Younger Americans Don’t Necessarily Want to Retire in Florida — and the 2 Affordable States at the Top of Their List Might Surprise You
Gen Z and millennials may be decades away from retirement, but some spots are already on their radar.
Key Takeaways
- Nearly 12% of retirees who moved to a different state in 2022 went to Florida, according to Census Bureau data.
- However, a significant number of young Americans are considering spending their golden years elsewhere.
Florida has long been top of mind for people considering where to spend their golden years: Nearly 12% of retirees who moved to a different state in 2022 opted for the Sunshine State, according to data from .
Millions of Baby Boomers retire from the U.S. labor force each year, per , but they’re not the only generations dreaming about retirement. Although most Gen Zers and millennials have a long way to go before they can say goodbye to the workforce, some have already started to think about where they’d like to go when they do.
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Both of these generations said they would prefer to retire in the South, according to a new : 41% of Americans ages 18 to 24, 42% of Americans ages 25 to 34 and 43% of Americans ages 35 to 44.
Florida remains their No. 1 pick in the region, but it’s by a slim margin, especially for the youngest Gen Zers, with Texas coming in close behind.
Twenty percent of Americans ages 18 to 24, 28% of Americans ages 25 to 34 and 28% of Americans ages 35 to 44 would choose Florida compared to the 18% of those ages 18 to 24, 17% of those ages 25 to 34 and 14% of those ages 35 to 44 who would choose The Lone Star State, per the survey.
Another perhaps unexpected state for Gen Z and millennials eyeing retirement in the Midwest? That would be Ohio, where 17% percent of Americans ages 18 to 24, 18% of Americans ages 25 to 34 and 16% of Americans ages 35 to 44 would go if they left the workforce and relocated to that region, according to the data.
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The annual cost of a comfortable retirement in Texas is $60,353, with $48,283 in total expenditures and a $12,071 20% “comfort buffer,” while the annual cost of a comfortable retirement in Ohio is $58,268, with $46,614 in total expenditures and an $11,654 20% “comfort buffer,” according to another recent .
Key Takeaways
- Nearly 12% of retirees who moved to a different state in 2022 went to Florida, according to Census Bureau data.
- However, a significant number of young Americans are considering spending their golden years elsewhere.
Florida has long been top of mind for people considering where to spend their golden years: Nearly 12% of retirees who moved to a different state in 2022 opted for the Sunshine State, according to data from .
Millions of Baby Boomers retire from the U.S. labor force each year, per , but they’re not the only generations dreaming about retirement. Although most Gen Zers and millennials have a long way to go before they can say goodbye to the workforce, some have already started to think about where they’d like to go when they do.
