List Of Top Cities Retirees Are Moving To Includes Two In The Tampa Bay Area

Have you noticed which cities retirees are moving to? There is a trend. Retirees are flocking to two Tampa Bay are cities.

Once people are ready to retire, where do you think they’d like to move? The Sunshine State offers plenty of benefits. Warm weather and no state income tax are nice draws. But there are two cities, in particular, that attract retirees. And that city is right here in our Tampa Bay area.

The company Smart Asset analyzed where and why retirees are moving to certain places. They looked at people who are sixty years old and older.

Mesa, Arizona earned the top spot on the list of cities that retirees are moving to. Almost 7,000 people relocated to this sunny city. San Antonio Texas earned the second spot. Coming in third, it’s Henderson, Nevada. Do you see a pattern so far? Warm weather rules. And number four adds to that, albeit you’ll find more humidity in, drum roll, please…St. Petersburg, Florida. A whopping 2,698 people moved to the waterfront city in Pinellas County. Now I’ve never even heard of the city that came in fifth. Murfreesboro, Tennessee. Ever been? Rounding out the top ten, it’s Clearwater, Florida. Another city in our Tampa Bay area. More than 1,500 new retirees now call Clearwater their home.

Not only did Smart Asset’s analysis review top cities where people are moving to and moving from, they also looked at States, as a whole.

Over 171,000 retirees moved to Florida. What states are they all moving from? Here are the top five cities people are fleeing from: New York City; Los Angeles, California; Chicago, Illinois; Portland, Oregon, and Anchorage, Alaska. Almost 29,000 retirees moved out of New York City. I would imagine it’s because it’s crowded and expensive, as is Los Angeles. Chicago isn’t ideal for retirees because of its brutally cold winters. And for that reason, I can also see why people would flee Anchorage, Alaska.

What do you think of the list of cities retirees are moving to? Would you like to retire to any of these cities.

Have you ever wondered how much money you need to retire? It's a big question and has a complicated answer. But, there are some ways to estimate how much money you'll need to retire comfortably. So, how much do you need to retire?

Before we get into those numbers, let's look at how the age at which you retire impacts how much retirement you currently get from Social Security. What is the maximum Social Security retirement benefit payable? According to Faq.ssa.gov, the maximum benefit is dependent on the age you retire. "For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822," they state. "However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873." Also, when you want to apply for retirement benefits, you can do so using their online retirement application here.

You're able to apply for your monthly retirement benefit as early as 62 years old. You can apply any time between age 62 and 70. The government calculates your payment by looking at how much money you've earned during your entire career. "The amount will be higher the longer you wait to apply, up until age 70," they explain. "The timing is up to you and should be based on your own personal needs." They also have a handy tool to estimate how much you'll get when you apply at different ages. Find the tool here. They also have a chart here where you can look at various dates and see how much retirement you get if you were born in those years. Wow. I have a ways to go, looking at those dates.

So, how much do you need to retire? Let's look at what some experts say and how to find out your needs.

The age you want to retire can have a massive impact on the amount you need to save. If you delay your retirement, it gives your savings longer to grow, and your Social Security benefit will be higher. So, the longer you can delay, the better. In other words, working longer will make it easier save enough money to retire.

Do you want to really live it up in your retirement, or will you be frugal? If you think your expenses might go up in your retirement, you have to save for it. But, if you plan to downsize, you can retire on less.

The AARP sources a 1998 study from Trinity College in Texas, which attempted to "find the most sustainable withdrawal rate from retirement savings accounts over various time periods." In conclusion, the study stated that "an investor with a portfolio of 50 percent stocks and 50 percent bonds could withdraw 4 percent of the portfolio in the first year and adjust the withdrawal amount by the rate of inflation each subsequent year with little danger of running out of money before dying."

Fidelity has a handy calculator that will help you figure how how much you need to retire. First, they ask, what is your age? Then, what is the age you expect to retire? Finally, what do you think your lifestyle will be in retirement? Use their calculator HERE, and they'll give you some useful estimates.