An important factor you must add to the decision-making process is the medical cost of retirement.
70% of the population will need Long Term Care - at home, assisted living, nursing home, or Dementia ward (and lastly, Hospice - free under Medicare). Long Term Care Insurance (LTCi) is expensive and not adequate depending on your medical situation and the age when you buy.
Look at the cost of such costs in various states at
https://www.genworth.com/aging-and-you/finances/cost-of-care.html.
We looked at LTCi at age 70, which was $2,800/month; your quote will vary!
You should consider living in a Continued Care Retirement Community (CCRC). There are various types. I prefer Type - A - Lifecare which guarantees you long-term care for a lifetime as part of your monthly fees.
Other types will charge you at the market rate or a slightly discounted market rate.
Active 55+ Adult community does NOT have medical.
CCRCs have a variety of floor plans for independent, carefree living, from condos to Townhomes and Villas. And the medical services are on the campus and guaranteed LTC beds for you if needed. You do need your medical insurance for doctors, hospitals, and medicines.
I have a few documents based on my experience that you can look at as to why and the cost scenario.
My presentation on why one should think of a CCRC and where we are
https://docs.google.com/presentation/d/1CE1j7c2Ut8O6340oa7RKF_9P3utqYC1Ed-mn4f5VqiM/edit?usp=sharing
Fees at where we are
https://docs.google.com/presentation/d/1CE1j7c2Ut8O6340oa7RKF_9P3utqYC1Ed-mn4f5VqiM/edit?usp=sharing
Cost comparison of staying in a home vs a CCRC.
https://docs.google.com/spreadsheets/d/1F7geilNMvtXPr-3548cRxeFzeFT8pn0VjXQXGD4PvyM/edit?usp=sharing
Look at the US News and Word survey also.
https://docs.google.com/spreadsheets/d/1-lDNfBzI8X-iz6pnaTdNqhGLCA_OU218rcQGraogvFM/edit?usp=sharing
https://health.usnews.com/best-senior-living/ccrc/pennsylvania
You should ensure that the CCRC is non-profit and has an "A-" or higher Credit rating from Fitch. I have that if you need it.
There are ~1960 CCRC in the USA. 80% are nonprofit (my preference); some, like ours, do not accept Medicaid-dependent residents. The reimbursement is low, so that the quality may suffer.
The majority (~135) are in PA. PA does not charge State Income tax on retirement income like SS, Pension, RMSD, etc., but has a 4% inheritance tax.
A portion of Entrance fees and monthly fees are deductible in Federal income taxes as a Prequalified Medical tax - it can be a large number and can be helpful based on your tax bracket. Make sure to check how much is available for such a deduction!
LTCi premium is also deductible but only ~$5,000/year.
Thanks.
Love
Jay Shah