Many Boomers Plan Retirement Moves

Are you planning to retire in the next 10 years and buy that special abode in some out-of-the-way Shangri-La?

Join the crowd.

Nearly 40% of baby boomers plan to move to a new home when they retire, and only a small percentage are interested in retirement communities, according to a recent survey.

The study, by U.S. Bancorp Piper Jaffray, also showed regional differences. Only 28.8% of Southerners plan to move to a new home compared to 45.5% of Westerners, 41.7% of Midwesterners and 38.4% of Northeast boomers.

The majority of those surveyed said they planned to retire to rural areas or warmer climates, while only 4% said they wanted to go to retirement communities.

Yet the study also found that boomers may not be prepared financially for their plans.

For example, the survey found that about 30% of respondents do not have money saved for retirement and that nearly 40% fear running out of money as a retiree.