizona had the highest net migration of retirees in 2018.
  • Nine of the top 10 cities where retirees are moving are located in areas of the country that are not known for frigid weather. Denver, Colorado is the only city in the top 10 known for its more severe winters.
  • Retirees are cost-sensitive. In 2018, New York and California, two of the states with the highest cost of living, saw more seniors move out than move in.
  • Arizona ( https://smartasset.com/retirement/arizona-retirement-taxes ) does not tax Social Security ( https://smartasset.com/retirement/social-security-calculator ) retirement benefits.