Even though a large number of baby boomers have already retired, many more are still working and will soon do so. Many members of this generation may decide to relocate to a city better suited to their new routines and cash flows as they enter retirement. Certain locations might provide retirees with more favorable tax benefits, reduced living expenses, close proximity to family, a pleasant climate, and additional conveniences. The local economies that boomers migrate to and from will ultimately be impacted by their migration and their economic power.
In light of this, SmartAsset looked at Census Bureau data for 268 of the biggest American cities to determine the migration patterns of individuals between the ages of 55 and 74. The rate at which baby boomers moved into cities in 2022 is used to rank those cities.
Key Information
- The top 10 is dominated by these cities in Florida, Arizona, and Nevada. Eight of the ten cities with the largest inflows of baby boomers are located in these three states: Clearwater, Florida; Reno, Nevada; Orlando, Florida; Cape Coral, Florida; Surprise, Arizona; Henderson, Nevada; Mesa, Arizona; and St. Petersburg, Florida.
- Boomers make up almost 30% of the population in these cities. Nearly three out of ten people in Cape Coral, Florida (29.9%), Scottsdale, Arizona (28.1%), and Clearwater, Florida (27.0%) are baby boomers.
- Boomers from out of state are relocating to Billings, Montana. In 2022, 1,842 baby boomers from various states moved to Montana’s largest city, accounting for over half of the state’s total 3,401 new boomer population. Consequently, Billings is one of the two states outside of Florida, Nevada, and Arizona that made it to the top 10, ranking fifth overall in the study.
- These Florida cities are seeing an influx of foreign boomers. Last year, 2,131 baby boomers relocated to Orlando from overseas. Cape Coral, Florida, had 1,268 new members in this cohort, making it the second-highest rate of boomers relocating from overseas.
- Boomers in North Carolina are moving in droves to High Point. High Point was ranked ninth overall. Eighty-one percent of the 3,051 baby boomers who relocated here in 2022 were from North Carolina.
Top 10 Cities where Baby Boomers Go
1. Florida’s Clearwater
Twenty-seven percent of Clearwater’s population in 2022 was made up of baby boomers. This age group saw 4,401 new residents move into the city. In all, 31,349 baby boomers, or 27.0% of the city’s population over one, called Clearwater home.
2. Nevada’s Reno
In 2022, 8,329 baby boomers moved to Reno in total. These newcomers represented 3.07% of the city’s total population. In total, 62,688 baby boomers made up 23.1% of the population in Reno.
3. Orlando, Florida
Orlando saw 9,458 new baby boomer residents move there in 2022. 3.02% of the city’s older population, or those under one, were newcomers. There are 51,927 boomers in Orlando, making up 16.6% of the population.
4. Florida’s Cape Coral
In Cape Coral, baby boomers accounted for 2.90% of all adults over the age of one when they moved there in 2022. In all, 6,233 members of the baby boomer generation moved into the city in that year, accounting for 29.9% of the total population.
5. Montana’s Billings
A total of 3,401 baby boomers, or 2.87% of the city’s population, moved to Billings. As a result of the inflow, baby boomers now make up 22.5% of the population over 1.
6. Surprise, Arizona
A total of 4,372 baby boomers, or 2.86% of the population over one, moved to Surprise. As a result, Surprise will have 36,420 baby boomers residing there in 2022. Of the total community, 23.8% belonged to this generation.
7. Nevada’s Henderson
In Henderson in 2022, 9,219 baby boomers arrived, accounting for 2.80% of the city’s total population. In contrast, 84,183 boomers—or 25.6% of the population—called Henderson home in 2022.
8. Mesa, Arizona
Thirteen,623 of the 108,881 baby boomers who were residing in Mesa in 2022 relocated to the city. The percentage of newcomers in this age group among all the adults over one in the city was 2.69%.
9. North Carolina’s High Point
In the year 2022, 3,051 baby boomer residents moved to High Point. The 26,023 baby boomers in the city made up 22.9% of all people over the age of one. In High Point that year, baby boomers made up 2.69% of the population.
10. Florida’s St. Petersburg
In 2022, 6,903 baby boomers made the move to St. Petersburg, making up 2.67% of the city’s over-1 population. In that particular year, St. Petersburg was home to 66,631 baby boomers, or 25.75% of all residents over the age of one.
Tips for your retirement plan
Make the most of Social Security. For most people, Social Security is a major factor in their retirement plans. Recall that you will get your entire benefit if you wait until you are of retirement age. If you apply for Social Security as early as age 62, your benefits could be reduced by up to 30%. On the other hand, it is also true that if you wait until you are 70 years old, your benefit will increase by up to 24%.
Consider how much money you’ll need. Even though spending usually declines in retirement, estimating your consumption incorrectly could put your budget in jeopardy. The specialists at T. As a starting point, Rowe Price advises replacing 75% of your pre-retirement income. From there, a variety of factors, including your career savings rate, will determine your precise income replacement target.
Consult a financial specialist. Whether you belong to a later generation or are a baby boomer, retirement planning and saving are essential. Finding a financial advisor doesn’t have to be difficult; they can be of assistance. Using the free tool from SmartAsset, you can find up to three local, vetted financial advisors to work with. You can then schedule a free consultation call with each advisor to determine which one is best for you. Get going right away if you’re prepared to find an advisor who can assist you in reaching your financial objectives.
