Bye-Bye Snowbird: Fewer Boomers Expect to Move To Another ...

Pedal to the metal.

In a new online survey of 500 still-working adults age 55 and older, the majority of the respondents say they are not delaying retirement and believe they will be financially prepared to retire when the time comes, according to PulteGroup, the parent company of Del Webb ?a builder of adult retirement communities.

According to the most recent PulteGroup Home Index (PGHI)?survey?conducted by homebuilder?PulteGroup, Inc., 61 percent of the respondents plan to retire in less than 10 years, including 46 percent who believe they will be financially prepared to retire in the same time period. Among this same group, 59 percent said that they are either not delaying retirement or plan to retire at a younger age than originally anticipated.

?The survey results seem to defy expectations that the economic slowdown of the past five years has forced many Baby Boomers to rethink their retirement plans,? said Deborah Meyer, senior vice president of PulteGroup, Inc.

I found this survey result surprising?given all the gloom of most retirement surveys and experts about how woefully unprepared boomers are for their future. But it?s always good to hear someone report upbeat news these days.

Here?s what really caught my attention, though.

Bye-bye snowbird.?In a noteworthy shift, fewer boomers expect to move to another state in retirement than two years ago, according to the survey. A sizeable 62% anticipate that their home in retirement will be in the same state (a major shift compared to 42% just two years ago).

Meyer?s take on this trend: With more people working part-time, starting new businesses or new careers, it?s not surprising that they want to stay connected to their current community.

This makes sense to me. As I report in my upcoming book,?Great Jobs for Everyone 50+Finding Work That Keeps You Happy and Healthy ? And Pays the Bills,?I too, found many retirees staying put. They are choosing to bypass the flight to a warmer climate in favor of sticking close to their established network of family and friends. They?re cherry-picking flexible part-time, holiday, or seasonal jobs to boost income in retirement and keep them mentally engaged smack dab in their hometown. Although, they might still take a winter hiatus, they aren?t moving permanently.

But for that 40 percent of you who think you might want to move in retirement, a well-planned relocation decision can goose your financial outlook. That?s particularly true you can find a job-friendly town.

To be honest, I?m not buying the survey?s notion that lots of folks will be truly financially prepared to exit the workforce entirely. Living in a place where jobs are plentiful, however, can be an incentive to pick up stakes.

Here are five key money matters that I recommend you consider when pondering a move in retirement:

1. Money in your pocket: Depending on your real estate market, one payback of relocating is cashing in the equity you?ve built up in your home and moving to a more affordable area where you can buy a place for less. You might be able to pay off any debts with cash leftover. Or if you do take out a home loan, the extra cash can go toward a heftier down payment, which can often snag you a lower interest rate.

2. Tax-free gain:?Generally speaking, married couples can exclude up to $500,000 in capital gains from the sale of a primary residence (single homeowners can exclude $250,000). This rule can be a boon for retirees who own highly appreciated residential property, as long as they have owned and used the house as a primary residence for two years. See?IRS?Publication 523 for the rules.

3. Tax advantages:?Look at income, sales, property, estate, and inheritance taxes. Be aware that no income tax typically means higher sales and property taxes.

• Nine states have no state income tax?Alaska, Florida, Nevada, South Dakota, Tennessee Texas, Vermont, Washington and Wyoming, according to?Kiplinger.com.
• State sales taxes vary greatly, with some at 7 percent or more. Only five states?Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax. In the state of Alaska, however, some local jurisdictions impose local sales taxes.
• Property taxes are generally the heaviest tax burden for homeowning retirees. States with low median real estate taxes, according to?Kiplinger.com?include Alaska, Alabama, Louisiana, Mississippi, and West Virginia. While those with high real estate taxes include New Hampshire, New Jersey, and Texas.
• Most states give breaks to residents over a certain age, and there may be property tax credits or homestead exemptions that limit the value of assessed property subject to tax.

4. Medicare premiums.?Each market has its own blend of medical facilities and insurers. For the prices and terms of carriers that serve your potential community, check the federal web site Medicare.gov and the web site of the state ?s department of insurance.

5. Energy bills:?Moving to a smaller residence can usually save you money on utilities and maintenance costs. But that?s often the case, even if you move across town.

?I?m?the author of?What?s Next? Follow Your Passion and Find Your Dream Job, available here?www.kerryhannon.com. I am a?MetLife?Foundation Journalists in Aging fellow. To learn about great jobs for retirees, check out my?column?at?AARP. My weekly column ?at PBS?s NextAvenue.org is?here. Follow me on Twitter,?@KerryHannon

?

?For more fun:

Share and Enjoy

Source: http://kerryhannon.com/?p=2043

cyber monday 2011 turkey pot pie turkey pot pie southern university regenesis fanboys ucla usc