Bankrate’s recent survey “Would You Move in Retirement?” of 1,000 adults nationwide revealed that 60 percent of Americans want to spend their retirement years in another city or state from where they currently reside. It should be noted, however, that the percentage of those desiring to move was much higher the younger the respondents. In fact only 20 percent of those surveyed age 65 and older said they’d consider moving.
Of course, living on a fixed income is a major concern for those in retirement and nearly 75 percent of those surveyed cited finding a lower cost of living as “extremely important” when retiring.
It is estimated that households approaching retirement have only $14,000 set aside in retirement accounts on the average. Elder poverty rates escalate rapidly as seniors reach their mid-70s.