Wednesday, January 29, 2014

BOOMERS - Where are we headed for Retirement

Sunset, pic by Don Bobbitt

As a recently retired Baby Boomer, my wife and I went through months of research as we tried to decide where we wanted to spend our Senior years.

We first made a list of my desires and hers which we then spent a lot of time discussing the whys of what we wanted in our retirement. Surprisingly, to us, we had a few critical things that we did not agree on.

It took us a wile to resolve our desires and combine them into a "Reality List" that if we followed it, we would both be happy as retirees.

We considered such things as; the Quality of Medical Care, State Taxes, Climates, our Hobbies, our daily likes and dislikes, and on and on before we actually went out and visited certain towns that we thought we would really like.

My point here is that we Baby Boomers do take the time to determine where we want to live out our retirement years, and our decisions are not just arbitrary ones based on a whim.

The other day, I received on of those flyers in my bank statement that is so common these days. Other than my standard statement data there was an additional flyer that included some information from the bank that they felt would be of interest to their customers.

This particular flyer included some interesting data about where Baby Boomers were planning to retire. They listed the TOP-10 States that Boomers plan to retire to and the data is summarized here in this Blog.
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Over 1/3 of Baby Boomers plant to retire to a new state other than the one they live in now.
  • Climate - Scenery: Of the Top Ten states; North Carolina, Florida, Arizona and Hawaii made the list for their desirable Climate and Scenery.
  • Cost of Living: Of the Top Ten states; New Hampshire and Texas made the list for their Low Cost of Living.
  • Low Taxes: Of the Top Ten states; Montana and Idaho made the list for their very Low Taxes.
  • Crime Rates: Of the Top Ten states; Virginia and Utah made the list for their Low Crime Rates.
Of course, some of these, and other, states are desirable for multiple reasons but the survey showed these states to stand out in the categories listed. For instance, Florida not only has a great climate but it has no state Income taxes which makes it a very desirable location for retirees to migrate to.

Don Bobbitt

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