Monday, May 7, 2018

Retirees Are Staying Put

As the health and wealth of retirees have increased, more are choosing to stay in or near their homes and neighborhoods rather than moving to a lower-tax state or cheaper, more rural areas within their states. That's according to a new study from United Income, called "The State of Retirees: How Longer Lives Have Changed Retirement."

Nearly half of retirees are now living in the suburbs of cities, and their numbers have increased by almost 40 percent over the past 40 years. The share of retirees who say they have moved in the past five years has fallen from a high of 23 percent in 1980 to a low of 15 percent in 2015, the most recent data available, and only 1 percent report moving out of state, according to the study.

Three of the five states with the largest populations of retirees — California, New York and Pennsylvania — are among the states with the highest taxes. Indeed, the share of Californians who are seniors has climbed from 7 percent in 1965 to 11 percent currently. Low-tax Texas and Florida round out the five states with the largest senior populations.

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