Advantages of Retiring Abroad & Top 5 Destinations

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rp_retirement_road-300x168.jpgIf you are a baby boomer nearing retirement, I have some bad news.  In fact, the numbers are so dismal, you might want to skip the bullet points and move on to the good news a couple paragraphs down.  For those of you with thick skin and an insatiable curiosity that compels you to look even when I just told you to look away, here are the statistics:

  • The median income for people over age 65 is $27,707 for males and $15,362 for females
  • 3.6 million seniors live below the poverty level
  • 18.5% of people over the age of 65 have to continue to work in order to make ends meet
  • People are living longer, which means that retirement funds have to be stretched out over longer periods of time.

I could go on, but I think you get the point.  Since businesses have changed from pension based retirements to 401k programs that require people to be responsible for saving for their retirement, more people simply cannot afford to retire or enjoy the type to retirement they had envisioned.

So what is the solution?  For some, it isn’t too late to start making better financial decisions that will ensure a more robust retirement fund.  However, for many baby boomers, they have simply run out of time to save.  If that is your situation, the real question becomes how to make the most out of the money you do have.

Retiring abroad

Many people have found that retiring abroad is the perfect solution that allows them to quit working at a typical retirement age, stretch their funds, and pursue their interests.  Picking up and moving to another country can seem intimidating and it might be hard to know where to begin, so here are some criteria to take into consideration:

  • Climate:  One of the best things about relocating for retirement is that you can choose a location with a temperate climate that will allow you to enjoy outdoor activities year round.
  • Proximity to a Major Airport:  If you are leaving behind friends and family in the states, you want to make sure that it is east to travel back home.
  • Access to Quality Health Care:  Look for a destination that has reputable hospitals and treatment centers that are easily accessible.
  • Cost of Living:  The most important criteria to take into consideration is cost of living.  After all, the whole point of moving abroad is to enjoy a better quality of life for less.
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Panama

Americans are retiring abroad:

  1. Panama
  2. Ecuador
  3. Belize
  4. Argentina
  5. Mexico

While it might seem like a big leap to pick up and move to a different country, what better time to have an adventure than during your retirement?  And just imagine how excited your grandkids will be to spend in summer abroad with their grandparents.  If you are facing a facing the reality of retirement on a shoestring budget, you might want to head to South America to start scoping out retirement homes.

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