December 23, 2021 — More people retired in 2021 than in previous years, probably because Covid pushed them into early retirement. Some 50% of people over age 55 were retired this year, up by 2 percentage points. All things being equal, that should have meant a spike in the number of people who moved for retirement, but that didn’t happen. Quite to the contrary, the number of retirees who moved in 2021 dropped to 226,000—roughly 43% fewer than in the year previous. It’s also the lowest number of American retirees in the last five years!
These and many other interesting stats are courtesy of a “2021 Study: Where Americans Moved to Retire in 2021” commissioned by Hire a Helper using US Census Data.
Here are some of the key findings from the study:
Only 226,000 Americans moved to retire in 2021, the lowest number in seven years
Nearly half (47%) of Americans who moved after retiring this year went to a different state, compared to just 16% of all people moving
Early retirees (i.e., those younger than 65) were even more likely to leave their state (64%)
Tennessee (13%)—the state with one of the lowest tax burdens in the U.S.—is 2021’s top destination state for Americans retiring outside their home state
About 7% of Americans relocating for retirement in 2021 went to Pittsburgh, PA, more than any other city. Apparently they were attracted by great healthcare and affordable housing.
Early retirees accounted for 40% of those moving for retirement in 2021
Retirees of color make up just 12% of those moving for retirement, as 88% of retirement movers are white Americans
The study had many other interesting findings, and makes for interesting reading.
Comments? If you were picking a state or city for retirement, what would it be, and why? Do you feel less likely to move in retirement now than you did a few years ago? Please share your thoughts in the Comments section below.