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New Research Reveals 1 out of 3 Retirees Would Live Elsewhere
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New Research Reveals 1 out of 3 Retirees Would Live Elsewhere

January 2, 2019

A surprisingly high percentage of retirees say they’d pick a different spot in which to spend their later years.  In a survey of people in their 70’s, researchers at Age Friendly Ventures (the parent organization of Age Friendly Advisor, Mature Caregivers and RetirementJobs.com), found 31% say “no” when asked “if you had to do it all over again, based on what you know now, would you choose where you are currently residing again?”.

Friends did not make the top of the list of factors that influenced a decision of where to retire; the top 3 were family (65 percent), general livability (36 percent) and desired weather conditions (32 percent).  

These sentiments are summed up by Louisville, KY resident David Heath, who was tempted to relocate internationally but chose family over fair weather and finances. “I would prefer to be in Costa Rica. The weather is warm year-round and you can be at a beach within an hour’s drive from anywhere in the country. The cost of living is low and a person can live well on $2,000 a month. In my current location, Louisville, KY, I need my retirement and a job to meet my monetary needs.   The reason I stayed in the Louisville area is because my children and grandchildren are here. My family is the most important reason for retiring here.”

The financial picture plays a big role for the many who reconsidered their retirement destination, suggesting that consulting with a financial advisor should be a higher priority for older people when they're on the front end of the retirement destination decision process.  A California survey respondent says he and his spouse moved to San Diego for their retirement given the beaches, mountains, weather, people, and general lifestyle.  But now, he says “we are being so heavily taxed we can no longer reside here. We will be moving to a state that is senior tax friendly…Property taxes in Nevada and Arizona are less than 50% of California's for a larger home. Should have left 15 years ago.” Experts from financial services giant MassMutual agree and suggest that pre-retirees talk through the financial what-ifs with a financial advisor before they make their move to help either avoid or prepare for cost of living and other surprises down the line.

Two out of 3 retirees did not do in-depth research to determine where to live in retirement.  Three out of 4 indicated that they would find a tool like Age Friendly Advisor helpful in order to know in advance more about what a place is really like, from the perspective of people who are already there.  They say they welcome an online community that helps Americans over 50 tap others in “the crowd” for advice about good places to live, work and get care.  Age Friendly Advisor executive Daniel McCullough says "we're hoping to put more of a human face on the research about where to live in your later years.  What's it really like to live there?  We're also giving people a place to inform community leaders about what they like and don't like about a particular place.  If we do our job right, this will lead to improvements and enhanced quality of life".

Age Friendly Ventures surveyed more than 700 people age 70+ online in December, 2018. 

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Comments (12)
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Im a senior and wanting some pt work I live in aLBANY ny i HAVE BEEN TRYING FOR OVER 8MONTHS WITH OVER 100 APPLICATIONS AND IM STILL NOT EMPLOYED-sO I WOULD RATE aLBANY ny AS DEFINATELY NOT AGE FRIENDLY

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There was no where I could go but where I am. I couldn't move. I bought a nice condo, moved in and fixed it up, including putting in a washer because the rules didn't say no washers in unit like other places. They found out I had it and told me to get rid of it immediately! I told then no, the rules didn't say I couldn't have one and I'm keeping it. Then they changed the rules and said no washers in unit and I had to get rid of it. I told them no, they have to grandfather me because I had it before the rules were changed. They said they'd speak to their lawyer. Then I get this email telling me I could keep it but if I decided to sell I had to get rid of it before I put it on the market. I asked if I could get rid of it when I get a purchase and sales agreement and they thought it was ok. Then they sent me an email telling me I'd have to sign a non disclosure agreement with their lawyer saying I wouldn't tell anybody I had the washer. Why I don't know because if everybody knew I had it and wanted one, all they'd have to do is say I was say the rules now say no washers and because I had one before the rule changed I would be allowed to keep it, which is called grandfathered. I know why they wanted the non disclosure agreement, because someone else had a washer before the rules changed and they told them to get rid of it and they did and the condo association is afraid if they find out I was allowed to keep mine, they'd want to be able to get theirs back because they had it before the rules changed. I signed the agreement and they sent me a lawyer's fee for $1,000 dollars. I thought if they made changes they couldn't charge you a fee but I was afraid to take a chance and get a lawyer incase it wasn't true. Then I'd have to pay my lawyer and most likely theirs as well, so they screwed me. The board decided to hire a management company to run the place and I asked them if it was legal for them to charge me the lawyer fees in MA and they gave me the run around. We can't answer that till we see the rules of the condo association. They just wouldn't answer any questions because they kept saying they hadn't seen the rules yet. They kept skirting the answer to my question if it were legal in MA to charge you a fee because of a change they made. No one will tell me if the law says you can't charge me. I'd have to hire a lawyer and take them to court. I even wrote Senator Kennedy to see if he knew and even he didn't answer me. The rich want to steal your money any way they can and they get away with it. I suppose anywhere you'd want to live instead of where you are is the same. The rich get a tax break and the poor pay so no matter where you live anyway, they'll screw you.

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Well, I wound up moving from the Silicon Valley to a place with a much lower cost of living, and MUCH less day-to-day "tensions (e.g., commuting time, insane public officials). Even though I am not much of a believer myself, we picked an area which is very close to my wife's chosen church (it's very important to her, and, she deserves to get what she wants). I am a native New Yorker, and I would not have imagined that I would LOVE central Florida...but I do! The weather is (mostly) great, the people are friendlier than I have met anywhere else, all the daily necessities are within 5 or 10 miles, and the prices are from circa 1995! Amazing, since the first time I was ever here was when I got out of the U-Haul at the end of our move!

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I am not happy in Enchanted Acres due to they raise the lot rent every year not every 2 years as per our lease agreement ..they say it is for water treatment which is a lie ....every time they make a repair or fix something they raise our lot rent ...I want to know what can be done legally as a tenant to stop them from doing this ?

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I think the baby-boomer generation is re-writing the Retirement Chapter. I had toiled at a job that afforded me a modest retirement. But because I live, raised my children, cared for elderly parents in a desirable weather local, I must continue to be diligent with my funds, as though I'm still employed. My children can't afford to live here, because of the lack of job opportunities and cost of living. Yes, there are less expensive areas, which to live. But, as we age, we tend to get set in our ways. The brochure photos of these retirement areas, never seem to live up to the eventual reality, of you having to wake up there.

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