Retirees on The Move

Once you decide to retire and escape the workplace, one of the first questions that comes to mind is should I relocate and if so to where? For many years the simple answer for many was California or Florida, but according to the Census Bureau that trend is shifting. 

There are several factors that contribute to the decision as to where to go after retirement. Many retirees want a warm climate with low cost of living and taxes. They want a place to relax and be able to enjoy the lifestyle that they were not able to enjoy while employed. 

For the majority of retirees, they need not move very far. According to the Census Bureau, between 1995 and 2000, 23 percent of the 35 million people that were age 65 and older chose to move. Nearly 60 percent of the relocations were made locally within the same county, with 22 percent within the same state but to a different county. 

For those people that do decide they need a change in environment, the favored locations are changing. Although Florida still remains number one when it comes to the number of residential retirees moving in, it does not have the fastest percentage of migration gain. That honor goes to Nevada and Arizona. 

The Census Bureau finds that California has lost an enormous number of retirees, losing more than 34,000 retirees in a five-year period. New York holds the number one spot for the most outmigration, primarily because of its climate, and Illinois is ranked number two in the retiree outflow category. 

On the other side of the spectrum are Arizona and Nevada which experience high levels of inward migration. 

The Census says many retirees will chose to remain in their familiar environment, where they are close to their old homes. The reason for this is so that they can stay with their children and family or perhaps health reasons don’t permit them to move elsewhere. For those that do chose to leave the state it seems that their choice in retirement spots is to warmer, lower cost states. 

-Fall 2004 Issue