Best Cities for Retirement
The COVID-19 crisis has many carefully considering the when,
where, and how of retirement.
In its “2020’s
Best & Worst Places to Retire,” WalletHub analyzed more than 180 U.S. cities and ranked
their retirement friendliness.
The variables it examined included safety,
access to healthcare, affordability, tax friendliness, and quality of life.
The report can help you start thinking through decisions about
finances, your next city, and what’s important to you in retirement.
Here are WalletHub’s top five retirement cities:
1.
Orlando, Fla.
2.
Tampa, Fla.
3.
Charleston, S.C.
4.
Miami, Fla.
5.
Fort Lauderdale, Fla.
Other spots in the top ten included Casper,
Wyo., Minneapolis, Minn., and Jackson, Miss. See the complete list here: https://bit.ly/3moEMeO
Beyond the rankings, there’s additional value in the insight
provided by experts that WalletHub interviewed.
They all answered a set of questions on topics like financial
considerations, mistakes people make when planning for retirement, and the
effect the pandemic has had on people’s plans.
Joseph F. Coughlin, Director of the Massachusetts Institute of
Technology AgeLab, Senior Lecturer, Department of Engineering Systems,
Massachusetts Institute of Technology, pointed out that retirement is a long time — about
one-third of your adult life or 8,000 days.
“Therefore, where you live should have all the elements you would
want to live well, not just walking the beach, golf course, or even the
occasional bike ride. Think about access to healthcare, friends, the likelihood
of making new friends, activities that stimulate — not just entertain,”
commented Coughlin.
He also warned against being wooed by trite brochures and ads
showing retirement as an endless vacation, saying, “…it is crucial to living in
a place that pushes and pulls you into participating in activities and social
interactions that excite and delight. Retirement means stepping away from the
routine of work that lasted 30-40 years, it is not about stepping out of life.”
Another interviewee, Cal J. Halvorsen, Assistant Professor, School
of Social Work, Boston College, emphasized the importance of building social
connections and finding a sense of purpose.
He spoke about the loss of a sense of self that people face during
retirement and the importance of making it a priority to find new purpose
through volunteering, philanthropic work, part-time
jobs, and hobbies.
If you’re still uncertain about the states to consider for
retirement, look at a January 2020 WalletHub presentation (https://bit.ly/3hwFwuv),
“Best & Worst States to Retire.” It measured states on things
like affordability, quality of life, and healthcare.
Here are WalletHub’s top 10 states:
1. Florida
2. Colorado
3. New
Hampshire
4. Utah
5. Wyoming
6. Delaware
7. Virginia
8. Wisconsin
9.
Idaho
10. Iowa
Medicare Open Enrollment — October
15-December 7
Medicare Open Enrollment for 2021 starts on October 15 and ends on
December 7, 2020.
It’s your chance to sign up for coverage for the first time or,
for those already enrolled, to review coverage and make changes.
It’s best to get an early start and not wait until the last minute
to review your options. Particularly for first-timers, the system is complex
and it can be challenging to figure out what policies fit your needs.
Resources:
·
“Different types of Medicare health
plans” (https://bit.ly/3iuv1sR) to understand what
a Medicare health plan is.
·
For complete Medicare information, including costs, what it
covers, and to sign up, see: https://bit.ly/2Fyo2AD.
· AARP (https://bit.ly/3ivillH) explains the ins and outs of Medicare, mistakes to avoid, and how to figure out what all the letters — Plans A, B, C, and D — actually mean.
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Real Estate Matters: News &
Issues for the Mature Market
Palmer House Properties 10 Strecker Road, Suite 1650 Ellisville, MO 63011 Matt Wroughton - SRES, PSA |
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