In the era of COVID-19, we may be exposed to trends like the Great Resignation and the Great Retirement, and expect that the number of retirees relocating has also increased. But McKnight Senior Living reported on data revealing the opposite trend. As a result of COVID-19 and shifting societal norms in workplaces, 3 million Americans retired earlier than planned, but that had very little impact on the number of retirees relocating for retirement. In fact, data is showing that retiree relocation is at its lowest number in half a decade.
The report revealed that only 226,000 Americans moved in 2021, which is 43% less than in the previous year. Experts believe that this lull in relocation for retirement may be because of COVID-19 impacts, high-priced homes, and a lack of retirement savings. Researchers did find an interesting trend for those who do relocate for retirement; those who go, go very far. Those who do make the decision to relocate, travel a lot further than a typical person moving. For example, Americans moving for retirement were 3 times more likely to leave their state than those moving for other reasons. So for those who go, where are they going? Experts have spotted that Tennessee is a top state choice for retirement moves. In fact, those who relocate are looking for several features in their new state: great health care, affordable housing, general high affordability, and low taxes.
Experts are keeping an eye on this trend and noticing the different demographic groups of those who are leaving ─ married couples. This trend is sure to keep senior living on its toes, as we all try to predict the hazy future, post-COVID-19.
Sources:
Novotney A. Retiree relocations drop dramatically; TN top destination among those who move. McKnight’s Senior Living. https://www.mcknightsseniorliving.com/home/news/retiree-relocations-drop-dramatically-tn-top-destination-among-those-who-move/. Accessed December 8, 2021.
Kupriyanov, V. 2021 Study: Where Americans Moved to Retire in 2021. Hire A Helper. https://blog.hireahelper.com/2021-study-where-americans-moved-to-retire-in-2021/. Accessed December 8, 2021.
