Everyone has, at some point, dreamed about all the exotic places they can spend their retirement in. Whether you are ready to pack everything up and retire tomorrow or daydream about a far-flung future, there are things that you need to take into consideration before you choose the ideal location. Your choice of location will determine how long your retirement funds will last, the types of activities at your fingertips, and the kind of weather you will experience. In other words, choosing a place to retire is no small task. So, to help you with your journey, here are 3 things you should keep in mind when deciding on your retirement location.
Access to Healthcare
It is natural for our health to decline as we age, and even the fittest amongst us experience some form of mobility issue or health risk in our older years. As such, the accessibility of medical and nursing care is crucial for any good retirement location. Not only would having high-quality medical faculties within arm’s reach mean that you and your loved ones will be able to quickly get necessary aid during emergencies, but for those that need long-term care, a higher quality of life becomes more possible due to access to care.
Regardless of whether you are currently suffering from a severe illness that requires constant care, or if you are a healthy individual, access to healthcare is a vital consideration when choosing a place to settle in for retirement. Remember that illnesses can strike anytime so while you may not need care now, it is still prudent to keep medical care as a key consideration as you never know if you may need it in the future.
The best states in America for healthcare are Minnesota, New Hampshire, and Iowa, while the worst states are Arkansas, Louisiana, and Mississippi.
Cost of Living
Most people no longer have a steady stream of income in retirement. As such, you will most likely be living on a fixed amount of money. Unless you have managed to amass a fortune in your lifetime, you will need to consider the cost of living in your chosen location. Different parts of America have drastically different costs of living which will impact the kind of lifestyle available to you. Naturally, choosing to retire in a more high-cost area means that you will burn through your savings quicker and so, you will need to be more conscious about your spending.
Cost of Long-Term Care
There is an incredibly high chance that older adults will need some form of long-term care during their lifetime. More often than not, the care required will not be covered by Medicaid or other policies. For example, Medicare does not provide coverage for custodial care, which entails care that assists the residents with bathing, dressing, and eating. This means that assisted living communities will not be covered and if you require such care, you will have to dip into your own savings.
Long-term care can differ greatly from state to state so make sure to do your homework on the cost of long-term care in your chosen area of retirement so that you do not run into financial difficulties down the line.