31 million Americans dip into retirement savings during COVID-19 pandemic
Workers also contributing less to retirement funds; Fox Biz Flash: 5/27.
Florida wasn’t the only state attracting retirees in 2020.
National moving network and resource HireAHelper analyzed a current population survey from the U.S. Census Bureau and found which states and cities attracted the most retirees throughout the pandemic, as well as which states they left from.
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Nearly 400,000 Americans moved to a different area for retirement, according to migration and mobility data from the census survey.
State-wise, Virginia welcomed the highest number of new retirees in 2020 at 15.1%. The second most popular state was Florida at 13.5% followed by Wyoming at 10.3%, Pennsylvania at 7% and Idaho at 4.9%.
Texas, Hawaii, Oregon, Vermont and Rhode Island rounded out the top 10 states where Americans moved for retirement.
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Further broken down, new retirees were largely attracted to cities in Florida and Virginia. Forty percent of retirees who moved picked a city in these two states out of the 15 HireAHelper identified.
Orlando welcomed the most retirees out of the list with 7.2% of retirees moving to the Theme Park Capital of the World. The next three cities that were most popular among retirees were in Virginia, including Charlottesville (4.8%), Waynesboro (4.8%) and Roanoke (3.2%).
Port St. Lucie in Florida rounded out the top 5 with 3.6% of new retirees moving to the coastal city. Tampa was the other Florida city that was identified as a hotspot for 2020 retirees.
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Other cities that were popular with retirees were Allentown, Penn.; Coeur D’Alene, Idaho; Colorado Springs, Colo.; Jacksonville, N.C.; Little Rock, Ark.; Nashua, N.H.; Omaha, Neb.; Scottsdale, Ariz. and Springfield, Ore.
Conversely, 26% of new retirees moved away from cities or metropolitan areas in 2020, according to current census data.
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Hundreds of thousands Americans moved to different states or cities for retirement in 2020, according to HireAHelper's retiree movement study. (iStock)
The U.S. state that lost the highest number of retirees in 2020 was Utah, which saw 17.3% of its residents move away for retirement. Next was Maryland, which lost 12.3% of its retirees followed by California (11.1%), Texas (9.9%) and New Jersey (8.6%).
Five other states that lost more than 3% of its retirees throughout the pandemic were Washington, Virginia, Illinois, Iowa and Georgia.
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By the 3rd quarter of 2020, around 3.2 million Baby Boomers retired, according to a survey conducted by the Pew Research Center. This number is more than twice the amount the nonprofit observed the same time a year before.
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