More Americans of all ages who want to retire in the US choose Florida as their number one preference and California as their number two.
Ten States Where Americans Most Want to Retire
According to researchers with MagnifyMoney, the top ten US retirement destinations for adults ages 18 – 75 (in this order) are:
- Florida
- California
- Texas
- New York
- Hawaii (tie)
- Colorado (tie)
- North Carolina
- Pennsylvania
- Tennessee
- Georgia
(Researchers found that 13% of all survey respondents wanted to retire and live abroad.)
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Top Three Considerations When Choosing Where to Retire
MagnifyMoney offered survey respondents three main areas to consider when thinking about where they’d like to retire: cost of living, taxes, and happiness.
Let’s look at each:
- Cost of living – Obviously, some areas have a lower cost of living than others.
- Nationally, the median home price, according to Zillow, is $316,368. A median-priced home in Florida comes to approximately $334,822 while in California, a median-priced home is about $727,370.
- In Orlando FL, the cost of living is -5% lower than the national average and, according to MagnifyMoney, housing in Orlando costs less than most anywhere in CA.
- With households headed by a person 65 years and over with incomes of about $52,290/year, according to the Bureau of Labor Statistics 2020 Consumer Expenditure Survey, Florida makes more sense/cents than California, right?
- Taxes
- States such as Florida, Tennessee and Texas do not charge its residents income tax.
- In Florida, there is also a great homestead exemption tax. However, Marcia Socas, a broker in Central Florida, said, “If you move somewhere like South Florida, your car insurance and cost of living may be much higher…”
- Socas advises retirees to review all “facets of your expenses… (to avoid) saving in one area and spending significantly more in another.”
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- Happiness
- “Tax savings will not drive you to happiness,” said, Erika Safran, a certified financial planner with Safran Wealth Advisors.
- Sarah Jane Paulson, a certified financial planner and owner of Valkyrie Financial, advises retirees to “clarify what is most important to you…(and)…create a spending plan to take a look at what your fixed expenses are and how much room you have to play with.”
Thanks to MagnifyMoney and grow.acorn.com
