Senior Spotlight: A Closer Look At 2020 Retirement Trends

Baby Boomers made some big moves last year; Forbes reveals why & where!

Welcome back to the Bobbi Decker Senior Spotlight! You may recall that in late 2020, we published an article highlighting just how many Baby Boomers retired last year compared to years past. This week, we are pleased to provide a follow-up based on a just-released piece from Forbes. The reveals include not just that MORE Boomers joined the retirement sector, but from what age bracket, how it impacted their housing plans and where many of them moved to.

HOW MANY MORE

According to the Pew Research Center, 2 million Baby Boomers have retired each year since 2011, but in 2020 that number surged to 3.2 million retirees.

WHY SO MANY MORE

No doubt COVID-19 impacted retirement decisions on two main levels. First, many in the workforce who were approaching retirement age may have used COVID-19 as the reason to leave the workforce, or may have been laid off or offered an early retirement. Second, home price surges across the nation enabled many Boomer homeowners to benefit from a large return on investment – opening up options to downsize, relocate and/or retire earlier than anticipated.

WHAT PERCENTAGE OF 2020 SELLERS WERE BABY BOOMERS 

Baby Boomers aged 65 to 73 made up the largest share of sellers in 2020. They were also the most likely to move the farthest after selling with a median distance of 40 miles away.

WHERE DID RETIREES GO & WHY

Several driving forces impacted retiree decisions of where to go. May retiree sellers desired a locale closer to children or grandchildren. Others made the leap into a dream retirement home – often-centered around a golf course, beach or warm weather destination.

Many retirees downsized, however, others who did not sell chose to purchase vacation homes. Selling in a hot seller’s market is one thing but buying in that same market can present a number of challenges which may have also impacted the Boomers’ next steps. According to Forbes, the top 10 markets that received the greatest increase in senior real estate views last year were all in Florida, North Carolina, South Carolina & Georgia.

Resource Used: Baby Boomers Retired At A Record Pace In 2020. Here’s Where They’re Looking To Move

If you are wondering what more Baby Boomers selling means for you, how to sell & buy in this market or need help weighing your options – please contact us at any time!