In 2023, there was a significant increase in retirement relocations, with over 338,000 Americans moving to retire. This marks a 44% rise from the previous year. Contrary to expectations, these retirees had higher incomes, with a median household income of $65,000 compared to $88,347 in 2022. Additionally, the demographic shifted as more retirees were under 65, including 23% under 55. The top destinations for retirement moves were Florida, South Carolina, and, surprisingly, New Jersey. California led the list of states retirees were leaving, followed by New York. Factors influencing relocation included family, health, and a desire for a lower cost of living.
For more information see Jacqueline Sergeant “Retirees Flocked to Florida, South Carolina In 2023, Report Says”, Financial Advisor, January 23, 2024.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
