It is the same story with about half of all people who are close to a reasonable retirement age. Husband and wife take a close look at their finances, their savings and their hopes for a steady retirement income, and they know it just can’t be done. Their investments still haven’t recovered properly since the crash of 2008, the value they always hoped their homes held still doesn’t exist, and private health insurance is terribly expensive.
They try to look for the best place to retire that might offer a cost advantage; but apart from Sedona, Arizona, retiring couples of modest means can usually find nowhere to go. But they shouldn’t just resign themselves to working to the day they die. Because an alternative exists. And that would be to move to another country where the prices for everything resemble what seniors were used to when they were younger.
Puerto Rico, Kuala Lumpur, Malaysia; Boquete Panama; Merida, Mexico; Cape Town, South Africa: each one of these unfamiliar-sounding names can offer you the best place to retire. They offer lush scenery all the year round, they offer year-round spring like climate, and they offer really affordable cost of living.
About 10 or 15 years ago, anyone who announced to their friends that they were planning to move to Asia or Africa to retire would have been looked at kind of funny; the most likely question they would have fielded would have been, “Why, are you kind Bohemian all of a sudden?”.
Today, anyone considering the best place to retire overseas won’t need to be a guinea pig of any kind trying out an all-new option no one’s ever tried before. Over the past 10 years, and especially since the recession that started in 2008, thousands of retirees from all around America left for retirement havens in the warm and inviting climes of a dozen different countries. There are websites, services, expatriate communities -everything you need to have your way made smooth.
There is no real telling how many retirees now choose to call some far-off country home. The U.S. Census doesn’t count them, and many of these retirees don’t even get permanent residence visas to live in those countries. They just keep on renewing visitor visas or tourist visas. But Social Security is beginning to notice that ever since 2002 the number of people asking to be allowed to claim their payments in another country have climbed by 30%.
Mexico especially, has been really trying to court the wave of retirees looking for a new country to set up home in. The Mexican government is even lobbying Congress to allow retirees living in Mexico to claim Medicare benefits. There are retirement communities everywhere for American retirees in Mexico and Panama, and retirees really love life in the slow lane there. As websites dedicated to retirement in more affordable locations (like Escape Artist) will tell you, where else can a regular retiree afford a nice new ocean-view condo and receive government credits for it?
Puerto Rico is special in this respect, No visas or other paperwork is needed and medicare is accepted making it the easiest of all these destinations to achieve.
Photo by miamism