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    Wednesday, April 24, 2024

    Survey: 60 percent look to move to a new location after retirement

    Having paid their dues in countless snowstorms over the decades, New Englanders have a reputation for pulling up stakes and striking out for Florida or Arizona upon their retirement. A new survey by the financial site Bankrate suggests that we're not alone.

    Sixty percent of respondents said they would consider moving after they retire, while only 34 percent said they would stay where they are. Four percent said they haven't yet settled on a plan.

    Younger people were more likely to want to live in a different city or state after their retirement, while older respondents were more content to settle in their current neighborhood. Seventy-three percent of those between the ages of 18 and 29 said they would consider a move after retirement, compared to 62 percent for those between the ages of 30 and 49, 50 percent for the 50-64 age group, and about 20 percent for those ages 65 and older.

    Respondents in the Midwest were most likely to favor a move. Sixty-eight percent said they would consider relocating after retirement, with about 20 percent saying a desire to live in a place with nicer weather would be the single most important aspect of where they live in retirement.

    People living in cities and suburbs were also more likely to consider a post-retirement move. Less than half of those living in a rural area said they would consider leaving their current home after retirement.

    The cost of living was an especially important consideration for older respondents. About three-quarters of respondents who were 65 years old or older said a lower cost of living would be "extremely important" when deciding where to retire.

    Gender, race, and education also appeared to have some effect on the results. Women were more likely than men to consider a low crime rate to be an important factor in deciding where to retire. Most white and black respondents wanted to move after retirement, while Hispanic respondents were less likely to favor relocation. Respondents who graduated college were less likely than those with a high school education or less to consider proximity to health care to be an "extremely important" factor in deciding where to retire.

    Natural beauty was the most desired feature of a retirement location among respondents, with 40 percent saying they would like to have access to mountains, rivers, or outdoor recreational areas. Beaches were also popular, with one out of every four residents saying they would like one nearby.

    Eighteen percent said they would like to retire near a university, museum, or other cultural attractions. Thirteen percent said they would consider walkability to be an appealing characteristic of the area where they retire.

    Bankrate said political persuasion seems to influence the characteristics a person would most like to have in their retirement community. Republicans and independents were more than twice as likely as Democrats to favor outdoor and natural amenities, while Democrats were more than twice as likely as Republicans and independents to desire cultural amenities.

    Stacy Jones, writing for Bankrate, says people who move after retirement should overestimate the costs of doing so. Since a move later in life is generally made on fixed income with less earning potential, one needs to carefully consider the costs of moving as well as factors such as property and sales taxes.

    The survey, the first one Bankrate conducted to gauge attitudes about moving after retirement, was administered by Princeton Survey Research Associates International and has a margin of error of 3.5 percentage points. A total of 1,001 adults were polled by phone in December.

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