Only 41 percent of investors say they plan to move upon retirement.
Moving your home from one location to another can be a daunting experience, and retirement is obviously a life-changing experience.
The two often come together when people chose to move upon retirement. But Spectrem’s Millionaire Corner research shows it is not as pervasive a tradition as one might expect.
Only 41 percent of affluent investors surveyed by Millionaire Corner said they planned to retire somewhere other than where they currently live, or did in fact move upon retirement from one place to another.
Only 31 percent of the retired respondents to the survey actually did relocate, and the same percentage of respondents 61 years of age and over moved (obviously, some of the people in those two segments were the same).
On the other hand, 54 percent of respondents under the age of 40 said they planned to move, and 57 percent of those ages 41-50 planned to relocate. The number dropped to 44 percent among those ages 51 to 60.
Overall, the No. 1 factor for where to retire was cost of living, selected by 61 percent of respondents. Fifty-eight percent said proximity to friends and family, and 57 percent chose weather. But the range of responses between the different age segments was wide.
For instance, the under-40 segment was far more concerned about cost of living (67 percent) than weather (47 percent). Seventy-percent of those ages 41-50 said cost of living was a key factor, but that number dropped to 54 percent among those ages 61 and older.
Proximity to friends and family became more popular as a choice as the age increased among respondents. Only 55 percent of those under 40 said proximity to familiar people mattered, but that number rose to 59 percent for those 51-to-60, and got to 60 percent for those 61 and older.
Just as weather can be unusual sometimes, the weather numbers were oddly skewed based on age. Forty-seven percent of those under the age of 40 said weather was a factor, but 64 percent of those between the ages of 41-50 and 51-60 said weather was a factor. That number dropped to 52 percent among those ages 61 and over.
Access to health care (44 percent) and taxes (40) percent ranked fourth and fifth as factors overall, but not among the young. The under 40 crowd was fare more interested in landscape than either access to health care or taxes (39 percent to 31 percent). Obviously, access to health care becomes a greater factor the older you get, as 48 percent of those 61 and older said healthcare availability was a factor.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.