American retirees with a lower risk tolerance for market fluctuations and a desire to maximize their income may be relocating to places that better suit their budget, tax and lifestyle needs, SmartAsset notes in a new report.
Nearly 1 million people ages 60 and older crossed U.S. state lines to make a new home in 2023, the report said, citing the most recent data available from the U.S. Census Bureau.
Wider migration trends among older Americans, besides providing fulfilling and financially secure retirements, have implications for local tax bases, housing markets and locales’ business environment, the report said.
To find where retirees are moving, SmartAsset analyzed data from the Census Bureau’s 2023 1-year American Community survey, focusing on 60-and-older populations in the 164 largest cities in the United States and all 50 states. Researchers determined net migration for each place by subtracting the number of retirees who moved out from the number who moved in.
The findings showed that Florida gained by far the most retirees over one year, with a net gain of 44,504. North Carolina followed, with a net gain of 20,369, and Arizona, with a net gain of 20,203.
California, New York, New Jersey and Illinois experienced the biggest net losses of retirees at the state level. New York City, Los Angeles, San Diego, the District of Columbia and Denver topped the list of cities to which retirees waved goodbye.
See the accompanying gallery for the 12 cities that experienced the highest net migration of retirees in 2023.
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