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These options would, most likely, be of interest to a miniscule percentile of retirees. Remember, also, that many countries have minimum income standards expats are required to prove and those numbers have, in a number of instances, climbed to US$2,000 per month. My view? The grass isn't always greener on the other side. Thanks.
These options would, most likely, be of interest to a miniscule percentile of retirees. Remember, also, that many countries have minimum income standards expats are required to prove and those numbers have, in a number of instances, climbed to US$2,000 per month. My view? The grass isn't always greener on the other side. Thanks.
Indeed. I think the only folks who would seriously consider this type of retirement are ones who have done alot of traveling overseas and are familiar with these places.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by Turu
Indeed. I think the only folks who would seriously consider this type of retirement are ones who have done alot of traveling overseas and are familiar with these places.
Or... those with conditions / age that make them desperate for Healthcare (not available or affordable in USA). The report forgot that 'expense'... which in the USA is about 4x the rent and 10x the food costs they mentioned. IF you can even get HC in USA, not all can, and many fewer can not afford.
These options would, most likely, be of interest to a miniscule percentile of retirees. Remember, also, that many countries have minimum income standards expats are required to prove and those numbers have, in a number of instances, climbed to US$2,000 per month. My view? The grass isn't always greener on the other side. Thanks.
I agree. The plain facts of the matter are that most expats don't speak the foreign language of the country they are going to. Some may last a few years but I've seen most get homesick and return to the USA (or wherever they are originally from).
I lived in South America for almost a decade and I almost never hung out with ex-pats because most of them never took the time to learn Spanish. Most had no desire to even learn basic words of the country they are living in.
Also, as mentioned, the minimum income standards have been drastically raised for many countries. It used to be dirt cheap in countries like Argentina but now are drastically much higher. That is always changing and some countries you have to renew your residency permit each year for a # of years so you can start the process at one level but then the follow up years might be totally changed on you.
As well, many countries can have socio-economic turmoil, sudden and serious inflation, corruption, etc. As well as many retirees just wouldn't be able to handle the inefficiency of many of these countries where it's always, "manaña, manaña, manaña". Doing simple things like just going to the grocery store, getting a package in the mail or returning a defective package can be an all day type event.
To be sure, there are benefits and it's not all bad but the best thing is to try it for a few months and see how you like it before you make a sudden long-term move.
I own residences in several countries and I often times see retirees see these "marketing gimmicky" type articles that say it only costs "X" to live in that country. Or the "typical average salary is only $X" but the thing is that 99% of retirees would NOT live like a poor local. They are accustomed to a certain standard of lifestyle that is NOT like locals. So you have to take a grain of salt with all of these articles and see what things REALLY cost when you get there.
Things constantly change and the right hand doesn't know what the left hand is doing. Things like maximum age for private healthcare insurance can suddenly change from one year to the next.
I think they are talking t retirees like also thinking 65 above and Medicare. If its cheap to American often the medical or anything else isn't to those who live there and your driving up prices.
Came across this article and thought I share. Personally wouldnt really consider it, but for some folks looking for a less expensive option they may.
Colombia, are they kidding?
Cuenca sounds great to me, but does not suit many seniors--the altitude precludes visits by anyone with any kind of lung disease.
Nicaragua--just not stable enough, and very tropical--you've got to love heat I think.
Chiang Mai--it's a big city I believe--and yes it has many expats. I've heard good things, and know people who spend the winter in Thailand--quite smokey at certain times--I may visit there next winter, or nearby.
I agree. The plain facts of the matter are that most expats don't speak the foreign language of the country they are going to. Some may last a few years but I've seen most get homesick and return to the USA (or wherever they are originally from).
I've been traveling to Mexico for more than 40-years and for a long time thought that is where I'd move when I retired. I lived there for 6 years, in my 40s. Mexico City. But my thoughts at 40 or 45 are different than they are now, as I reach 64. I'm probably several years away from retiring from my current job. So I closely observe expats moving to or living in Mexico and I monitor and/or participate in many of the Mexico-specific expat forums.
Some challenges I've observed expats having regarding Mexico, but which I believe apply to other potential countries people might relocate to:
1. Distance from family and friends. I believe that relatively few people are so independent that they can or are willing to pick-up stakes, lock, stock and barrel ... and relocate to a country where they don't have family or friends to spend time with. Such moves are best suited for single persons or persons without families (could be dysfunctional/distant families, however). The further one moves from 'home' the greater the feelings of isolation.
2. Different Culture. Unless someone has schooled themselves in the (in my example) culture of the USA vs. the culture of the new country ... you have the makings of disaster. The older the retiree/expat is, the more difficult it will be to adjust. Language and food being the two principal cultural hurdles to overcome.
3. Language. If the new country has a primary language different than English, or the 'mother tongue' of the retiree/expat ... the retiree will encounter continual difficulties in the new country if he/she hasn't learned at least the intermediate level of the new language. Not having the ability to converse/read in the language of the country results is terrible frustration and continual "outsider" feelings, not to mention the retiree will likely pay a higher cost for most purchases of goods and sometimes even with services. Overcoming the language challenge is essential as we get older and we need/seek medical attention. Not being able to sufficiently describe what we're experiencing can be life-threatening.
4. Medical Care. When health/medical attention is most important to the retiree ... he/she returns to the USA. This is something almost universal, from what I observe. Oh, many expats will quickly tell us all that's good and inexpensive about the healthcare system/opportunities where they relocate to, but these comments are almost always made when the maker of the comments is in good health. Oftentimes excellent physicians/specialists/hospitals/laboratories are difficult to locate or are located far from the location of the new home and when they're located communication difficulties can interfere with necessary care. So, the retiree returns to the USA to be near not only better facilities ... but persons who will care for them in their declining years. Relocation to a foreign country is for the healthy, not the ill.
5. Cost of Living. While many retirees search for less expensive places to live, the cost of living isn't always that much less ... unless the retiree is willling to live like a poor person in the new country. I know how to live frugally, but I'm not interested in living in Mexico like a poor Mexican lives. No, thank you very much. Not for me.
6. Immigration Requirements. Some countries have raised the residency requirements to a level a retired couple needs to prove almost US$3,900 in monthly income. Mexico did this last year for new arrivals and for certain other visa categories (possibly in lesser amounts if they were already living in Mexico). Thailand raised it's levels. So have other countries.
7. Safety. Retirees don't feel as safe and secure in some of the new foreign cities/countires as they did at home and, therefore, they're living lives with much more stress and many return home because of it. This has been true for many retirees who moved to Mexico during the past decade or two. In the past several years, many have returned to the USA and/or Canada.
I've been traveling to Mexico for more than 40-years and for a long time thought that is where I'd move when I retired. I lived there for 6 years, in my 40s. Mexico City. But my thoughts at 40 or 45 are different than they are now, as I reach 64. I'm probably several years away from retiring from my current job. So I closely observe expats moving to or living in Mexico and I monitor and/or participate in many of the Mexico-specific expat forums.
Some challenges I've observed expats having regarding Mexico, but which I believe apply to other potential countries people might relocate to:
1. Distance from family and friends. I believe that relatively few people are so independent that they can or are willing to pick-up stakes, lock, stock and barrel ... and relocate to a country where they don't have family or friends to spend time with. Such moves are best suited for single persons or persons without families (could be dysfunctional/distant families, however). The further one moves from 'home' the greater the feelings of isolation.
2. Different Culture. Unless someone has schooled themselves in the (in my example) culture of the USA vs. the culture of the new country ... you have the makings of disaster. The older the retiree/expat is, the more difficult it will be to adjust. Language and food being the two principal cultural hurdles to overcome.
3. Language. If the new country has a primary language different than English, or the 'mother tongue' of the retiree/expat ... the retiree will encounter continual difficulties in the new country if he/she hasn't learned at least the intermediate level of the new language. Not having the ability to converse/read in the language of the country results is terrible frustration and continual "outsider" feelings, not to mention the retiree will likely pay a higher cost for most purchases of goods and sometimes even with services. Overcoming the language challenge is essential as we get older and we need/seek medical attention. Not being able to sufficiently describe what we're experiencing can be life-threatening.
4. Medical Care. When health/medical attention is most important to the retiree ... he/she returns to the USA. This is something almost universal, from what I observe. Oh, many expats will quickly tell us all that's good and inexpensive about the healthcare system/opportunities where they relocate to, but these comments are almost always made when the maker of the comments is in good health. Oftentimes excellent physicians/specialists/hospitals/laboratories are difficult to locate or are located far from the location of the new home and when they're located communication difficulties can interfere with necessary care. So, the retiree returns to the USA to be near not only better facilities ... but persons who will care for them in their declining years. Relocation to a foreign country is for the healthy, not the ill.
5. Cost of Living. While many retirees search for less expensive places to live, the cost of living isn't always that much less ... unless the retiree is willling to live like a poor person in the new country. I know how to live frugally, but I'm not interested in living in Mexico like a poor Mexican lives. No, thank you very much. Not for me.
6. Immigration Requirements. Some countries have raised the residency requirements to a level a retired couple needs to prove almost US$3,900 in monthly income. Mexico did this last year for new arrivals and for certain other visa categories (possibly in lesser amounts if they were already living in Mexico). Thailand raised it's levels. So have other countries.
7. Safety. Retirees don't feel as safe and secure in some of the new foreign cities/countires as they did at home and, therefore, they're living lives with much more stress and many return home because of it. This has been true for many retirees who moved to Mexico during the past decade or two. In the past several years, many have returned to the USA and/or Canada.
Some excellent points already made. It is certainly an option for a small percentage of retirees.
DH and I looked into retiring abroad about 3 years ago. Yes there are many nice places, but you really have to do your homework, and you have to be willing to deal with the different culture and the problems those cultures have. Also, I agree, if you are not interested in learning the language or culture, why go?
In the end we felt that we would miss our friends and familly too much, and we weren't sure we could totally immerse ourselves. As much as we enjoying travel and visiting other places, we are not sure we want to live there for a period of years.
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EXCELLENT, EXCELLENT advice.
