Research Reveals 1 out of 3 Retirees Would Live Elsewhere
A surprisingly high percentage of retirees say they’d pick a different spot in which to spend their later years. In a survey of people in their 70’s, 31% say “no” when asked “if you had to do it all over again, based on what you know now, would you choose where you are currently residing again?”.
A surprisingly high percentage of retirees say they’d pick a different spot in which to spend their later years. In a survey of people in their 70’s, researchers at Age Friendly Ventures (the parent organization of AgeFriendly.org, Mature Caregivers and RetirementJobs.com), found 31% say “no” when asked “if you had to do it all over again, based on what you know now, would you choose where you are currently residing again?”.
Friends did not make the top of the list of factors that influenced a decision of where to retire; the top 3 were family (65 percent), general livability (36 percent) and desired weather conditions (32 percent).
These sentiments are summed up by Louisville, KY resident David Heath, who was tempted to relocate internationally but chose family over fair weather and finances. “I would prefer to be in Costa Rica. The weather is warm year-round and you can be at a beach within an hour’s drive from anywhere in the country. The cost of living is low and a person can live well on $2,000 a month. In my current location, Louisville, KY, I need my retirement and a job to meet my monetary needs. The reason I stayed in the Louisville area is because my children and grandchildren are here. My family is the most important reason for retiring here.”
The financial picture plays a big role for the many who reconsidered their retirement destination, suggesting that consulting with a financial advisor should be a higher priority for older people when they're on the front end of the retirement destination decision process. A California survey respondent says he and his spouse moved to San Diego for their retirement given the beaches, mountains, weather, people, and general lifestyle. But now, he says “we are being so heavily taxed we can no longer reside here. We will be moving to a state that is senior tax friendly…Property taxes in Nevada and Arizona are less than 50% of California's for a larger home. Should have left 15 years ago.” Experts from financial services giant MassMutual agree and suggest that pre-retirees talk through the financial what-ifs with a financial advisor before they make their move to help either avoid or prepare for cost of living and other surprises down the line.
Two out of 3 retirees did not do in-depth research to determine where to live in retirement. Three out of 4 indicated that they would find a tool like AgeFriendly.org helpful in order to know in advance more about what a place is really like, from the perspective of people who are already there. They say they welcome an online community that helps Americans over 50 tap others in “the crowd” for advice about good places to live, work and get care. AgeFriendly.org executive Daniel McCullough says "we're hoping to put more of a human face on the research about where to live in your later years. What's it really like to live there? We're also giving people a place to inform community leaders about what they like and don't like about a particular place. If we do our job right, this will lead to improvements and enhanced quality of life".
Age Friendly Ventures surveyed more than 700 people age 70+ for this article.
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Well, I wound up moving from the Silicon Valley to a place with a much lower cost of living, and MUCH less day-to-day "tensions (e.g., commuting time, insane public officials). Even though I am not much of a believer myself, we picked an area which is very close to my wife's chosen church (it's very important to her, and, she deserves to get what she wants). I am a native New Yorker, and I would not have imagined that I would LOVE central Florida...but I do! The weather is (mostly) great, the people are friendlier than I have met anywhere else, all the daily necessities are within 5 or 10 miles, and the prices are from circa 1995! Amazing, since the first time I was ever here was when I got out of the U-Haul at the end of our move!
I am not happy in Enchanted Acres due to they raise the lot rent every year not every 2 years as per our lease agreement ..they say it is for water treatment which is a lie ....every time they make a repair or fix something they raise our lot rent ...I want to know what can be done legally as a tenant to stop them from doing this ?
I think the baby-boomer generation is re-writing the Retirement Chapter. I had toiled at a job that afforded me a modest retirement. But because I live, raised my children, cared for elderly parents in a desirable weather local, I must continue to be diligent with my funds, as though I'm still employed. My children can't afford to live here, because of the lack of job opportunities and cost of living. Yes, there are less expensive areas, which to live. But, as we age, we tend to get set in our ways. The brochure photos of these retirement areas, never seem to live up to the eventual reality, of you having to wake up there.
My retirement decisions would have been different if I had relocated earlier in my career. I passed on opportunities to the east coast and chose to remain in the Midwest mainly because of family. But I think my family would have relocated with me. Perhaps I could have had an easier and longer retirement path with a larger number of job possibilities in my field. I stayed in the Midwest and experienced 2 downsizings in a narrow career path. My retirement savings was used for living expenses and other choices were made causing me to launch my own research business. While something I wanted for a long time but only after a retirement I had planned for.
I hate the weather in the winter. Walking on "ice" not so good for old people; neither is driving. Don't like the fact that short of casino gambling and shows, not much else to do for the elderly crowd. Don't like the fact so many Californians are moving here and causing property prices to skyrocket. Don't like the low wages paid to workers in Reno. Don't like the poverty I see in Reno. Don't like the poor education afforded children in Reno. Don't like the politics in Reno. (Very liberal; I'm very conservative). Not very many good places to eat other in the casinos. The casinos can't deal with the competition. No, if I had it to do again, I wouldn't be retired in Reno. Wish I'd gone to Florida!