Baby Boomers retired at record rates last year, with some 3.2 million deciding it was time to leave the workforce – and many of those packed up and moved to another part of the United States.
This compares to the roughly 2 million Boomers who opted to retire each year since 2011, so the jump in the number of Boomers who entered retirement in 2020 really was a profound one.
COVID-19 undoubtedly played a significant role in this, with many Boomers who lost their jobs or who had to shut down their businesses in response to the crisis deciding to call it quits and start an early-retirement.
This, in turn, led to an increased number of Boomers moving – both within the US and abroad – as many people decide to move elsewhere when they enter retirement as they are no longer tied to a job and can move to a more retirement-friendly state or simply move closer to their family and friends.
Where Are Baby Boomers Moving?
Florida maintained its position as the most popular retirement destination in 2020, but some parts of other states, like North Carolina, South Carolina and Georgia, witnessed a significant increase in the number of Baby Boomers moving there.
These 10 cities received the most views from senior-heavy ZIPs last year, according to a Forbes report.
1. Naples, Florida
2. Sarasota, Florida
3. Venice, Florida
4. Fort Myers, Florida
5. Vero Beach, Florida
6. Ocala, Florida
7. Delray Beach, Florida
8. Boca Raton, Florida
9. Bradenton, Florida
10. Punta Gorda, Florida
And here are the top 10 cities which witnessed the sharpest increase in views from senior-heavy ZIPs last year:
1. Naples, Florida
2. Miami, Florida
3. Vero Beach, Florida
4. Southport, North Carolina
5. Myrtle Beach, South Carolina
6. Marathon, Florida
7. Savannah, Georgia
8. Okatie, South Carolina
9. Oak Island, North Carolina
10. Bradenton Beach, Florida
Should You Consider Retiring Abroad?
If you are looking for a drastic change of scenery, you might be tempted by the idea of retiring abroad. As you can imagine, this is much more complicated than retiring in the US and it warrants a lot more consideration and research.
When trying to pick a country for your new home, be sure to consider the relative cost of living abroad and how good the healthcare system is, plus how affordable it will be for you.
You should also consider if a language barrier will exist in the specific city or town you’re planning on living in, as some countries have a strong English-speaking population in the capital and other major cities, but often have hardly any English speakers in smaller cities, towns and villages.
Another important consideration is exchange rate fluctuations, as they can significantly affect your relative purchasing power (assuming your income will be paid in US Dollars) and potentially leave you in a precarious situation. In this regard, it’s best to live in a country which has the US Dollar as its currency, or has a currency that’s pegged to the Greenback, or has another strong, stable currency, like the Euro.
Thinking About Relocating?
If you’re nearing retirement or are recently retired and are thinking about moving elsewhere, then be sure to check out our Baby Boomers’ Guide to Moving. In it, we discuss all the things you should do when selling your property and we also explore some tips to help make your move go as smoothly as possible.
A Quick Summary
- Baby Boomers retired at record rates last year, and many decided to relocate shortly after retiring.
- Specifically, around 3.2 million Boomers retired in 2020, compared to the around 2 million who retired each year from 2011 onwards.
- Florida remained the most popular retirement destination last year, but other states, such as North Carolina, South Carolina, and Georgia, witnessed a marked increase in popularity.
- If you’re thinking about relocating, be sure to give our guide a read to help you sell your property for a fair price and in a timely fashion.
- If you’re considering retiring abroad, you should consider things like language barriers, exchange rate fluctuations and access to good, affordable healthcare.