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.
By Amanda Breen Edited by Jessica Thomas
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 the Census Bureau's Current Population Survey and its Annual Social and Economic Supplements for 2022.
Millions of Baby Boomers retire from the U.S. labor force each year, per Pew Research Center, 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 GOBankingRates survey: 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 GOBankingRates analysis.
