QUESTION: Where Is Everyone Moving To?
Did you know since the Covid-19 pandemic hit and estimated 3 million Americans retired earlier than originally planned?
It would appear with this many 55+ individuals exiting the workforce that more seniors would be involved downsizing, upsizing, relocating or selling their investments. But, oddly, although the numbers or retirees have increased, there were fewer choosing to move.
For the first time in 5 years, American retirees selling or buying property has gone down.
Yet, although fewer are moving, those that are are making BIG changes. Last year, over 47% relocated outside their home state.
Although the typical hotspots are still attracting many seniors, a good number are looking to more rural options with lower taxes, more affordable housing and healthcare.
Tennessee is the #1 location with approximately 13% of all retired Americans who moved across state lines calling it their new home. And 1 in 5 under the age of 65 moved to TN!
The Top 5 states include:
Retirees are also moving around the globe in search of new cultures, lower taxes, affordable cost of living and healthcare.
With its mild tropical climate, coastal towns, updated infrastructure and accessible transportation Panama is at the top of International Living's Annual Global Retirement Index.
Other top locations abroad include:
Mexico -long time favorite with a hint of the familiar
Costa Rica - Caribbean beaches, Pacific coastline and estimated 700,000 call Costa Rica home.
Portugal - Low cost of living, close proximity to top travel destinations.
Greece - Visas readily available to expats purchasing property and a flat 7% tax appeals to many investors.
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