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Why Retirees are Moving to Other Countries

Why Retirees are Moving to Other Countries

The Retirement Migration

This is an interesting phenomenon that is happening in the United States. With extremely high inflation rates that we’re now experiencing and with multiple quarters of recession, it will accentuate retirees moving to other countries. Lots of retirees see themselves stranded when their 401K’s and retirement programs, that have always performed the way they want, are now not performing. If they have $4000 or $5000 a month of income, it's hard for them to live the life they have always dreamed of in the United States.

When you leave the United States, you are referred to as an Ex-Pat. On a fixed income an individual can live in another country and have a much better lifestyle. Obviously, safety comes in to play and with the rise of crime in cities like LA, Chicago, Minneapolis, San Francisco, and New York, safety is far better in other countries.

Most individuals in the United States are fluent in English only, but there are ways of learning other languages very easily whether that be Spanish or some other language. If this is a real consideration for you, in counties like Belize, which is beautiful, English is the main language. Belize is on the ocean, food is inexpensive, and housing is affordable. Puerto Rico is another place people want to retire to. It’s a territory of the United States. Spanish is the main language, however many that live and work in Puerto Rico do speak some English. There are huge tax benefits for living in Puerto Rico six months and one day out of the year. You can go online and see what those benefits are. They do require you to have a business in Puerto Rico.

Other countries to consider as well would be Costa Rica and Panama. Housing is affordable, and they raise most of their own food in Costa Rica. Obviously Spanish would be a language you would need to become conversational in. Panama is also an awesome place to retire. It’s on the Caribbean and Pacific Ocean and the Panama Canal connects both oceans.

This brings us to the next point and an excellent topic. There’s a large number of employees for the Panama Canal that make good money and they have a huge middle class in Panama that makes the country stable politically. For people with medical concerns, Johns Hopkins has a research and full facility in Panama City, Panama. There is also a huge banking center.

One of the favorite destinations people visit there is Boquete. It’s a rainforest with a beautiful river flowing in the middle of town. Food is inexpensive and they have without a question some of the best coffee in the world.

The point in this article is for people that live on a fixed income or inflation and recession have harmed them, there are alternatives that you can go to when picking other countries. Remember safety should be at the top of your list when you are doing your research.

Remember in real-estate don’t limit yourself to just what you know, educate yourself to think outside the box because there is opportunity all around you!!!

Areas of Review

Big picture takeaway points

Big picture takeaway points

  1. There are many reasons why retirees are choosing to move to other countries.
  2. Some countries are better than others, as far as resources are concerned.

Reflection

Self-reflection questions to think more about the content

  1. Have I thought about my own retirement?
  2. What types of things would I look for when it comes to retirement?

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