There are also sources of information on hospitals and available medical care such as U.S. News & World Report, which annually ranks the best hospitals in America. If someone is managing a chronic disease or has been treated for a serious illness and needs more intense monitoring capabilities, finding the right medical expertise can be a big part of where someone decides to retire.
Another important variable: long-term care costs and availability. The AARP offers a guide to long-term care that can provide projected costs on a state-by-state basis. Knowing in advance what care may cost in a particular location is especially important as today’s 65-year-old has a nearly 70 percent chance of needing some type of long-term care services, according to the Administration on Aging of the U.S. Department of Health and Human Services.
Doing a little homework about where to live today can help pre-retirees build a happier tomorrow, especially in their later years when they may find they’re less focused on recreation and more concerned with medication. It’s an unfortunate fact of aging that location can exacerbate or alleviate.
Discussing options for where to live in retirement with retirement plan participants and clients can be part of your mission as a financial advisor and another way to become an “age-friendly advisor.”
E. Thomas Foster Jr. is head of strategic relationships for retirement plans for Massachusetts Mutual Life Insurance Co. (MassMutual).