Pre-Retirees Want to Relocate, Regardless of Income
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.