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Pre-Retirees Want to Relocate, Regardless of Income

By Alex Padalka September 25, 2017

Financial advisors whose clients are approaching retirement should discuss where they can afford to escape during their twilight years. Many pre-retirees are dead-set on moving somewhere else without any regard for their income, according to a recent eRetirements.com survey.

Among pre-retirees whose annual household incomes are $750,000 to $1 million, 40.8% say they’re definitely relocating for retirement, according to a survey of more than 3,000 retirees. Only 0.5% say they’re not likely to move, the survey found. The figures are strikingly similar for pre-retirees of far more modest means: among those whose household incomes are less than $250,000, 41.7% say they’re certainly relocating, while only 0.4% says they’re likely not moving.

Many pre-retirees may not be prepared to handle the move financially, eRetirements.com warns. This may present an opportunity for financial advisors looking to bring on new clients.

Among pre-retirees under 50, 52% say they have yet to meet with a financial planner, according to the survey. And even among pre-retirees 65 and older, 38.7% have never met with a financial planner.

While going it alone as far as financial planning certainly doesn’t prevent someone from successfully relocating for retirement, advisors can help pre-retirees with the various financial implications of a big move, such as tax and cost of living considerations, and calculating retirement income, eRetirements.com.

Advisors can also help pre-retirees prioritize their desires for retirement, according to the website.