A shift has occurred in the World’s economy within the last decade, resulting in many Americans discovering retirement havens that fit their budgets as Ex-Patriots. There are many articles out for 2013 about traveling overseas to find a retirement community, filled with commentary from ecstatic Ex-pats. This movement really gained momentum during the economic deflation of 2008, making the average American retirement dream harder to achieve. People are still working to bring their retirement accounts, equity and savings back to levels that will afford them to survive in retirement without a supplemental income. The move overseas helps retirees capitalize on smaller and developing economies throughout the world. While being a more cost effective option in many cases, the initial move can take much planning, time and some scouting resources that should be considered carefully.
In the research for this blog post, many destinations like Thailand, Argentine, Croatia, Panama, Belize, the Philippines, Italy, Ecuador, Uruguay, Burma, and Chile were listed as among the top on retirement locations. What is important to remember is the service, environment, and budget that best fits your retirement. Many of the aforementioned destinations are in developing nations, and as a result many only have desired amenities and activities in a few well-populated areas.
One helpful comparison of five Central and South American destinations gives a breakdown on healthcare costs, living expenses, entertainment, food, utilities and other miscellaneous services. This was the only site we found that gave an estimated cost of retirement; a helpful tool when doing research on your own personal favorites. They boast monthly living expenses from $995-$1500 in these retirement communities. This breakdown is provided by Associated Newspapers Ltd in the U.K. and can be found at: http://www.dailymail.co.uk/news/article-2256031/Worlds-best-value-countries-Live-grand-month-retire-cheap-endless-sun.html
Some interesting and helpful insights about these overseas locations help put some of life’s necessities into perspective. Ecuador offers towering mountains, a UNESCO World Heritage Site, Amazon forest, the world’s best chocolate and many adventures. Some countries like Panama and the Philippines are quick to offer residency visas to retirees, who are then are entitled to a host of services and discounts in the local community. Malaysia offers 82ᵒF weather year round, 1/3 to ¼ the cost of living in the U.S., including healthcare, and an abundance of festivals. Granada, Nicaragua boasts many English speakers, and housing near a lake and dormant volcano, colonial-era architecture and quite possibly the cheapest living at an estimated $800 a month.
Vietnam has ancient French trading ports, affordable living, and rural communities with access to parks and nature reserves. Southern Italy gives the Ex-pat easy access to European countries, with reasonably priced small towns with rich histories, parks, rural to urban living, and wineries. The list could continue for quite a while! With so many options around the world it’s hard to decide.
With consideration for all the important things in your life, finding a trusted source is invaluable. Research options include many online resources, since most world-wide connections are established this way in our modern society! Some reliable sources include: Forbes, International Living Publishing Ltd., CBS News, CNN Money, government and news sites. It helps to talk to with your financial advisors as well!
The lesson here is it’s possible to retire anywhere in the world nowadays, but you’ve got to do your homework! Think about what is most important to you: climate, cost, language, distance from family, entertainment, adventure, lifestyle. No matter what you decide there is a destination that is perfect for you and your wallet.
Happy Investing!
Research for this blog done by Heather Hamilton, marketing associate for Home Land Investment Properties, inc.
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