Published: Jun 5, 2018
Florida is the No. 1 state benefitting financially from the influx of retirees, according to the latest research from the U.S. Census Bureau featured in Where to Retire magazine, the only magazine in America geared toward helping people with retirement relocation decisions. Each year, migrants age 60 and older bring more than $5 billion in income to Florida, with nearly $3 billion of net income gained annually during 2011 to 2015. The research, detailed in July/August 2018’s “Retirement Relocation: Income Transfers,” is available nationwide on June 12.
“States gaining retirees gain a lot, including volunteers, knowledge that comes with experience … and money,” said Annette Fuller, editor of Where to Retire. “Nest eggs move with these new residents, funding banks, homebuilders, retailers, restaurants and food markets.”
The states that gain the most money from retiree migration are, in order: Florida, Arizona, South Carolina, North Carolina, Oregon, Nevada, Colorado, Texas, Georgia and Alabama. All have net income transfers of more than $100 million yearly.
“Officials in each of the states you are considering most likely are crossing their fingers, hoping you’ll choose them,” Fuller said. “So, whether you know it or not, you most definitely are being wooed.”
On the flip side, 31 states lose money due to retirees who abscond, with New York losing the most at more than $1 billion. The study, commissioned by Where to Retire, was done by Don Bradley, a professor at Samford University in Birmingham, AL, who has specialized in retiree migration research since 2003. It is the final story in a series of four analyzing census data. Each story, running in the 2018 issues, has maps and charts outlining retiree migration trends.
Each year, 700,000 Americans relocate to new towns to retire. Generally, relocating retirees are healthier, better educated and more affluent than those who choose to not relocate. They bring significant economic benefits to their new states and hometowns.
Where to Retire, now in its 26th year of print, is published six times a year. The magazine covers the best retirement regions, towns and master-planned communities, and recently released its 10th biennial list naming the 50 best master-planned communities in the U.S.
To Learn more about Where to Retire visit www.wheretoretire.com.