Turns out Baby Boomers and Gen Zers have more in common than they initially thought.
A new survey by GoBankingRates finds that both groups are more inclined to retire to the sunshine and warmth in states like Florida and Texas. While retirement is still far-off in the future for the youngest working generation, some are already idealizing their post-career future.
All generations surveyed say they would prefer to go south during their golden years, as 41% of Americans ages 18 to 24, 42% of individuals ages 25 to 34, and 43% of Americans ages 35 to 44 list the south as the top U.S. area they would rather live in during retirement.
Among Gen Z (ages 18 to 24), the top choices in the South include Florida (20%), Texas (18%), Georgia (12%), and Washington, D.C. (10%). This group also tends to favor the Midwest, with 17% choosing Ohio as their preferred place, 15% for Illinois, 12% for Michigan, and 8% for North Dakota.
GoBankingRates separated Millennials between younger and older subsets, finding some cohesion and differences between both. According to the survey, for younger Millennials (ages 25 to 34), the preferred states to retire in the south are Florida (28%), Texas (17%), North Carolina (10%) and Georgia (9%). Older Millennials (ages 35 to 44) opted for Florida (28%), Texas (14%), North Carolina (12%) and Tennessee (6%).
In the Midwest, younger Millennials chose Ohio (18%), Michigan (15%), Illinois (11%) and Missouri (8%), while older Millennials leaned towards Ohio (16%), Missouri (13%), Michigan (12%) and Illinois (10%).
In its survey, the personal finance publication notes that since Millennials and Gen Zers won’t retire for decades, it can be tough to predict exactly where most will choose to land.
Still, separate studies show that Gen Z and Millennial workers value affordability and cost of living in their lives. A 2023 Gen Z and Millennial Study by Deloitte found that both generations place economic standards of living, along with other factors like climate change, among their key concerns.
Other reports touch on the value of political and social environments for younger working generations, finding that most individuals in these groups are politically engaged and place value in their environment’s politics, including policies on gender pay gaps, LGBTQ+ policies, racial disparities, gender equality, and the right to protesting. A Scholaroo study on the best and worst states for Millennials to live in found that Gen Zers tend to prefer liberal states that focus on climate change, like Massachusetts, Colorado, and Vermont. Others place importance on affordability and quality of life, selecting states like Minnesota and Utah.
SEE ALSO:
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- A Third of Younger Workers Have Zero Retirement Savings
- Retiring on the Cheap: 5 Countries, 7 U.S. Cities Where You Can Retire on $2,000 a Month
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
