Retirees are Facing Many Challenges When Considering Moving Out Of Pekin, Illinois to Smaller Towns
A big question that pops in elders minds after retirement, when kids leave and go off to college, and they are left with a big empty house to take care of, ‘do I move’? According to ‘Local Records Office‘ many elders are wondering whether the grass is greener on the other side by relocating to a new hassle-free living situation. A newly release survey indicates those who choose to move are increasingly moving to mountain and western states where they can find the desirable combination of affordable housing, mild weather and outdoor recreational activities such as skiing or hiking. And the Mountain west region stretching from Arizona to Wyoming has attracted numerous amounts of retirees.
Local Records Office recommends a few things to consider first before making the final decision on where to relocate out side of Pekin, IL.
Meanwhile, the northeast has seen a contrast of higher proportionate retiree departures, at 23.5%. Local Records Office recommends a few things to consider first before making the final decision on where to relocate. Because chances are you may be looking across the country or a different state, while some recommend it is better to stay close to your children.
Retirees prefer to stay close to family and friends, and according to the Brookings Institution, and less than 1% of Americans made an interstate move last year. “One thing we consistently find in surveys [of older adults] is that most people want to stay in their homes and communities,” said Harrell, who pointed out it is regardless of whether those homes and communities are well suited for older adults.
Retirees are also looking for that unique opportunity to move somewhere that costs less and provides a higher quality of life. The challenge, is finding a place that meets all of your criteria. A new study by U.S. news, based on an online survey of people age 45 and older, had determined housing affordability, desirability, happiness, taxes, job market, and top-of-the-line hospitals are retirees’ top priorities.
And here is U.S. news complete list in the article, The Best Places to Retire in 2018.
As other retirees are relocating based on “…being attracted to more outdoor adventure destinations than in the past” says United Van Lines spokesperson Melissa Sullivan, explains the retiree shifted relocation to the West as older people mostly left northern states and headed southward. And here are a few other desirable places for retirees also listed on a video by Realtor.com, with a few fun facts listed below, that may catch your interest as desirable areas to live.
Desired Areas to Live
Pekin, Illinois has one of the highest percentages of homes already adapted for agers in place.
Vero Beach, Florida has at least 16 golf courses or one for every 9,500 residents. More than half of its residents are older than 50.
Lake Havasu City is known to tourists as home of the original London Bridge. Though, the real attraction is 290 days of sun a year, perfect weather for older Americans.
Macon, Georgia has a median home price of 156,000 –ideal for a senior budget. There are also lots of senior singles, with almost half of its residents older than 50 unattached.
Florence, SC has one of the nation’s highest concentrations in hospitals and home health aides. The city redeveloped its downtown in 2010, boasting a new $18 million library and a new museum to boot.
Michael Stoll is a professor of public policy and urban planning at UCLA and is an expert in migration trends, has said that Nevada has also become an increasingly popular destination for retirees from nearby California, chiefly because of its lower housing costs. Stoll said, similarly, Vermont is also emerging as a desirable spot for retirees as oppose to elsewhere in the Northeast because of its affordable housing “low density, low stress” ambiance. And it is also closer to family and friends living in the retirees’ former hometowns.
Meanwhile, there is also a “…great deal of overlap in the types of things that older adults and millennials want,” ie. walkable neighborhoods with great amenities and good accessible transportation— by either car or public transportation — to jobs, health care and attractions in the surrounding areas, said Harrell of AARP.
As mature suburban areas took note towards an urban revitalization, city leaders have redeveloped downtowns or even zoned an area for the vibrant mix of retail, housing, and sometimes jobs. Urban planners are calling these areas “mixed use,” though ‘surban’ better suits this mix of urban and suburban living.
And this hit trend towards “surban” living will also be a good thing for baby boomers, too; since many are used to the suburbs where they currently live, and will now have the options to move into apartments closer to transit and services as the sea of parking lots turns into walkable communities, and is happening all over the U.S.
Advisors first suggest you may want to consider how it might impact your cost of living, such as homeowners’ association fees. While the retirees are moving to areas closer to their adult children, in hip, fast growing markets and prices are soaring, said Rebecca Kennedy, a certified financial planner for Kennedy Financial Planning has seen this trend play in Pekin,IL. Where she practices.
One of the biggest challenges retirees face is reestablishing a community with friends and which is one of the primary reasons why many are drawn into places with a large numbers of seniors. For those whom decide to relocate and be near to their grown children also run the risk of their kids picking up to move someday due to job relocation. And for a host of reasons, it will make financially more sense to rent initially and then divide your time between two different places during the transition of living in a new city, advisors say.
Where a person lives in retirement will be an important decision to make since the reform will change the way retirees file taxes too. Since only $10,000 in local property taxes will be eligible for deductibility on the federal level, retirees may consider the move from a state like New York or New Jersey into a state with low property taxes like Florida and Georgia.
And when it comes down to taxes, there are seven states –that have no income tax or tax on Social Security benefits –Washington, Nevada, Wyoming, South Dakota, Texas, Florida, Illinois and Tennessee, according to the AARP analysis of taxes by state. Though, states with no income tax may also have relatively high property and /or sales taxes.
With the economy strong and stocks near record levels, there is also a driving concern for retirees about rising medical and long-term expenses that are uncertain of Social Security and Medicare. These programs may force to cut into their benefits for future retirees due to the projected insolvency in the coming decades. Mr. Copeland has stated the strong economy and job market may be responsible. Copeland also said, in general, it is typical for workers to be less confident than retirees as well as those who are further from retirement to face a greater uncertainty.
Other findings indicate workers may be overestimating how long they are going to be able to remain on the job. While some workers expect to retire at the median age of sixty five, retirees typically have reported leaving the workforce at sixty two.
79% of workers plan to work for pay in retirement. And 34% of retirees said they have actually done so.
65% of American workers said either they or their spouse have saved money towards retirement. Almost half reported the total value of their savings, excluding home equity, is below $25,000. And in contrast, 21% saved $250,000 or more.
While more older American continue to work full-time, or continue to have side-hustle and work part-time, “it will be interesting to see if that continues in 2018 as a long-term trend or, if the economy continues its hot streak, whether more older Americans who might have continued working will see their retirement account balances finally nudging up to where they feel comfortable leaving the workforce once and for all,” said Trevor Gerszt, the chief executive officer of CoinIRA, a company which allows savers to convert their assets into digital currency, like bitcoin.