March 25, 2010

Boomers choose big cities over 'burbs

As boomers struggle to pull their retirements back on track and jobs are harder to come by, many boomers are opting to stay in big cities, the Associated Press reports.

Popular retirement destinations have seen annual growth fall from 3.1 percent in 2007 to 1.7 percent in 2009, the news agency writes. Of 440 "retirement counties," 126 suffered a dip in population, especially in Arizona, California, Florida and New Mexico.

"Baby boomers helped fuel housing and population growth in retirement areas earlier in the decade, and now they are playing an important role in the decline," Mark Mather, associate vice president of the Population Reference Bureau, told AP.

Older workers are expected to increase by 11.9 million over the next few years, and will account for about 25 percent of the labor force by 2016, according to AP.

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