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Jul 26

WEIRD NEWS WEDNESDAY: SURPRISING INFORMATION ABOUT RETIREES MOVING

I found this affordability retirement article on AOL. I didn’t know AOL was still a thing, but loved the information, giving SmartAsset full credit for writing this. It is their second annual(2017) study on where retirees are moving and why.

 

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 Florida leads the way once again as the premier destination for retirees. With a net gain of just under 78,000 retirees, Florida outranked second-place Arizona by almost 50,000 retirees. Overall the top four states where retirees are moving share quite a bit in common. Florida, Arizona, North Carolina and South Carolina are relatively warm, sunny and generally affordable.

A tax-friendly environment is a common trend our top 10 states. Neither South Carolina nor North Carolina tax social security income.

The other two states in our top 10, Oregon and Idaho, are a little harder to explain as they lack both the warm weather and the tax friendliness of the other states. In fact, Idaho went from being a state retirees were mostly leaving last year, to one of the most popular destinations this year. Perhaps in Idaho’s case affordability is the key.

As for Oregon maybe golf partially explains it. Portland Oregon is a huge destination for golfers.

The Cities Where Retirees Are Moving

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 One appeal for retirees living in North Las Vegas is how tax-friendly Nevada is for retirees. Social Security income and withdrawals from retirement accounts are not taxed. And if you plan on earning during retirement, the marginal state tax rate in Nevada is 0.  The city also has great weather thanks to being in a desert.

9. Cape Coral, Florida

Cape Coral was also the second-biggest beneficiary of Florida’s growth in retirees. What is interesting is that while a large chunk of Arizona retirees went to the Phoenix metro area, retirees coming to Florida tended to be more dispersed. Overall Florida had the largest gain in retirees but had only two cities crack our top 10.

8. Gilbert, Arizona

Gilbert is the final Arizona city to crack our top 10. Like Chandler this city is great for golfers. According to Census Bureau data, there are around 150 golf courses in the area. Retirees can also appreciate how safe Gilbert is. FBI data shows there are only 1,320 property crimes per 100,000 residents.

For the retirees looking to escape the cold, especially those coming from the Northeast, Gilbert is a great option. There are only 16 rainy days per year and the average daily high temperature is 87.

7. Peoria, Arizona

Peoria is a large suburb to the north of Phoenix. This city saw an increase of 1,310 retirees, with 1,839 arriving and 529 leaving. Peoria has seen stunning population growth in the recent past. In 1980 the population was only 12,171, while in 2016 it was 164,172.

For seniors who love baseball Peoria may be a good spot to settle. The Peoria sports complex is the spring training home of both the San Diego Padres and the Seattle Mariners.

6. Overland Park, Kansas

Overland Park saw a net increase of 1,330 retirees. Kansas as a state only saw a net increase of 1,357, meaning that for retirees Overland Park was the star destination. Overland Park is a great bargain for retirees. Housing is relatively affordable, costing only $123.50 per square foot, according to Zillow data.

5. Chandler, Arizona

Retirees are coming to Chandler in droves. Census Bureau data shows that 1,718 retirees immigrated to Chandler while only 260 emigrated. One reason they may be coming is the golf. Chandler is one of the best cities in the country for golf, thanks to its hot, sunny weather and abundant golf courses. Of course, the low cost of living and tax benefits Arizona provides probably doesn’t hurt.

4. Phoenix, Arizona

Phoenix is the second of five Arizona cities in the Phoenix metropolitan statistical area to crack our top 10. The Valley of the Sun, as far as big cities go, is relatively affordable, especially when it comes to paying for housing.

3. New Orleans, Louisiana

New Orleans is something of a surprise inclusion in this year’s top 10 since it did not even crack the top 25 in last year’s study. But it’s not too hard to see the appeal. New Orleans is a warm city on the coast with plenty of cultural activities to enjoy. Another factor attracting retirees may be the famous food found in New Orleans. Overall the Big Easy saw an increase of 1,520 retirees coming into the area.

2. Jacksonville, Florida

Jacksonville is the largest city in Florida and saw a large influx of retirees moving into the city. Overall 1,817 emigrated while 3,761 immigrated, leaving the city for a net gain of 1,944.

One major reason why retirees love Jacksonville, and Florida in general, is how tax-friendly it is. In past studies we found that Jacksonville is the third-lowest taxed city in the country. It is also a good option for retirees who still want to live in the big city but keep costs low. We estimate that the average Jacksonville retiree would need about $62,470 in annual retirement income to live comfortably. That figure is much lower than other big cities.

1. Mesa, Arizona

Mesa is a city in the Phoenix metropolitan area. Last year, Mesa led all cities with a net gain of 2,565 seniors. In this year’s study Mesa also ranked first with just over 3,400 more seniors immigrating to Mesa than emigrating. Mesa is attractive to seniors because of its weather. The sun is almost always out and even in the dead of winter, it never gets that cold. The average low in December, for example, is only 40 degrees.

The post Where Are Retirees Moving – 2017 Edition appeared first on SmartAsset Blog.

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