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The popular vision of the "good life" in retirement - packing up to move hundreds or even thousands of miles to a new abode where it's always sunny and warm - became commonplace in the 1950s and '60s.

Many older Americans had achieved financial independence and migrated from Snowbelt cities to Sunbelt communities, where they expected a leisurely life of golf in the morning and cocktails on the patio in the evening.

"In the past, such an experience of retirement was limited to the wealthy few," Massachusetts Institute of Technology economist Dora Costa wrote in 1998 in "The Evolution of Retirement." "Now, it is an option available to the majority of workers."

But is it really a widely available option anymore? Following the steep decline in home values after the housing bubble burst in 2006, Americans of all ages are relocating less often. A mere 11.6 percent of U.S. residents moved between 2010 and 2011, the lowest rate since 1948.

The number of older Americans continues to grow, but they are increasingly aging in place. Scholars at the Brookings Institution predict, for example, that Georgia's senior population - those 65 and older - will swell by 44 percent between 2010 and 2020. But less than 10 percent of the increase will be due to in-migration of older citizens.

The shift toward staying put runs even deeper than the depression in home values. The leading edge of the massive baby-boom generation has reached the traditional retirement age of 65. But most boomers' savings have fallen short.

That savings dearth is the impetus for the standard retirement advice these days: Work well into your traditional retirement years. And guess what? Working longer influences where you retire.

For most people, it makes sense to stay where they are because they can more easily find jobs by tapping networks of nearby friends, family members and acquaintances. For example, having such a network makes it far easier for a soon-to-be-retiree to get a part- time consulting contract or an opportunity to use hard-earned know- how at a local business.

Relocating means creating new networks and that takes time.

Staying local helps you financially in two major ways. First, nurturing the various networks in your community is truly a critical investment - the way stocks, bonds and other types of financial savings are important to a secure old age.

Second, you have a good vantage point for researching ways to improve your current home, rather than looking into possible digs in far-away climes. Do your bathrooms need remodeling for safety as you age? How about the kitchen? Or would it be smarter to downsize to a nearby condo?

Chris Farrell is a contributing columnist to Kiplinger.com.

(c) 2012 Tulsa World. Provided by ProQuest LLC. All rights Reserved.

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