People Relocating in Record Numbers - Retirees Have Many Options
When you retire, you have no excuses left to move anywhere you want - other than being close to your family. Cost of living, crime, and access to health care are major considerations.
A change of scenery is often uplifting for many people. Moving can improve your psychological well-being and improve your pocketbook. Many recent retirees have started the relocation process, which could benefit you.
Recent economic uncertainty is encouraging people to consider moving somewhere where the cost of living is less. Moving to a more affordable will stretch your savings, alleviating some uncertainty about your financial future. The goal would be to find a location that balances your ability to maintain financial security and your quality of life.
Lots of People Moving
People are moving at record numbers, with 32.6% of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from 32.3% in the first quarter and roughly 26% before the COVID-19 pandemic, according to a new report from Redfin an online real estate brokerage.
While the report looks at all users, many are sure to be recent retirees looking to take advantage of their home value and relocate to more affordable areas.
"Tampa is still attracting a lot of out-of-state homebuyers, coming from places like New York, who can get more for their money in Florida," said Eric Auciello, a Redfin manager in Tampa.
The spike in mortgage rates has priced some buyers out of the market, but it has also helped ease competition and curb bidding wars between locals and out of towners. A lot of buyers who kept getting outbid at the peak of the market are now getting their offers accepted, and in some cases they're even able to use FHA loans, make smaller down payments and keep the appraisal contingency.
Eric Auciello
Movement into San Diego and San Antonio is also on the upswing, with a higher net inflow in the second quarter than a year earlier. Los Angeles is a common origin for people relocating to both of those places.
Florida Wins Big
Florida seems to be a top destination for many people. Two main reasons retirees like Florida are the low taxes and, of course, great winter weather. Florida is one of the seven states in the country that has no state income tax.
The top ten metros people are relocating to, according to Redfin:
Miami, FL
Tampa, FL
Phoenix, AZ
Sacramento, CA
Las Vegas, NV
Cape Coral, FL
San Diego, CA
North Port, FL
San Antonio, TX
Dallas, TX
Relocation to Sacramento and San Diego seems to come mainly from the Bay Area and Seattle. Places people are leaving include New York, California, and Illinois.
Relocation Considerations
Relocating to another part of the country once you retire can be a perfect opportunity to improve your financial situation and get better health care options. But there is more.
For some people, the lower cost of living provides more money to enjoy life and travel. Better climate and access to the water, or the mountains, can also add to your quality of life.
Relocating means several considerations. Think about your family and easy access to transportation for the family to visit you and you visit family. Think about the availability of quality health care, including long-term care services. Climate is another thing to consider. Don't move to Florida, for example, unless you like warm weather and humidity - or think you can get used to it.
Crime has become another thing to consider before moving. Some people report wanting to leave high-crime areas like Chicago or Los Angeles, but you will find crime nationwide.
Relocation can be something to consider as you prepare for post-retirement. You are only limited by your imagination and your budget. Few places are perfect, but nothing forces you to stay put once you are retired. Be sure to prepare for retirement by saving money in your retirement accounts and considering the costs and burdens of aging
Long-Term Care Costs Increasing Rapidly
Long-term health care costs vary dramatically depending on where you live. The LTC NEWS Cost of Care Calculator will show you the current and future cost of care services - Cost of Care Calculator - Choose Your Location.
LTC Insurance is often part of retirement planning. Several resources are available on LTC NEWS to help you learn about your options - Resources for Long-Term Care Planning.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Most people work hard their entire life to get to retirement. Now that you are close to reaching that goal (or, perhaps, you are already retired), have you prepared properly?
Where you might live is important, but do you have the financial resources to fund a successful retirement? Have you considered the pitfalls that will come up that can interfere with your future or current retirement?
Market fluctuations, economic uncertainty, inflation, declining health, and long-term health care costs should all be considered. You want guarantees. One thing that will give you guarantees you can count on is affordable Long-Term Care Insurance.
When you own an LTC policy, you have a solution to safeguard your income and assets from the rapidly increasing costs of long-term health care. The guaranteed tax-free benefits from an LTC policy give you access to your choice of quality care services. You can even age in place with in-home care.
Perhaps just as important, your loved ones will not go through the stress and anxiety otherwise placed on them. Instead, your family will have time to be family, not caregivers.
Most people obtain coverage in their 50s when premiums are much more affordable - How Much Does Long-Term Care Insurance Cost?
Have Questions About Long-Term Care Planning?
You might have questions about long-term health care planning, and LTC NEWS provides the answers for many of the most asked questions here - Frequently Asked Questions | LTC News. Find all the resources available on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Find the cost of care where you live by using the LTC NEWS Cost of Care Calculator - Cost of Care Calculator - Choose Your State | LTC News.
Get Expert Guidance
Long-term care is very specialized, and few insurance agents and financial advisors have the expertise. Find a specialist who represents the top companies, as premiums can vary over 100% between insurance companies. Leading specialists will often have over 500 clients with Long-Term Care Insurance.
A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you find the right coverage. A specialist will match your age, health, and family history with the right coverage at the right price.
Loved Ones Need Help Now?
Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim | LTC News.
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
If your parent or parents need help be sure to get them quality care. LTC NEWS can help. We have put together several comprehensive guides to help you in your process.
Start by reading our four guides -
Advantages of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance. You might be eligible at younger ages as well.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, and even help with cash flow during your retirement.
Learn more by asking questions to an expert. Mike Banner, LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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