The good news is—we’re living longer than ever. The challenging news is that we’re living longer than ever. While our population is older and more productive than ever, the reality is that our bodies need more assistance as we grow older. In addition to thinking about how you want to live and retire during your senior years, it’s equally important to think about where you want to live.
“While the factors that make a particular state an ideal environment to grow old are highly individual, there are certain elements that make some states a better bet than others. These include the availability of quality healthcare, affordability of senior care, support for seniors and family caregivers, and overall quality of life for seniors,” researchers at Caring.com say.
The online senior healthcare information provider examined a variety of financial, healthcare and quality of life categories and identified the best and worst places to grow old. In the first part of this series, we shared the study’s findings;West Virginia, New York, and Indiana were among the worst places to live, in your senior years.
As for best places to live, these were among the top picks, according to this research:
South Dakota: Seniors in South Dakota have access to high-quality healthcare and senior care, with costs of care hovering around the national average—about $36,000 yearly for an assisted living community and around $52,000 for a home health aide.
South Carolina: The only southern state to make the cut, South Carolina was also found to be one of the best retirement spots. Researchers cite that the state boasts the nation’s fifth-cheapest elder care. A year in an assisted living community costs $37,500 on average, while a home health aide costs roughly $42,000 per year.
Minnesota: Minnesota was also found to be one of the best states to grow old. Senior care is a little pricier than the others—an assisted living facility costs roughly $42,000 per year on average, while a home health aide runs about $57,000. Still, the state ranked especially high in quality of health care and overall quality of life for seniors.
In addition to finding the best place to live, be sure to talk to insurance professionals about long-term care and other options for senior care, so that you can create the financial environment in order to thrive in your golden years.