Based on Census data, a new ranking of states tracks domestic migration trends of Americans aged 60 years and older to find which states are most and least popular with retirees.
Florida and Arizona came out on top, followed by the Carolinas, and Nevada rounded out the top five in SmartAsset's ranking. Half of the states in the top 10 don't tax income and wage, offering greater financial savings for these buyers. Florida gained more than 68,000 new retiree residents, and Arizona gained more than 31,200.
There are more than 71 million people in the U.S. aged 60 and older. Each year more people reach retirement age and decide to make some changes as they enter a new phase of their lives. One big shift could be relocating to other cities or states with the help of a financial advisor. For some, the goal is to avoid paying taxes on all of their retirement savings. For others, it’s the chance to spend their golden years in a new and different climate. Regardless of what’s brought them to a locale, retirees are an important part of city and state economies, so we investigated the data to see where the most retirees are moving.