The insurance industry is amidst a 'silver tsunami' as a growing percentage of the workforce approaches retirement. Many of these exiting professionals will choose to relocate to pursue a better quality of life for their retirement years. And according to a new report from WalletHub, affordability is a major consideration for many Americans anticipating retirement and influences where they can comfortably retire.
In 2019, a quarter of non-retired adults had not saved any money for retirement, some through no fault of their own. Last year, the damaging financial effects of the COVID-19 pandemic made saving unlikely for many. As a result, 1 in 4 people now expect to retire later than they anticipated.
The WalletHub report noted that besides affordability, quality of life and health care are also factors in retirees' decision of where to spend their twilight years. Some states are much more retirement-friendly than others.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
