Personally, I cannot wait to retire, but sadly, I have many years before this dream becomes a reality. For many, however, planning their retirement is right around the corner.
Congrats on making it to the finish line. Now, the real question comes up: Where are you going to spend your golden years? Where you decide to call home when you retire is an important question that has both financial, social, and quality of life implications.
While there is no one-size-fits-all solution, looking at migration patterns of retirees can be a helpful tool in your decision-making process. According to Forbes, these are the top states to call home once you turn in your time card.
1. States Retirees are Fleeing – California
People are packing up and leaving the Golden State by the thousands. In fact, the state saw a loss of over 100,000 residents in 2021 alone.
Despite the temperate climate and booming tech industry, many people can work from home and are opting to move to states with cheaper housing options. Retirees on a fixed income are even harder-pressed to afford to stay in California once they are no longer working. In addition to the rise in wildfires, tax increases, and conflicting politics, California is no longer the coastal paradise that many once considered it to be.
2. New York
For many years, it has been a stereotype for retirees to flee New York for warmer weather states like Florida. Sometimes stereotypes exist for a reason because, in 2022, the Empire State saw 75,000 residents become transplants.
Residents blame the skyrocketing cost of living and ridiculous state and local taxes for their move. The rise of the stay-at-home workplace has made leaving New York attractive. Plus, the pandemic has proven people appreciate space, and the thrill of big-city living is starting to die out.
3. Illinois
Illinois residents cite the opportunity for better housing as the number one reason for leaving the state. In 2021, the state lost 29,000 residents to neighboring states.
In addition to the high cost of rent, the bigger cities of Illinois have suffered from increased crime over the past decade. Retirees want to feel safe, and the thought of being a victim of a crime is not worth staying put in their hometowns.
4. Pennsylvania
If you add up retirees and people leaving for better job options, Pennsylvania saw 18,000 residents relocate out of the state. If you ask newly retired people, they blame the harsh winters as one of the main factors in this mass exit.
Look for future retirees to follow suit. No one wants to spend their golden years shoveling snow and scraping ice from the windows.
5. Massachusetts
Other than California, are you sensing a trend here? The states where most retirees are fleeing from having extremely rough winters. After spending most of their lives dealing with the elements, these folks are over it and moving out.
The same is true for Massachusetts. In 2022, the state lost over 15,000 residents to warm-weather states. Likewise, families are also fleeing, choosing open land and remote work over crowded cities.
6. States Retirees are Moving To – Idaho
Many residents leaving the expensive West Coast are choosing Idaho as their home state. It is close enough to the coast for a quick trip, but the cost of living is much lower than in neighboring Washington, Oregon, and California.
The state has a growing agriculture and medicine economy, making it attractive to active professionals. But, the main attraction for retirees is the low cost of living. This alone brought around 1,800 households to Idaho last year. Look for this number to increase in 2024 as the word gets out.
7. Delaware
Delaware has seen a rise in population due to affordable rentals, low taxes, and close proximity to larger financial cities like Baltimore, Philadelphia, and Washington, D.C.
Retirees are following in their path and choosing The First State for similar reasons. They can still enjoy the East Coast lifestyle and be close to family, but they can also avoid the hustle and bustle of those bigger cities. It is the ideal place for retirees wanting a quieter pace of life without moving across multiple states.
8. Maine
Maine is a comfortable option for retirees because it is so close to expensive states like Massachusetts, Pennsylvania, and New York. The cost of living is much lower, and it is a reasonable drive to connect with family and friends on holidays.
It is also a beautiful state known for its picturesque landscapes and coastal towns. If you add up all these reasons, you will understand why Maine welcomed over 2,500 residents in the past year and is open to more in the coming years.
9. Nevada
Nevada may be hot, but it is dry heat. If you ask anyone from the South, they will tell you they would trade that over the humidity any day. The numbers back up this claim, and in 2022, Nevada saw its population rise by over 3,000 residents, many from the country’s Southern region.
Retirees love the warmer weather. The appeal of the neighboring states, a destination town like Las Vegas and one of the last states to buy cheap housing, Nevada is quickly growing a senior community much like those in Florida.
10. Arizona
Like its neighbor Nevada, southern Arizona has year-round warm temperatures, making it ideal for retirees to live an active lifestyle. It is also home to major metropolitan cities like Phoenix and Scottsdale.
Many retirees wish to live comfortably but also be close to their loved ones. Phoenix is a major airline hub, making it a perfect place for quick flights in and out. Plus, they can convince their kids to ditch the cold winters for a Christmas in the desert.
11. Georgia
Georgia has recently seen a rise in the retirement population. Over 5,000 people chose to move to the Peach State after leaving the workforce, most coming from northern states like New York, Pennsylvania, and Massachusetts.
The reasons are clear once you step back and look at Georgia. The state has a mild climate, with mountain, lakeside, and beachfront cities. It’s also home to one of the largest airports in the country, Atlanta.
12. South Carolina
Much like Atlanta, South Carolina’s biggest city, Charleston, is attracting retirees because of its impeccable climate. It is also a quick trip back to the northern states, where most of the retirees are coming from.
Charleston is also a charming city on its own. The coastal town draws tourists during the summer but allows quiet beach access during the off-season.
But the state is so much more than Charleston. Growing cities like Greenville, Columbia, and Spartanburg offer smaller city feels with modern amenities. It is no wonder the state saw over 10,000 move in over the past year.
13. North Carolina
South Carolina’s sister state, North Carolina, is also getting quite a bit of attention among retirees. The state is great for active retirees looking to spend their days hiking, biking, kayaking, and exploring. It is home to beach communities, the Outer Banks, and mountain towns like Boone and Ashville in the Appalachian Mountains.
All of these factors brought in almost 10,000 new residents. With cities like Raleigh, Durham, and Greensboro growing every year, look for this state to welcome more and more active retirees from both the North and the South.
14. Florida
Florida has always been a prime spot for retirees. The warm weather and multiple senior communities make it easy to transition into retirement.
No matter where you decide to retire, you will have access to many healthcare facilities and active communities. Many new retirees love the appeal of these large retirement communities because they provide multiple events and a prominent social circle. It can be hard to find new friends when you relocate, but having neighbors of the same age makes this hurdle much easier to get past.
15. Texas
Lastly, we have Texas. The Lone Star State is notoriously cheap, and with the excess of land, more and more communities are starting to be built, drawing residents of all ages. While the majority of new Texans are families, new retirees are quickly adapting to the Texas way of living.
One of Texas’s biggest draws is its conservative political climate. Retirees who desire low taxes, affordable housing, and a Republican mindset will feel right at home in Texas. This, plus a moderate climate, has welcomed over 12,000 new Texans to their great state.
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