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Best Places to Grow Old

Forbes Magazine, 5/18/09

Abstract:

Ed Coghlan's story is the same as so many others: Over the last year, the North Hills, Calif., owner of a corporate communications firm has seen his retirement accounts dwindle from the low seven figures to the mid-six figures. While Coghlan, 59, isn't destitute, that decrease does mean that he'll have to work longer than he expected...

...Coghlan's not alone. The baby boomers--defined by the Census as those born between 1946 and 1964, and the largest and richest generation of Americans to date--have seen their savings depleted by 20%, or a total of $2 trillion during the current recession, according to Conemarra Partners, a New York-based consulting company. That means postponed retirement for many of them or, in some cases, settling down in spots far away from the tried-and-true options, such as Florida and Arizona.

Why aren't these sunny spots looking as sweet these days? It's a combination of the costs and the particular lifestyle retirees seek. Some retirees are now opting to wind down in college and commuter towns, or places where they have spent significant amounts of time in the past, according to Robert G. Kramer, president of the National Investment Center for the Seniors Housing & Care Industry, a market research firm in Annapolis, Md. These include Westchester, N.Y., and Lancaster, Pa.

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