4 Popular Retirement Destinations That People Are Now Leaving
It used to be fairly easy to track the retirement destinations of Americans — just check off sunny states like Florida and Arizona and that covered a large chunk of the retired population. Florida still reigns supreme in attracting retirees, but its lead is shrinking, and warm weather is no longer the end-all be-all of retirement. Meanwhile, some places that are or have been attractive to retirees are seeing an exodus of everyone else.
Check Out: How a Trump Win in 2024 Could Impact Your Retirement Savings
Read Next: 5 Genius Things All Wealthy People Do With Their Money
There are numerous reasons why popular retirement destinations are not necessarily popular with the rest of the population, and it usually comes down to different sets of priorities. For example, seniors should put a much higher priority on access to affordable healthcare than younger folks, according to Michael Collins, founder and CEO of WinCap Financial in Massachusetts.
“You always have to remind people [to consider] the healthcare infrastructure in the area they’re moving,” Collins told the AARP earlier this year. “I’ve had clients ask, ‘What’s the cheapest state for taxes?’ And I’m like, yeah, but you’re three hours away from the hospital.”
Learn More: 7 Bills You Never Have To Pay When You Retire
Seniors Value Low Crime Rates and Proximity To Family Above Other Factors
Seniors also tend to put a higher priority on factors such as low crime rates, close proximity to family, access to one-story housing, transportation options and, yes, moderate weather. For many younger Americans, important considerations are overall cost of living, job opportunities, family amenities and entertainment/recreation options.
In its latest National Movers Study, released in January, United Van Lines ranked the states according to the number of inbound moves in 2023 and the number of outbound moves. The leaders for inbound moves were Vermont, Washington, D.C., South Carolina, Arkansas and Rhode Island. The states with the most outbound moves were New Jersey, Illinois, North Dakota, New York and Michigan.
Based on that analysis, here are four popular retirement destinations that people are now leaving:
Michigan: Michigan ranks high in some lists of the best states to retire, but it saw about 17% more outbound moves than inbound moves in 2023.
Montana: Montana is popular among many retirees because of its low cost of living and wide open spaces. However, it saw about 7% more outbound than inbound moves in 2023.
New Jersey: The Garden State ranked as the state where the most people left in 2023, with a whopping 30% difference between outbound and inbound moves last year. At the same time, New Jersey was the third most popular state for attracting retirees from other states in 2023, according to an AARP analysis of Census Bureau and Hire a Helper data.
Washington: Here is another state that was popular for retirees in 2023, ranking fifth on the AARP list. But among all households, Washington had about 4.5% more outbound than inbound moves last year.
More From GOBankingRates
I Was Retired, but Wasted Big Money On These 3 Things and Had To Go Back To Work
5 Reasons You Should Consider an Annuity For Your Retirement Savings
4 Reasons You Should Be Getting Your Paycheck Early, According to An Expert
This article originally appeared on GOBankingRates.com: 4 Popular Retirement Destinations That People Are Now Leaving
