The Best Places To Retire: Here’s How Much Gen Z and Boomers Disagree On Florida
Florida has a well-earned reputation as the most popular state for retirees and those planning for retirement, but its lead has been shrinking in recent years. A study from Hire a Helper found that in 2023, Florida ranked first for the percentage of interstate moves by retirees, at 11.1%. South Carolina came in a close second at 10%. Those moves were mainly made by baby boomers, but by the time Gen Zers hit retirement age, Florida’s lead could evaporate altogether.
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A GOBankingRates survey of 1,395 U.S. adults conducted in February 2024 found wide gaps between boomers and Gen Z when it comes to considering Florida as a retirement destination. Although the Sunshine State ranked first among all age groups as the most popular state in the South to retire, there were significant differences between how the youngest and oldest participants responded.
Also here are the 10 best cities for retirement in Florida.
Is Florida the Best Place To Retire in the South?
When participants were asked which state in the South they consider to be the best place to retire, here’s how different age groups responded regarding Florida:
18 to 24: 19.86%
25 to 34: 28.34%
35 to 44: 28.28%
45 to 54: 27.44%
55 to 64: 25.57%
65 and older: 28.42%
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How Does Florida Fare as a Relocation Spot?
Here is how they responded when asked whether they would choose Florida if they had to relocate to the South:
18 to 24: 19.18%
25 to 34: 24.29%
35 to 44: 22.41%
45 to 54: 23.72%
55 to 64: 21.46%
65 and older: 25.90%
In both cases, the widest gaps were between the Gen Z (ages 18 to 24) and boomer (65 and older) demographics, though it should be noted that some Gen Zers are older than 24 and some boomers are younger than 65.
There are also stark differences between how boomers and Gen Zers look at Social Security. When asked to rank the most important personal financial issues they face in 2024, fewer than one in 10 Gen Zers (9.59%) cited Social Security. In contrast, nearly four in 10 boomers (38.49%) cited Social Security.
Despite generational differences about Florida as a retirement spot, the Sunshine State still reigns supreme according to most metrics. It ranked as the best state to retire in a recent report from personal finance site WalletHub because of its “relatively low taxes” for retirees — including no estate, inheritance or income taxes. The costs of adult day healthcare and homemaker services are also lower in Florida than in most other states and it boasts sunny weather and numerous beaches.
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This article originally appeared on GOBankingRates.com: The Best Places To Retire: Here’s How Much Gen Z and Boomers Disagree On Florida
