Climate change is impacting retirement plans. How older Americans are adapting

SourceCNBC
SectorReal Estate
CountryMiddle east

The threat of climate change is shifting some older Americans’ retirement plans. Extreme weather such as hurricanes, flooding, freezing temperatures and wildfires has prompted some to rethink where they will spend their golden years. “Clients are seeing it for themselves and starting to adjust plans as a result,” said John McGlothlin III, a certified financial planner with Southwest Retirement Consultants in Austin, Texas.

One client, planning to retire in Galveston, Texas, wasn’t prepared for the rising expense of flood insurance, he said. While the average cost for Texas flood coverage is , premiums may be higher in some areas. Another client in Austin suffered from the region’s deep freeze and power outages in February. When pipes froze and their condo flooded, they started to question their long-term plans, McGlothlin said. With the possibility of another cold snap, more home damage or future displacement, they are reconsidering where they are living. But there’s a problem: The unit may not fetch the...read more...