According to the U.S. State Department, some four million Americans live abroad. About a half million Social Security checks are annually sent overseas and the number is growing. According to Barry Golson, author of Retirement Without Borders: How to Retire Abroad in Mexico, France, Italy, Spain, Costa Rica, Panama, and Other Sunny Places, in Mexico alone, about 20,000 Americans a month cross the border on their way down the coasts to buy, rent, or otherwise establish homes to the south.
Moving Abroad
Some people are planning to buy a small condo in Arizona and grow vegetables in the winter months. Or they could perhaps move to Panama and live in an affordable house near the rain forest and grow orchids. One study shows that the number one reason expats move abroad is not costs or climate but to experience a new chapter in their lives, says Golson.
Overseas Retirement
In Nicaragua, Ecuador, Honduras, Philippines or Thailand, it is possible to live on somewhere around $20,000 or much less (depending on the area and how you live) a year very comfortably. Many people can afford luxuries in developing countries that you couldn't in the U.S.
Expats Healthcare and Other Benefits
Health care is the biggest concern for seniors and retirees. According to Golson, however, in Europe and Latin America, for instance, health insurance, medical care, medical procedures, hospital facilities, or even nursing-home care, are more affordable and a lot better than Americans believe. In many Latin American countries, retirees have privileges ranging from special residence visas to deep discounts on taxes, lodging, and transportation. Golson says in 2008, Panama was offering pensionados an absolutely unbeatable array of benefits – from airline and hotel discounts to generous tax abatements – aggressively bidding for the retire business.
Volunteering - Finding Meaning in Retirement
Many people find meaning through volunteer activities abroad. Volunteering is fun and enjoyable. It is a great way to learn about the adopted country, to become part of the community and to give something back to the society -- teach English as a second language, look after orphans, join the rainforest conservation program, and so on.
Retiring Abroad, or Not
There are a few things to consider before moving abroad. How do you feel if you are separated from your family? Are you willing to learn the new language and adapt to the different culture and food? Do you easily get annoyed with long lines and lots of paperwork? Do you have something to do in your adopted country, such as a hobby, passion or job? Sitting on the beach and sipping a drink can make you old fast.
Source:
Golson, B., 2008, Retirement Without Borders: How to Retire Abroad in Mexico, France, Italy, Spain, Costa Rica, Panama, and Other Sunny Places (And the Secret to Making It happen Without Stress), New York, Scribner
Miki Garcia - Miki is a freelance writer from San Francisco. After obtaining her master’s degree in journalism from City University London, UK, ...
