Top U.S. Retirement Destinations 2024

Retirees across the U.S. are moving to cities and states that better align with their vision of retirement, driven by better living costs, taxes, and climate. Recent data from SmartAsset highlights significant migration trends among this demographic. Cities like Mesa, AZ, and states like Florida are top destinations for retirees due to favorable conditions. For example, Mesa saw a net increase of 4,453 retirees. In contrast, cities like Cambridge, MA, are experiencing a net outflow of retirees due to high living costs and colder climates.

These shifts in retiree migration patterns are not just about individual choices, but they also signify a broader demographic shift. With a net influx of 77,000 retirees, Florida leads the pack, while states like Maine and Vermont see over 29% of their population being 60 years or older, further underlining the significance of these trends.

Retiree migration affects local economies, real estate markets, and community services. Cities gaining retirees might see a boost in healthcare services and age-friendly infrastructure, while those losing them could face challenges like decreased housing demand and a shrinking tax base. The importance of understanding and addressing these trends cannot be overstated for policymakers and community planners.

The foregoing material is for information purposes only and does not purport to be a complete description of the material referenced herein, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but there is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any opinions are those of J. Blum & Associates Wealth Management and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. There is no assurance that any investment strategy will be successful. Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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