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Yes, I think it a reasonable and smart decision for a number of retires who do not feel they have enough funds to carry them comfortably through their retirement years. Some expats move to these locations to have a more lavish life style in retirement, as things like maids, landscapers, labor in general is very affordable, as well as food, restaurants and utilities, insurance etc.
Some things cost more however, such as appliances, TV's, cars, and internet service, but these (with the exception of internet) are one time expenditures as opposed to monthly living expenses.
I purchased a house in the most upscale area in a large Mexican town, Ensenada. It was a gated community a top a large hill overlooking the ocean. My HMO fees were $30 a month. My utilities about $40 for elec, water and garbage pick up. The price of fruit and vegetables was laughable compared to the US. I came home with a big bag of avacados (maybe 12) for about $1.89.The same with mangoes, my favorite fruit. They have many items that are take offs of American products for 1/3 the cost.
I maintained two homes at that time, but when I got very ill and it was thought I was not going to make it, I sold the Mexican house.
I have done a lot of research in this area. A favorite (on paper only ) is
Cuenca, Ecuador. They have beautiful year round weather, very low cost of living, a growing number of expats, and beautiful country.
The only thing that makes things difficult for expats is not knowing the language. That makes everything harder and frustrating. So, I personally feel that unless you move to an area with a very high expat population, you will find things difficult, or pay more by living in an exclusively expat area. You will also pay "gringo prices".
Last edited by modhatter; 02-23-2012 at 10:51 AM..
"The top 19 (in order) are, for varying reasons, Ecuador, Panama, Mexico, Malaysia, Colombia, New Zealand, Nicaragua, Spain, Thailand, Honduras, Uruguay, Italy, Brazil, Ireland, France, Costa Rica, Belize, Chile and the Dominican Republic."
Not a very inviting list, for probably 99.9% of retirees in the USA.
> ? Not a very inviting list, for probably 99.9% of retirees in the USA
Not sure why you say that. If you are talking language issues- New Zealand and Ireland speak English (of a sort). And there ARE a few Americans who speak a foreign language, or are willing to learn.
> ? Not a very inviting list, for probably 99.9% of retirees in the USA
Not sure why you say that. If you are talking language issues- New Zealand and Ireland speak English (of a sort). And there ARE a few Americans who speak a foreign language, or are willing to learn.
Good points. And if you're talking cost of living, New Zealand and Ireland have a much higher cost of living than most places in the US. Personally, I would love to live in New Zealand, at least for a while. But can't imagine dealing with the cost of living forever.
> ? Not a very inviting list, for probably 99.9% of retirees in the USA
Not sure why you say that. If you are talking language issues- New Zealand and Ireland speak English (of a sort). And there ARE a few Americans who speak a foreign language, or are willing to learn.
My thoughts:
Many parts of Mexico are unstable, insecure and corrupt. The legal system is atrocious and it's difficult to find good healthcare outside of the largest of cities. Expats need to learn a new language.
Nicaragua and Honduras have severe crime and other problems. Questionable healthcare and legal systems. Expats need to learn a new language.
Spain and Italy are nations with financial difficulties, the US$ is not strong and expats need to learn a new language.
Brazil and France are expensive because the US$ is weak there. Expats need to learn a new language.
Ireland is expensive because the US$ is weak there.
The Dominican Republic has a lot of crime and poverty. Expats need to learn a new language.
Life in Malaysia and Thailand requires learning new languages and cultures. You're far from home.
Each of us has different needs and expectations. But I do believe that for most retirees, the best place to retire is in their home country ... and close to family and friends. We know there are people who demonstrate exceptions, but they're few and far between, IMO.
I've lived other countries and for a long time I thought I probably would leave the US to retire. What changed my mind is the fact that you can't work legally.
Here if I want something extravagant, I can work. I can legally make money.
Lots of Americans wouldn't do all that well living in another country. I suggest renting for a year or so to see if it's for you and you really like the location. Marketing cheap overseas retirement havens has become big business. Some of these great deals are real and some aren't. Usually to get the big savings you have to live like the locals.
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