Three out of five Americans want to spend their retirement in another city or state from where they currently live, according to a Bankrate’s “Would you Move in Retirement?” survey of about 1,000 adults nationwide.
Seventy-three percent of those surveyed who fall between the ages of 18 and 29 say they’d consider moving when it’s time to retire, but that rate drops to 62 percent for those between the ages of 30 and 49, and 50 percent for ages 50 to 64. Only about 20 percent of those surveyed age 65 and older said they’d consider moving.
“It makes sense that as people approach retirement age, they become less enthusiastic about the idea,” says Nari Rhee, a University of California, Berkeley retirement expert. “Once you’ve established roots in a community, it’s much harder to move away from your friends and your support network — even if the cost of living is lower elsewhere.”
For older Americans, living on a fixed income can be a big concern when they retire, and nearly three-quarters of survey respondents who were 65 years old and older said that finding a lower cost of living was “extremely important” when they do retire.
Source: “3 in 5 Want to Retire Somewhere Else,” Bankrate.com (March 23, 2015)