Posts Tagged "lifestyle"

Relocating Can Boost Living Standards

COVID-19, by rearranging work arrangements, is allowing people to rethink where they live.

As the virus started to spread in Manhattan last spring, some residents fled the city and began snapping up houses in Westchester County and on Long Island. There is preliminary evidence some people are moving farther afield, to rural areas where small populations create the potential for lower COVID-19 transmission rates.

In a Pew Research Center survey, about one in five Americans said the pandemic had either prompted them or someone they know to relocate.

The map below shows the big changes in living standards that can accompany a move from a high- to a low-cost part of the country. In each location, the Tax Foundation calculated each region’s purchasing power, based on what $100 will buy, on average, nationwide.

For example, $100 will purchase $75 to $80 worth of goods in Manhattan. By moving to Upstate New York or New Mexico, someone who keeps her job and works remotely can increase her purchasing power to around $110 – the equivalent of at least a 37 percent increase.Map of cost-of-living

Typically, an area’s cost-of-living is correlated with local incomes. For example, employers must pay more to attract workers to high-cost areas. But not in North Carolina, which has “higher-than-average incomes without corresponding higher-than-average prices,” the Tax Foundation said.

Offsetting the benefits of relocating to a low-cost area is the employment risk. If a remote job evaporates, it may be difficult to find a suburban or rural employer that pays as much or an employer in a larger city willing to hire someone new to work remotely. Poor wifi connections are a common problem in rural areas.

Moving is a complex decision with an array of considerations, from the health benefits to the difficulty collaborating with coworkers over Zoom. But what seems clear is that working remotely is, for many, becoming the new normal. …Learn More

Art of a thumbs up and heart

1st Quarter: Our Most Popular Blogs

People born smack in the middle of the baby boom wave, including many of this blog’s readers, are now in their mid-60s and have retired – or, at least, they were planning to retire before the stock market crashed.

Some of your favorite articles in the first quarter, based on the blog’s traffic, were about the nuts-and-bolts of retirement, including one that ranked retiree living standards by state.

The 10 most popular blogs listed below ran before the coronavirus changed our lives but they may still hold kernels of wisdom that will be useful in these trying times.

For example, one article reported on the $38 million in misplaced retirement funds from prior employers. If you think you have a long-lost retirement plan, search the unclaimed property account in the state where you worked.

Or, if you’d already committed to retiring before the market drop, it’s become more important to fashion a satisfying lifestyle. One blog explores how to prepare for retirement.

Our readers’ most popular blogs in the first quarter were:

Have You Misplaced a Retirement Plan?

Can’t Afford to Retire? Not all Your Fault

Mapping Out a Fulfilling Retirement

Most Older Americans Age in their HomesLearn More

Retiring in Florida: The Villages vs Reality

Photo of golf carts in a row

May all your dreams come true.

This hope, displayed on a sign in The Villages retirement community in north central Florida, is why thousands of people flock there every year to retire.

During my annual holiday trek to visit my 84-year-old mother in Orlando, my husband and I drove her to The Villages to visit her good friend who had moved there. What struck me was the contrast between its over-the-top comforts and my mother’s modest retirement community just outside Orlando, where many of the residents, who heavily depend on their Social Security, are just barely getting by.

The differences in lifestyles reflect the retirement disparities that exist in this country and are a continuation of the disparities in our working population. But I was also struck by the similarities in what retirees – regardless of their socioeconomic status – are seeking: to live out their remaining days healthy and without worry.

The Villages is 32-square-miles of unbridled growth. The 55+ community features three Disney-like town squares – Spanish Springs, Brownwood, and Sumter Lake – with a fourth, Southern Oaks, under development. Retirees zip along in colorful golf carts through the perfectly landscaped grounds on paths that were designed for the vehicles. The residents use the golf carts to move between their tidy houses, the town squares, activity centers, and one of The Villages’ 53 golf courses and 100 pickle ball courts. There’s even a gas station for golf carts – that’s how integral they are to retirees’ lives.

It seems that the box stores and supermarkets have been placed on the edges of this sprawling development so as not to spoil the vibe – retirees drive cars to these destinations. Also on the periphery are establishments catering to the unappealing aspects of growing old: laser eye surgery centers, dialysis centers, assisted living facilities, and funeral homes. Old age is tough – even in The Villages. For example, my mother’s friend lost her husband and then – a few years later – her fiancé died.

Photo of a man golfingThe Villages’ creature comforts are expensive. Prices are high by the standards of Florida’s interior, ranging between $250,000 and $800,000. Residents often pay for them by selling a house up north to cash in on the appreciation. They also pay an assessment to cover the development’s infrastructure costs and a monthly fee of just over $1,000 for utilities, trash pickup and endless amenities, which, in addition to golf, include numerous activity centers, lakes for fishing, and easy access to the town centers’ restaurants, Starbucks, shopping, and movie theaters.

But this enclave of privilege and play doesn’t reflect the reality for most retirees. My straight-talking Midwestern mom’s assessment of The Villages is, simply, “I can’t afford it.” …Learn More

Boston or Florida?

Retire in Boston or in Naples, Florida?

My husband is newly retired, and we’ve spent hours talking about where we might want to live after I retire in a few years. Our imagined scenarios are always changing.

But I’m clear on one thing: I do not want to buy a house in Naples, Florida, where a couple we know did recently. No offense to Naples, which has lots to recommend it – no shoveling! But the typical resident is 65 years old. In fact, Naples is older than the state of Florida, where retirement communities are so pervasive that they distinguish between the “young-old” (ages 60-75) and the “old-old” (over 75).

Boston, where my husband and I live now, couldn’t be more different. It is swarming with college students and young people, including his two sons and daughter-in-law. Boston’s young people work in rapidly changing industries like high-tech or environmental engineering, and I like it that way. Boston’s median age is 32 – half of Naples.

As I get closer to retiring and am faced with change, I think to myself, “Who wants to live in the midst of a bunch of old people like me?”

But that’s precisely what many retirees do. There are many examples of cities that have moved dramatically in the direction of one or the other extremes – Boston or Naples; Madison, Wisconsin, or Scottsdale, Arizona. The Wall Street Journal reported that new retirement communities are popping up in places that weren’t traditional resting places for snowbirds: retired baby boomers’ net migration to the Appalachian region where Georgia, North Carolina, and Tennessee converge has quadrupled since 2011.

This age segregation is a relatively new area of interest to demographers. Almost 60 percent of the neighborhoods and other subdivisions within U.S. counties have moderate or high levels of segregation, which is similar in degree to the level of segregation between the U.S. Hispanic and white populations, Richelle Winkler found in a 2013 study of federal Census data.

Age segregation also occurs in rural areas, as younger people leave for jobs and older people move in. In some rural parts of the Great Plains, Winkler writes, there are two times more seniors than young adults. …Learn More