Daily Money - Money’s Best Places to Retire 2022

December 14, 2021

I enjoy reading catalogs. It’s fun to imagine how a new face serum or throw pillow might enrich my life – even when I have no intention of buying them. Similarly, I love reading about retirement destinations, even though I’m probably going to stay put when the time comes. Money recently published our Best Places to Retire 2022, and it has something for everyone. Casual readers may enjoy daydreaming about the kind of life they would live in each of the 10 places, while readers planning a move will find plenty of data to consider. We looked at nearly 100 different metrics to narrow down our list, on factors from weather to leisure activities to health care access. Many of our picks are smaller towns that are close to urban centers. Please check them out in today’s edition, and tell me about the retirement destinations on your list!

Best wishes,
 
 
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What are you up to these days?

I‘ve been working to help a large surgical practice negotiate its reimbursement with large insurance carriers while also launching a health care technology firm with two partners. The company provides a platform for hospitals and physicians to greatly enhance their ability to educate and engage patients in need of bariatric surgery and to help them successfully complete what is often an arduous, protracted process required prior to having surgery.

Wow! Any advice you'd like to share for others about preparing for retirement?

Plan just as much for how you will spend your time as how you will spend your money. Even if you’ve been managing your own finances, get a second opinion on your financial readiness and spending plans for retirement. It’s a more straightforward process to invest and accumulate over time, than it is to distribute.

When you move into the distribution phase, you have to determine what Medicare plans to take, when to take Social Security, whether and how to adjust your asset allocation, how to draw down taxable vs. pretax accounts to manage your tax burden, whether or when to do Roth conversions and many other critical matters. Most people will benefit from at least getting advice from a professional. You will get bombarded by Medicare Advantage advertisements as you near 65. These plans will offer no/low premiums and additional services such as dental, hearing and vision, not otherwise covered by Medicare. Is the cost savings and benefit of having these additional services worth what you give up by selecting regular Medicare and a supplement? This is another area where many people would benefit from professional assistance, from someone who has no commission to make.

Agreed! Tell us something (or someone) you’re grateful for.

I’m grateful for my wife, who is much better at her craft than I am at mine, who tolerated and supported me through moves across the country as I advanced my career in health care administration. And I’m proud of my son, who graduated from the Tisch School at NYU and just finished post production on a film coming out in selected theaters and video on demand this spring.

Retirement News From Around The Web

Starting a Business?
Here’s how to create a one-year success plan. NEXT AVENUE

How to Deal With (Even More) Covid Uncertainty
For starters, focus on controlling what you can. VOX

The ABCs of REITs
Retirees in search of income and some inflation protection may want to consider real estate investment trusts. CNBC

Study: Men Make Bigger Changes After Retirement
A recent study sheds light on how men and women respond differently to retirement. SQUARED AWAY BLOG

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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