Retirement has a different meaning to different people, and it does not always mean relocating.
A Spectrem study indicated that only 41 percent of affluent investors plan to move upon retirement, or did in fact move from one place to another upon retirement.
Younger investors do plan on relocating. Fifty-four percent of affluent investors under the age of 40 plan to move, and 57 percent of investors between the ages of 41-50 are going to pull up stakes upon retirement. The number dropped to 44 percent among those ages 51 to 60.
Overall, the No. 1 factor for where to retire was cost of living, selected by 61 percent of investors. Fifty-eight percent said proximity to friends and family was a factor, and 57 percent chose weather. But the range of responses between the different age segments was wide.
For instance, the under-40 segment was far more concerned about cost of living (67 percent) than weather (47 percent). Seventy-percent of those ages 41-50 said cost of living was a key factor, but that number dropped to 54 percent among those ages 61 and older.
Proximity to friends and family was more popular as a choice as the age increased among investors. Only 55 percent of those under 40 said proximity to familiar people mattered, but that number rose to 59 percent for those 51-to-60, and got to 60 percent for those 61 and older.
Just as weather can be unusual sometimes, the weather numbers were oddly skewed based on age. Forty-seven percent of investors under the age of 40 said weather was a factor, but 64 percent of those between the ages of 41-50 and 51-60 said weather was a factor in retirement location. That number dropped to 52 percent among investors ages 61 and over.
Access to health care (44 percent) and taxes (40) percent ranked fourth and fifth as factors overall, but not among the young investor. The under-40 crowd was far more interested in landscape than either access to health care or taxes (39 percent to 31 percent). Obviously, access to health care becomes a greater factor the older you get, as 48 percent of those 61 and older said healthcare availability was a factor.