Moving away when retiring? Most seniors believe that idea is outdated

Two in five seniors claim they’ll “never” move out of their house.

A survey of 2,000 Americans aged 65+ found that 49% believe that the idea that people need to move away when they retire is outdated and 41% aren’t planning on leaving their current home any time soon.

An astounding 95% of respondents are either already retired or plan to do so, and, of those respondents, only 29% already have or will adjust their living arrangements.

One-third of those (33%) downsized their space, while others moved closer to family (28%), to a quieter area (28%) or to a warmer climate (25%).

If given the opportunity to relocate anywhere, 29% would head to the Southern U.S. while an almost equal amount (27%) would stay where they’re at.

Conducted by OnePoll on behalf of ClearMatch Medicare, results revealed that 75% of seniors would rather live in their own home than move into an assisted living community (11%) or in with family (10%).

The top reasons for staying in their home include being able to care for themselves (73%), liking their independence (72%) and their home (64%).

Others enjoy being familiar with their neighborhood (46%), like their community (42%) and don’t want to leave family behind (24%).

Beyond that, other seniors would miss their friends (25%), local businesses (16%) and even their doctor (15%).

"Today's seniors are redefining retirement, and their strong desire to remain in their own homes reflects a shift in what we thought traditional retirement to mean,” reflected Ben Pajak, CEO of ClearMatch Medicare, a part of HealthPlanOne, LLC. “The survey results speak volumes about their determination to age in place, emphasizing the importance of independence, familiarity, and community connections."

When retirement time comes around, 59% of seniors would rather start pursuing their passions and hobbies, but 15% said they want to keep working.

But that doesn’t mean there aren’t any concerns. Two-thirds of seniors (67%) agree that changes that happen later in life are more difficult to adjust to than changes that come earlier.

Concerns about retirement specifically include not having enough income (47%), having too much free time (27%) or even needing to be reliant on others (22%).

A similar number (21%) worry about losing their independence, not socializing enough (19%) or being a burden on their family and friends (19%).

But to combat those concerns, many seniors have retirement goals in place, including traveling (45%), visiting with family and friends (44%), exercising (39%) and even picking up a new hobby (31%).

"Many retirees are eager to embark on a new chapter filled with their passions and interests,” said Vice President of Sales, Jennifer Girdler. “While there are concerns about the challenges that come with later life changes, it's inspiring to see that seniors are proactively addressing these issues by setting retirement goals."

Survey methodology:
This random double-opt-in survey of 2,000 Americans 65+ was commissioned by ClearMatch Medicare between October 5 and October 11, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).