Benefits

Many Boomers to Stay Put Upon Retirement

By Kristen Heinzinger editors@plansponsor.com | October 05, 2012
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October 5, 2012 (PLANSPONSOR.com) – More than 62% of Baby Boomers plan to remain in the state they live in upon retirement, according to a PluteGroup study.

This is a 20% increase from two years ago when Del Webb—the retirement community company of which PulteGroup is the parent company—asked the same question in the 2010 Del Webb Baby Boomer Survey.

Other findings of the PulteGroup Home Index (PGHI) survey include:

  • Forty-three percent plan to retire in the same city where they currently live;
  • Nineteen percent plan to retire within the same state, but a different city;
  • More than one-third (35%) plan to retire in a different state;
  • More than half (53%) will not take into account the proximity of their children/grandchildren when deciding where to live in retirement; and
  • Thirty-two percent want to live within 20 miles of their children/grandchildren upon retirement.

 

The study also found fewer Boomers are delaying retirement. In the previous Del Webb survey 46% said it would take more than 10 year before they are ready to retire, compared to 14% of respondents to the PGHI survey. Sixty-one percent of respondents plan to retire in less than 10 years, including 45% who believe they will be financially prepared to retire in the same time period. Among this same group, 59% said they are either not delaying retirement or plan to retire at a younger age than originally anticipated.