Many clients hope to move somewhere else after they retire to cut costs, increase their quality of life and escape the pain of watching favorite restaurants close.
But clients who are considering relocation may find that other people's retirement community rankings are a poor fit.
A team at John Hancock and researchers at MIT's AgeLab has come up with a possible solution, on the way to developing an eight-domain Longevity Preparedness Index.
The eight domains are care, community, daily activities, finance, health, home, life transitions and social connection.
John Hancock hopes the index program will help it, policymakers, annuity advisors, long-term care planners and others determine whether individuals or groups of people are ready to live comfortably into their 90s and beyond.
John Hancock commissioned a survey of 1,307 Americans ages 18 and older to apply the new Longevity Preparedness Index methodology.
The bad news: The average LPI score was just 60 on a 100-point scale.
The good news: The full version of the LPI survey report includes ideas clients can use to hack their LPI scores.
The average domain subscores ranged from 42 out of 100, for planning for care needs, up to 70, for living in a supportive community.
The community section provides factors anyone can use to rate how well a community serves retirees. Of course, clients and their advisors can weight the LPI community metrics however they want, cut metrics out and add other metrics. They can then use sites like the U.S. Census Bureau's website or other people's off-the-shelf rankings to assign grades for the various factors.
For a look at the seven items in the LPI retirement community rating factor starter set, see the gallery accompanying this article.
Credit: Prostock-studio/Adobe Stock
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