Before you retire, you often often make an important decision about where to live after you stop working full-time. Should retirees stay close to their children and grandchildren? Should they escape harsh winters? Where will their retirement savings last the longest?
The Bureau of Labor Statistics says 10,000 baby boomers are retiring each month. So where are they moving from — and where are they going?
Here are a few cities that are seeing former workers moving on for their retired lives and some places that are welcoming them instead.
Eliminate your late tax debt
Each year, the IRS forgives millions in unpaid taxes. If you have more than $10,000 in tax debt, or have 3+ years of unfiled taxes, you could get forgiveness too. You might be eligible to lower the amount you owe, or eliminate your tax debt completely.
Easy Tax Relief could help you lower or get out of your tax debt for good. They’re well respected in the industry and have been recognized for their ethical standards when dealing with tax debt. While most tax companies just put you on a payment plan and file your taxes for you, Easy Tax Relief talks to the IRS directly. They can help you pay off your tax debt faster while potentially reducing what you owe.
Important: Not everyone will qualify. To take advantage of this special program you must owe more than $10,000 in past-due taxes.
New York City
New York City is a business and cultural center, but it’s also an area with a high cost of living. That could be a turn-off for retirees on a fixed income who want to avoid wasting money, which is why so many retirees may be moving out.
More than any other city in the country, this city saw more retirees leave in 2021, with almost 20,000 retirees packing up and moving out, according to the financial website SmartAsset.
Los Angeles, California
Another major city that retirees are fleeing is Los Angeles, which could also be experiencing a decline due to the high cost of living. According to Rocket Mortgage, housing costs alone are 198.2% above the national average.
One reason for the move may be California’s taxes, with other nearby states offering retirees better tax rates than the Golden State.
Chicago, Illinois
The Windy City may be blowing some retirees out of town. Illinois ranks second among the states that people are moving away from.
And 24.1% of those surveyed by moving company United Van Lines said they were leaving the state because they were retiring.
Like other major cities, the cost of living could be a factor, as well as the weather. Chicago is colder than locations farther south, which may appeal more to retirees.
Earn $200 cash rewards bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.
The Active Cash Card puts cash back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.
This card also offers an intro APR of 0% for 15 months from account opening on purchases and qualifying balance transfers (then 20.24%, 25.24%, or 29.99% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.
The best part? There's no annual fee.
Seattle, Washington
Seattle is home to major companies like Microsoft, Amazon, and others, but those high-paying jobs could push prices higher and retirees out.
The median sale price for a home in Seattle was $800,000 in April, although that cost is down from a five-year high of $893,600 set in May 2022, according to Redfin.
And more than 26% of people moving out of Washington state said retirement was a major factor for their decision to leave.
Jersey City, New Jersey
Like New York, New Jersey is feeling the effects of retirees leaving the state due to the expensive cost of living.
Redfin tracks searches by city and found four of the top 10 housing markets that Jersey City residents looked at were in Florida, making the Sunshine State the most popular destination for residents.
According to United Van Lines, almost 34% of those who left the state cited retirement as the reason, beating out other primary reasons like a job or family.
Now let’s see where all of these retirees are going.
Mesa, Arizona
Arizona has become a popular destination for retirees. In fact, 34.5% of residents moving into the state cited retirement as the primary reason for their move, which was the top reason, according to United Van Lines.
Just east of Phoenix, Mesa welcomed nearly 5,000 new residents over 60 in 2021. The town offers a lower sales tax than Phoenix, which could contribute to its popularity.
Henderson, Nevada
Nevada is one of nine states with zero state income tax, which may make it appealing to retirees, especially those on a tight budget.
Henderson is considered part of the Las Vegas metropolitan area, so retirees aren’t far from entertainment, restaurants, casinos, and more if they move to Henderson.
San Antonio, Texas
Another state that doesn’t have a state income tax is Texas, so retirees may give the Lone Star State a gold star as a retirement destination.
San Antonio may appeal to price-conscious residents because its housing is more affordable than other Texas cities. According to real estate site Redfin, San Antonio had a median sale price of $274,749 in April, cheaper than other cities in the state.
By contrast, Austin had a median sale price of $570,000, while the median sale price in Dallas was $414,000.
Boise, Idaho
Another affordable city is Boise, which may appeal to West Coast retirees who want to stay in the West. The state's capital, the city centers around the Boise River Greenbelt, with trails and parks.
According to United Van Lines, retirement was cited as the second most popular reason for people to move to the state, behind new residents moving to Idaho for family reasons.
Take advantage of historically high rates to grow your wealth
Are your savings just sitting around, not earning much interest? It's time to make a change and put your money to work for you! With CloudBank 24/7, you can earn more interest on your money today ... while keeping your cash OUT of the stock market.
Here’s their secret: CloudBank 24/7 amplifies your money by doing what many banks refuse to do … paying you a rare 5.24% APY (annual percentage yield)12 on your cash.
When you deposit your money into this high-yield savings account, you can supercharge your emergency fund, short-term savings, return on cash, and more with interest income generated from their high 5.24% APY payout.
The best part? There are no fees, you can withdraw your money at any time, and opening an account takes as little as 3 minutes. CloudBank 24/7 is FDIC-insured through Third Coast Bank SSB and cybersecurity is a top priority, ensuring your data is kept safe.
Jacksonville, Florida
In the northeastern corner of Florida, Jacksonville is a thriving metropolitan area with an NFL franchise and large businesses. But it also offers the warm weather and beaches that appeal to many retirees.
A whopping 37.6% of new Florida residents said retirement was the primary reason they relocated to the state.
And unlike more expensive cities, Jacksonville is a great option for retirees who want to live in Florida on a tight budget. The city’s median sale price for a home was $292,250 in April.
Bottom line
Saving for your retirement should be one of the main activities in your working life. As you get close to retiring from full-time work and consider where you’ll live, you’ll need to make a future budget.
In addition to housing, remember to include retirement activities such as traveling or the cost of pursuing a hobby like golf.
If you’ve done a good job of investing and saving money, you may be surprised to find that you can retire early.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn 2% cash rewards on purchases
Benefits
- $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Earn unlimited 2% cash rewards on purchases
- Intro APR on purchases and qualifying balance transfers
- $0 annual fee
Drawbacks
- Has foreign transaction fee
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.