5 Surprising Benefits To Moving Somewhere New | Old North State Wealth News
Connect with us

Personal Finance

5 Surprising Benefits to Moving Somewhere New



Rido / Shutterstock.com

Editor’s Note: This story originally appeared on NewRetirement.

It is easy to believe that the majority of retirees relocate for retirement — move to Florida, take off for Mexico, buy on a golf course in Arizona or North Carolina.

And many prospective retirees definitely talk about it. However, residential mobility is not the reality.

In fact, the vast majority of retirees stay put. And residential mobility is becoming increasingly uncommon for all Americans. Mobility has been steadily decreasing since a recent high in the 1980s.

New research finds that today’s Americans who say that they intended to move are 45% less likely to have done so than people in the 1970s.

Staying put or aging in place is particularly true for retirees. According to AARP, only 29% of retirees plan to relocate for retirement.

Sixty-seven percent want to stay in the community where they currently live, and 63% want to stay in their existing home as long as possible.

Why Have Relocation and Mobility Stagnated?

Uncertain retiree
fizkes / Shutterstock.com

Recent research published in American Psychologist looks at trends contributing to stagnation and the cultural dynamics of declining residential mobility.

The researchers believe that more and more people feel stuck. They say, “Americans, it seems, are finding themselves increasingly locked into places that they wish to escape.”

The following trends may be contributing to making relocation harder:

  • Housing prices
  • Red tape, especially regulations associated with occupational licensing requirements (According to the Niskanen Center, around 25% of American workers need a state license to do their job. And re-licensing in a new state can be costly and take a long time.)
  • Zoning restrictions that limit housing supply in desirable locations

According to researchers, wanting to — but feeling unable to move — leaves “people to wonder about whether their other efforts in life will be rewarded.” It leads to a defeatist approach to life.

The Benefits of Mobility

senior woman at home
Monkey Business Images / Shutterstock.com

The researchers write about possible psychological implications of staying put, which may be particularly interesting to an aging population who wants to stay vital.

They theorize that there are negative cultural effects of residential stagnation and write that as mobility has gone down, levels of happiness, fairness and trust among Americans have also gone down.

While the researchers do not have evidence that stagnation causes a decline in happiness, fairness, and trust, they see a correlation in the trends and believe that moving may be a forcing function that enables renewal and a cascade of positive rewards like the following.

1. Freedom

Happy retirees on beach
ESB Professional / Shutterstock.com

When you move to a new location, you are forced to start fresh. In doing so you are defining yourself by your own personality traits, not by those you have surrounded yourself with.

And being willing to consider relocating is a reflection of your ability to live life on your terms, finding the ideal locale and having the energy to take action on your dreams.

2. Financial Rewards

LGBT senior couple same sex gay
LightField Studios / Shutterstock.com

There is often a financial component to relocating — seeking a better job, higher pay, or a lower cost of living.

3. More Optimism and Risk Taking

Older couple walking outdoors in a park
Monkey Business Images / Shutterstock.com

Relocating is often associated with being more optimistic. It takes a leap of faith to relocate.

Moving is a risk, which can be positive — no risk, no reward, after all.

4. More Open and Less Suspicious

Older women outdoors
DisobeyArt / Shutterstock.com

When you relocate, you need to create new bonds which can naturally make you more open and accepting of new people.

When you stay put, you have an existing network of people that you know and trust, which is great, but it can also cause you to be less open to new ideas and different kinds of people.

5. Opt Into a Better Locale for Aging in Place

Happy older man exercising
Rawpixel.com / Shutterstock.com

Most people want to stay as independent as possible for as long as possible. However, the family home may not be the best environment for old age.

The AARP study found that of the people that want to move, 49% are looking for lower costs and a home that is easier to maintain.


Let’s look next at the benefits of staying put.

Existing Connections

Happy older couple
Dragon Images / Shutterstock.com

Family and friends are everything. If you have a well-established network that you know and love and rely on, moving may be a nonstarter.

Most People Love Where They Live

retirees senior couple in front of tiny home
simona pilolla 2 / Shutterstock.com

The reality is that people love where they live. One study found that 81% of people are either somewhat or very attached to their current city.

A Gallup study found that social offerings are — no matter where you live — the reason people love their community.

Social offerings vary by location, but people are attached to their community based on where they can meet up with people — parks, restaurants, museums, events, and more — and the feeling that people in the community care for each other.

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.

Read the full article here


Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.