More pre-retirees have plans to relocate regardless of financial capacity
Soon-to-be retirees are becoming more and more certain about their relocation plans for retirement regardless of their income level.
A survey eRetirements.com found out that 40.8% of those with annual income bracket of $750,000 to $1 million are certain that they would relocate during their sunset years.
This need to move to another place is also apparent amongst those with a more modest income level. Around 41.7% of those with annual incomes below $250,000 a year are also steadfast on their relocation goals, with only 0.4% saying the option is not likely.
However, it is surprising that more than half of these pre-retirees under 50 years old have yet to consult a financial planner. Amongst the pre-retirees over 65 years, around 39% have not met an advisor.
Larrea Wealth Management CEO Aquiles Larrea was attributed in the survey saying that whilst self-financial management doesn't necessarily hinder pre-retirees' relocation goals, it would still be wise for these retirees to avail of professional services to assist them with things like calculations of retirement income, tax implications, and cost of living changes.
"Where will they retire, and is it more affordable? What is important for them to prioritize? How will they fund this new lifestyle? Why are these prioritized items truly important? Answering these questions with a professional can help to ensure that retirement is well planned, and in turn well-funded," he said.
This trend of seeking the greener pasture for retirement presents an opportunity for advisors to capture new clients, he suggested.
Additionally, the study stated that this trend may spur action from homebuilders, local governments, and city planners to meet the growing demands for housing, medical care, transportation, and entertainment especially in popular retirement havens.
For more of Wealth Professional's latest industry news, click here.
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A survey eRetirements.com found out that 40.8% of those with annual income bracket of $750,000 to $1 million are certain that they would relocate during their sunset years.
This need to move to another place is also apparent amongst those with a more modest income level. Around 41.7% of those with annual incomes below $250,000 a year are also steadfast on their relocation goals, with only 0.4% saying the option is not likely.
However, it is surprising that more than half of these pre-retirees under 50 years old have yet to consult a financial planner. Amongst the pre-retirees over 65 years, around 39% have not met an advisor.
Larrea Wealth Management CEO Aquiles Larrea was attributed in the survey saying that whilst self-financial management doesn't necessarily hinder pre-retirees' relocation goals, it would still be wise for these retirees to avail of professional services to assist them with things like calculations of retirement income, tax implications, and cost of living changes.
"Where will they retire, and is it more affordable? What is important for them to prioritize? How will they fund this new lifestyle? Why are these prioritized items truly important? Answering these questions with a professional can help to ensure that retirement is well planned, and in turn well-funded," he said.
This trend of seeking the greener pasture for retirement presents an opportunity for advisors to capture new clients, he suggested.
Additionally, the study stated that this trend may spur action from homebuilders, local governments, and city planners to meet the growing demands for housing, medical care, transportation, and entertainment especially in popular retirement havens.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Do advisors need to approach female clients differently?
Are advisors ready to embrace the robos?
