Boomers Willing to Relocate to Achieve Dream Retirement: Survey

Crossing lines has been a defining characteristic of baby boomers, and retirement appears to be no exception. In this case, it’s state lines, as a third of boomers are expressing a willingness to relocate to achieve the quality of life they envision for their senior years.

The welcome mat is out for retiring boomers. It is estimated that a community need only attract three-tenths of one percent of relocating boomers to add $1 billion per year in new income to its economy.

According to a new survey conducted for the Consumer Federation of the Southeast, two-thirds of boomers say that health care is the most important they consider in choosing where to retire, followed by the cost of housing (55 percent), climate and local taxes (49 percent) and services for seniors (45 percent).

Recreational activities are important to just over a third (34 percent), while 31 percent envision their senior years spent near an ocean or the beach. Twenty-six percent are looking for stimulating cultural activities and a thriving art scene, while a quarter consider a community’s diversity. Fifty-one percent that living in an area with a large university would not be a factor in their decision on where to retire, while 41 percent would consider it a positive.

A stereotypical vision of retirement is one spent in a climate that is warm and sunny the year round, but the majority of boomers surveyed (53 percent) said they wanted to live in some place warm, but with some cooler months. A quarter wants the full four season treatment.

Rather than a large city or metropolitan area, boomers may be looking to simplify their retirement years by living in a mid-size city (40 percent) or a small town (32 percent).

In a 2011 wealth level study conducted by Millionaire Corner of households with a net worth between $100,000 and $1 million (not including primary residence), having enough money set aside for retirement was a primary personal concern for 65 percent of boomers ages 55-64, while 55 percent were concerned about being able to retire as planned. 

So how are boomers faring in their retirement planning to make these dreams a reality? Thirty-nine percent who responded to the CFS survey estimate they have saved less than $100,000, while 14 percent say they have retirement savings of between $100,000 and $249,999. Tellingly, just over a quarter (26 percent) are not sure. Twenty-seven percent said they could not estimate what their annual pension income will be.