Ah, retirement – that golden age where your biggest decision is whether to play bingo or shuffleboard. But before the fun begins, there’s one major choice to make: where to park your rocking chair. In 2023, more than 338,000 American retirees decided to pack their bags and find new pastures, with Florida leading the charge as the retiree Promised Land. But hold your horses, Sunshine State; South Carolina is hot on your heels!
Where retirees are going to (and leaving from)
These five states drew the largest percentage of interstate moves by retirees in 2023:
- Florida (11.1% of all inbound moves)
- South Carolina (10%)
- New Jersey (6%)
- Texas (5.8%)
- Washington (5.3%)
And these five were the most frequently exited:
- California (18.3% of all outbound moves)
- New York (11.4%)
- Virginia (6.5%)
- Ohio (4.9%)
- Pennsylvania (4.8%)
Florida: The Retiree’s Paradise
Florida, the land of endless summer and discount early bird dinners, retained its crown as the top destination for retirees. About 11% of moving retirees decided that alligators and humidity were a fair trade for warm winters and sandy beaches. It seems the lure of theme parks and the ability to wear shorts year-round was too strong to resist.
South Carolina: The New Kid on the Block
South Carolina, previously the wallflower of retirement destinations, suddenly became the belle of the ball, attracting 10% of retirement moves. Maybe it’s the sweet tea, the charming towns, or the fact that your pension stretches further than a yoga instructor on a good day. Whatever the reason, the Palmetto State is now the cool kid in the retiree schoolyard.
New Jersey, Texas, and Washington: The Unexpected Trio
Rounding out the top five were New Jersey, Texas, and Washington. New Jersey making the list might have some scratching their heads – high taxes and cold winters don’t scream “retirement haven.” But hey, maybe retirees love a good challenge, or perhaps they just can’t resist the allure of the Jersey Shore.
Texas and Washington also made the cut. Texas, with its no state income tax policy, is like a siren song for penny-pinching pensioners. Washington, with its beautiful landscapes and coffee culture, is perfect for retirees who prefer hiking boots to flip-flops.
California and New York: The Great Escape
On the flip side, California and New York topped the list of states retirees are ditching. With living costs soaring higher than a SpaceX rocket, retirees are bidding adieu to the Golden State and the Empire State in search of more affordable adventures.
The Why Behind the Where
So, what’s driving this great retirement migration? Aside from the obvious – avoiding shoveling snow and finally living out those beachside dreams – it turns out there’s more to it. Health care, proximity to family, and, of course, financial considerations are all part of the retirement relocation equation.
Financial advisor Michael Collins points out that health care infrastructure is a key factor. It’s all well and good saving on taxes, but if you’re three hours from the nearest hospital, well, that’s a bit of a problem. It seems retirees are looking for that sweet spot where they can enjoy their golden years without breaking the bank or being too far from a doctor.
Affordability and Lifestyle: The Balancing Act
The move towards more affordable living is evident in the rise of cities like El Paso and Kansas City as retirement hotspots. These places offer the charm and amenities retirees seek without the hefty price tag of more traditional retiree destinations.
The New Jersey Conundrum
And then there’s New Jersey. Despite being a popular spot for retirees leaving New York, it’s also a state many are eager to leave. It’s like that relative everyone loves to visit but wouldn’t want to live with.
In the end, choosing a retirement destination is like picking out a new pair of shoes – it’s all about finding the right fit. Whether it’s basking in the Florida sun, enjoying the Southern charm of South Carolina, or braving the New Jersey winters, one thing’s for sure: retirement is one grand adventure, and the road is wide open. So, retirees, start your engines, and may your journey be as exciting as the destination!
