SURVEY SAYS: Where Are You Planning to Live When You Retire?

February 25, 2010 (PLANSPONSOR.com) - This week, I asked a simple, but hopefully provocative, question. 

Where are you planning to live when you retire?

“Will” Power?

It was encouraging to see that most of this week’s respondents were, in fact, planning to retire – and most at a reasonably “traditional” age.  

Just about 38% said they planned to retire “at or around” age 65, compared with “just” 22% who said “at or around 70.”  Another 37% said they planned to retire “as soon as I can afford to”, and the remaining 3+% weren’t planning to retire (including the reader who noted, “My wife told me I can never retire. She doesn’t want me home 24/7.”).

That said, readers had a variety of “qualifications” to those responses.  “At 67.5 when Social Security kicks in,” noted one (yes, Virginia, 65 is no longer the regular age for full Social Security benefits).  Some were more specific than the relatively simple ranges I provided:

“This summer, at 61,” noted one.  “June 30th,2010,” said another.  Still another qualified it as “Economy permitting.”

One noted, “Depends on what you call retirement.  I’m hoping to leave behind the stressful job I’m doing now in favor of a second career – this time based on what I love and not what will pay the bills”. 

My favorite was the reader who said, “I’m pretty sure I’ll die in a cube”.  (there are more verbatim responses at the end of the survey).   

“Where” Withal

As for where, very few expressed an inclination to leave the U.S. in retirement, though there were some – and several of those inspired by the Olympics, apparently (including the reader who noted, “I’ve been there, plus seeing it in the Olympics reminds me it is one of the most beautiful places in the world”), since Canada was the most often non-US venue cited.  Also noted were Italy, Costa Rica, Belize, Thailand, Mexico.

Still, most plan to retire here.  Yes, Florida was a frequent citation – in fact, it was the second-most popular locale cited.  It was not, however, the top-ranked locale.  That honor went to the Tar Heel State (North Carolina), which just edged out the Sunshine State.  Of course, North Carolina’s popularity was at least partially explained by the fact that nearly as many people were already living there as those that planned to relocate there after retirement.  That said, one reader noted “I've lived in Detroit for 35 years, and winter last five months. The sun shines about once a week. Asheville has four seasons, but winter is only two months, and the sun shines almost every day. There is plenty of culture and the geography is beautiful. There's also lots of outdoor activities. This is heaven, BUT DON'T TELL ANYONE!!!!”…. (Editor's Note:  Oops).       

California and Colorado tied for third, while Arizona was the fifth-most cited.  New York and Ohio were tied for sixth, while Alabama, Maryland, Michigan, New Jersey, and Oregon were clumped together – and yes, these were mostly people who already have roots there.  That factor also seemed to account for most of the other states listed.   

I did ask readers to share why their chosen retirement locale was – well, why it was their chosen retirement locale.  And I tried to provide a wide range of choices.  And yet, the top vote getter was “other.”  But more on that in a minute.

Locale Rationales

Other than “other”, “I live there now” was the most cited rationale (29.3%), distantly followed by “I’ve enjoyed vacations there” (10%), and even more distantly followed by “I’ve always wanted to live there” (4%), which was closely followed by “my spouse/significant other wants to live there” (3.3%).  The remaining responses broke out pretty evenly between places where people used to live, where their family (parents/siblings/in-laws/children) lived (one reader noted, “Really, I haven't thought about WHERE we'd live when we retire. I guess it depends on how much we have to live on, where the kids are living, and more.  Since that's at least 25 years off, I have no idea where we'll be.  I don't think we'll do the traditional "move to Florida", but I don't see us moving too far from this area.  My wife has a rule that we cannot live more than three hours from her hometown.  Of course, her parents, aunts, and uncles probably won't be around in 25 years, so I don't know if that rule will still apply”)  – and where they could afford to live. 

Now, as for “other” – and this was nearly half (42.7%) of the responses.  There were some “practical” responses, of course:

“I've been saving in 401(k)s my whole life.  Pennsylvania is the only state with an income tax that doesn't recognize 401(k) deferrals as pre-tax for state purposes.  If I retire in another state with an income tax, then I'll be double taxed.  I guess I'll have to put up with snowy winters forever.  ;-(“

“After living in rural Oklahoma and helping parents with failing health travel 2-6 hours just to get to a major medical center, I want to live in a city so I don't have to rely on family to take me to the doctor.  If I can't drive, I can just take a taxi.”

“But the big category I apparently missed was “where my grandchildren live” (granted, in retrospect it looks pretty obvious)”.

Climate “Change”

The other category I missed was – well, let’s just say that climate IS a factor:

I'm a life-long New Englander, and every winter I swear I'm moving south.  I'll move south for the winter, and keep a place in MA for the summer.  Although grandchildern may have something to say about that.......

I have 25 years to retirement so I haven't even thought about WHERE to live, other than it will be somewhere with a warmer climate than WI!

After this winter, all I know is "somewhere south."  I love PA but the notion of year-round warmth prevails.

I have not discussed a place with my wife yet so it's just best not to say anything.

Although I currently live in Florida, I don't really want to retire here.  I was born in Maine where we had 2 seasons:  winter and the 4th of July.  For the past 25 years I have lived in Florida where we again essentially have 2 seasons:  Christmas and summer.  So, I'm thinking I'd like to experience 4 seasons and am targeting the middle Atlantic--North Carolina or Virginia.

I'm cold.  I'm tired of being cold. I'm tired of shoveling snow. I'm tired of limiting the plants I can grow. I'm tired of short summers. I love MN, but I want a more temperate climate when I retire, where I can hike all year round, and get by with a sweater in the winter."

But this week’s Editor’s Choice goes to the reader who said, “Oddly enough, I retire people every month and haven't given one thought to where I want to go (tho' some have given me one hot suggestion more than once). But definitely not Florida or Arizona...too many old people.”   

Thanks to everyone who participated in our survey!   

Don’t forget to check out the verbatim on the following pages!

I have enjoyed vacations there, the weather is great, the people are wonderful and your money goes really far...

I've enjoyed vacationing there, and want to get as far away as possible from snow!!

We want overall milder climate, but love mountains.  So, going north is out even though the Adirondack's are absolutely beautiful.

A lot will depend on where my kids settle.  If they end up somewhat close in proximity to each other, then we will try to be close to them.  After all, I hope to have grandchildren someday to spoil.  However, that day is too far away (a good 25-30 years), so a lot could change between now and then.

My cousin and I are only children and are very close, best friends really.  She has one child with whom my husband and I are also close who lives in NH.  She is determined beyond any doubt that she wants to live in New Hampshire.  I like it so it's not a hardship.  I know that I want to live near her so it's decided...New Hampshire it is.

Great question! Oddly enough, I retire people every month and haven't given one thought to where I want to go (tho' some have given me one hot suggestion more than once). But, definitely not Florida or Arizona...too many old people.

Plan on driving the motorhome around.  No single spot to call home.

Really, I haven't thought about WHERE we'd live when we retire. I guess it depends on how much we have to live on, where the kids are living, and more.  Since that's at least 25 years off, I have no idea where we'll be.  I don't think we'll do the traditional "move to Florida", but I don't see us moving too far from this area.  My wife has a rule that we cannot live more than three hours from her hometown.  Of course, her parents, aunts, and uncles probably won't be around in 25 years, so I don't know if that rule will still apply.

I currently live in the UP of Michigan.  I just want to be warm, so we are going to go to ALABAMA!!!!

Since it is a 3rd-world country, my U.S. dollars should - hopefully - have more buying/staying power; and, would allow me to live comfortably [*shelter, food, necessaries of life, etc.].  I don't promise myself luxury, but these days just having the comforts of life* can be considered those, right?  And, as I see it, if I can have that, then, I can have that!

Warmer than Connecticut but not blistering hot like Florida, close to the ocean, lower expense.

It's WARM!!!  I'm a life-long New Englander, and every winter I swear I'm moving south.  I'll move south for the winter, and keep a place in MA for the summer.  Although grandchildern may have something to say about that.......

Will spend most of the year in my current house and at least 3-4 months of the year living/travelling on the boat.

I have 25 years to retirement so I haven't even thought about WHERE to live, other than it will be somewhere with a warmer climate than WI!

My grandchildren live there.

Low cost; uncrowded, midsized town with amenities you expect in a city; easy, low cost access to Toronto and NYC; 4 seasons (including perfect summers) and, when you're retired, you don't have to go out in the snow in the winter if you don't want to.

My husband & I spent most of our lives working & living in & around Atlanta, GA.  We always vacationed in Hilton Head Island, SC & wanted to retire there one day.  My company merged with a SC based company & I was given to option to transfer to the home office in Charleston, SC -- closer to where we really wanted to be.  After five years, we bought a 2nd home in Hilton Head, to go to on weekends.  Then my husband decided to be in Hilton Head full-time leaving me to go back & forth for 1/2 year before I decided to early retire from my Charleston job & live & work in Hilton Head.  So we are where we decided years ago that we would be when we retire.  Now just counting down the few years left in the work force before being completely retired at Hilton Head Island, SC.

I've enjoyed vacations there, but still in the process of evaluating which city/state in the southeast.

After this winter, all I know is "somewhere south."  I love PA but the notion of year-round warmth prevails.

The climate

I live in the DC area now, but that is not why I intend to stay in the DC area in my retirement years.  The reason is infrastructure.  Because of good public transportation, medical facilities and practitioners, cultural and social resources, I can be an independent senior longer in the DC area than in some retirement community that I perceive will numb my brain and dull my senses.

I have not discussed a place with my wife yet so it's just best not to say anything.

Climate, No state income or inheritance tax, lower cost of living

No state income tax, lots of entertainment venues, lots of possibilities for part-time work, can get anywhere in the world from Vegas easily for travel purposes.

I want to be someplace warmer than New England.  I hate winter!  Not that NC is faring much better this year.

Although I currently live in Florida, I don't really want to retire here.  I was born in Maine where we had 2 seasons:  winter and the 4th of July.  For the past 25 years I have lived in Florida where we again essentially have 2 seasons:  Christmas and summer.  So, I'm thinking I'd like to experience 4 seasons and am targeting the middle Atlantic--North Carolina or Virginia.

I live there now and as long as my children and grandchildren live close by, I will never move permanently. I own a home in Florida to run away to for a week at a time. So, I have the best of both worlds.

After living in rural Oklahoma and helping parents with failing health travel 2-6 hours just to get to a major medical center, I want to live in a city so I don't have to rely on family to take me to the doctor.  If I can't drive, I can just take a taxi.

I've been there, plus seeing it in the Olympics reminds me it is one of the most beautiful places in the world.

I haven't really thought about it....however after this winter, I would love to retire somewhere warm!!

Absolutely love the HOT DRY desert air along with great entertainment!

Actually, we plan to split our time between New York, where we live now (see above) and our house in Palm Beach Gardens, FL (which we now use only once or twice a month for long weekends in the winter).  I expect to spend about 5 months in NY (late April through early October) and the rest of the time where its warmer!

Although I grew up in Nebraska, I understand Iowa taxes retirement income much less.  Low cost of living is another consideration.

We'd retire where we live now because the house will be paid off and why move and possibly start on a new mortgage, plus we're hoping for grandkids one day and would want to live close by. However, with the winter we've had this year somewhere with a more temperate climate is looking more and more attractive.

Don't know what city I will retire in yet.

The weather. I've lived in Detroit for 35 years, and winter last five months. The sun shines about once a week. Asheville has four seasons, but winter is only two months, and the sun shines almost every day. There is plenty of culture and the geography is beautiful. There's also lots of outdoor activities. This is heaven, BUT DON'T TELL ANYONE!!!!

I currently live in Wisconsin, and unless my kids settle down here, I don't plan on sticking around.  Hopefully they'll select a more temperate climate.

"I haven't picked the exact location yet. I grew up in NC, VA but have lived in MN for 30 years.  My family still live in NC.  Who knows where my kids will end up living.

I'm cold.  I'm tired of being cold. I'm tired of shoveling snow. I'm tired of limiting the plants I can grow. I'm tired of short summers. I love MN, but I want a more temperate climate when I retire, where I can hike all year round, and get by with a sweater in the winter."

It is reasonably priced, small enough to feel cozy, large enough to support the arts, charming, full of history and culture, and the maximum speed limit is around 35 miles per hour.  I've lived in southern CA for 20+ years where even the local side streets have speed limits of 55 or 60 miles an hour.  I want to slow it down in retirement.

I hope I will be able to be near my children and I hope they stay in the Midwest.  When my daughter talks of college in Boston, I am worried as I know of many who go there for college and never return.  I have seen how cool it is to have all my siblings remain close together and I'd love that for my kids (and me!)

I've lived in Colorado all my life and it is going to be wonderful to sleep in when mother nature drops the snow instead of getting up at 5:00 am to shovel out and spend a couple of hours in traffic on slippery roads!!!!

The stars aligned -- brand new (down-sized) home; kids near by; wonderful small town & great weather (with the wonderful Rogue River close for fishing)

I live there now; however, if Sarah Palin (or anyone like her) is elected in 2012, I'll move to another country.

From a small town near there, and have many relatives nearby.  It's where I can afford to live.  Unlike New Jersey, taxes are low.

Specifically the Oregon coast.  I think it's beautiful, reasonable cost of living, and not as crowded as California where I live now.  That said, my spouse wants to live in Santa Barbara, CA which is an expensive and beautiful city.   We both went to UCSB and loved it there.  Will see where we will end up.

I used to live there and I love the weather there, plus proximity to ocean and mountains.

Warm / mild climate

I have lived in Southern California all my adult life.  While the weather is great, I can't stand the regulatory and tax environment.  I will be seeking more freedom when I retire.

Primarily the weather. Sacramento in the summer?  no way!

Low cost of living and warmer weather than upstate New York

Family lake property that is my favorite place on earth.

I own a second home there, with about 75 acres of wooded land, surround by a 50,000 acre state forest.  best backyard anyone could have!

While I may not be able to officially retire, at least I am already living in paradise.  There are a lot of worse places to work; and yes, I've been there!

My family is originally from there.  The lifestyle and people just seems fit for retirement.  Now I just need to save enough and pray for a change in the exchange rate. 🙂

I have lived elsewhere, but Seattle is home.  If the gods are willing, my knees will hold up and I will be able to remain in my current 2 story home w/basement that will be paid off and fully updated by then.

It's warmer and doesn't have all the snow we get here in the Northeast

Always lived here.

Beautiful country, all four seasons, nice folks.

"I need to leave California before it falls in the ocean.  I have friends and family in Vancouver area and really think it is beautiful.  It also has very attractive tax benefits.

     

My other option is to move to D.C. area with my son and grandchildren, but it's expensive and I hate the weather, so Vancouver is looking better all of the time."

Never really thought about where I'd live when I retire.

I have no earthly idea - too soon to tell.  Much to the chagrin of my kids, it'll likely be close to wherever they are!

Being unattached and with children grown (by then), I have an idea to find places to live for six months at a time (more or less) and see what each place has to offer.  For instance, I'd like to spend a season following minor league baseball in West Virginia, then move on to Clearwater Beach for the winter, then the next year in the Rockies....it's probably a pipe dream and would require a much simpler lifestyle (less stuff to move), but a migrant retiree may be the life for me.

I've been saving in 401(k)s my whole life.  Pennsylvania is the only state with an income tax that doesn't recognize 401(k) deferrals as pre-tax for state purposes.  If I retire in another state with an income tax, then I'll be double taxed.  I guess I'll have to put up with snowy winters forever.  ;-(

Affordability, like the people, can have a brick house

Comments on retirement:

I do not plan on officially retiring unless my health begins to fail.   I am currently 60 yrs old and in great health.

I may continue to work part-time, or do something fun to earn some extra cash, but as soon as financially feasible, I will jump out of the daily rat race I'm in now!!!

Well, the current review would suggest a wishing-to-reality ordering that kinda goes like this; from 3 to 1 to 2 to 3 and the darn greased pig doesn't seem to be tiring as yet.

and with circumstances being what they are, who knows when that'll be . . . really.

I would like to be a part time retiree, working 3 days a week.  I don't think I could survive being home 24/7.

63 - the age I will qualify to begin my company DB pension.

hope to retire before 60 and headed west - Wyoming - no more traffic, no more snarling people, just the beauty of the Tetons

Yes, retire from one career around 55 and then begin another.

Looking to retire around age 60-62, depending on what the market does.  But I'll probably be bored, so I'll find some kind of part-time work that's 'fun' to keep myself sharp.  I supposed that's 'phased retirement'.

Currently 58 and will likely retire within the next year.

My wife told me I can never retire. She doesn't want me home 24/7.

Economy permitting

June 30th,2010

Yes, I will leave the daily 9 - 5 but I will always do something to keep myself busy.

This summer, at 61

I think the definition of the word "retire" has or is changing.  The idea of a life of leisure, travel, and play has been replaced by a life of work on our own terms.  IMHO people my age won't be able to stop wanting to be useful, validated, and a contributor to society, whether micro (family), local, national, or international.  As such, I think many are working now to gain a measure of freedom to work for money at their own pace subject to health concern.  I fear for those who say they will work until they die as I watch my always healthy parents struggle with bodily results of aging over which they have no control.

We are currently aiming to retire at 60 but the actual age will depend on our retirement savings when we get closer.  We have 20 years to go.

06/01/2010

Live after I retire??  I'm just hoping I'm alive when I'm able to retire.

More comments on retirement

At 67.5 when Social Security kicks in

I have no idea.

I plan to keep working but may move to a retirement destination somewhere around the 65-70 range.

Age 62

Probably near 59-60 (2-3 years from now).  After 40-42 years with State of California....It's time.  Five years of Air time has helped...that I paid for!

I'll probably retire at some point(God knows when) but then return to some sort of work.

If I can sell my firm at any time, I will "retire".  However, to keep from climbing the walls, I would like to teach at the college level on a part time basis.

I plan, dream about and on many a day think it can't come soon enough; however, I don't think I'll ever be able to afford it.  But it's always good to have a plan...........

Hopefully by age 60

I'm pretty sure I'll die in a cube.

My wife is two years younger than I, so I may until she reaches her SS Retirement age of 66.  Of course if the right offer came up (e.g., starter on a golf course with minimal pay but free rounds) I might be persuaded to cut back.

60ish hopefully

Depends on what you call retirement.  I'm hoping to leave behind the stressful job I'm doing now in favor of a second career - this time based on what I love and not what will pay the bills.

Probably around 55.

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