Retiring Baby Boomers - 6/19/14
With the stock market doing so well in recent years and with father time inexorably marching onward, a growing number of Baby Boomers seems to be asking the question, “To where should we retire?” rather than when or whether to retire. According to a recent report from Better Homes and Gardens Real Estate recently highlighted in the New York Times, 57% of baby boomers say they intend to move to a new home in retirement.
When asked what type of community they were likely to choose, 39 percent said a small town, for instance St. Michael’s or Chestertown, Maryland or to a rural community. The next most popular choice, 27%, was a 55 and older community followed by a metropolitan city, 26%. Only 8% picked so-called lifestyle communities like those intended for active adults and situated around golf courses. Nearly one third of those surveyed plant to spend retirement in a different state from the one in which they currently live.
A separate report from Bankrate.com analyzed several factors in determining which states offer the best quality of life for retirees based on weather, cost of living, crime, healthcare, and taxes. The 5 best states were South Dakota, Colorado, Utah, North Dakota and Wyoming. Florida and Arizona failed to make the top 10.