DeepseekerADS
Gold Member
- Mar 3, 2013
- 14,880
- 21,725
- Detector(s) used
- CTX, Excal II, EQ800, Fisher 1260X, Tesoro Royal Sabre, Tejon, Garrett ADSIII, Carrot, Stealth 920iX, Keene A52
- Primary Interest:
- Other
Retirement: U.S. Vs. Abroad
By Jean Folger | October 02, 2014
Retirement: U.S. Vs. Abroad
Retirement planning raises many questions: When can I retire? How much should I save? Will I continue to work and/or volunteer? What will I do to stay active? One thing that can greatly influence the outcome of these questions is where you plan on retiring: either at home in the United States or someplace abroad. While most Americans spend their retirements in the U.S., a growing number are opting to retire overseas. Here, we take a quick look at the pros and cons of staying in the U.S. during retirement or leaving to live overseas.
Retiring in the U.S.
The vast majority of retirees either stay in their existing homes or make in-state moves, with very few leaving their state or relocating out of the country.
– Advantages
Established professional connections – they'll help you secure part-time or less stressful full-time work during retirement
Established social networks – these enable you to remain physically and mentally active without needing to find new friends
Family – it's easier to spend time with children, grandkids and other family
Support – you're not among strangers if anything goes wrong
Trusted providers – you can stay with familiar doctors and hospitals, car mechanics, hairdressers, etc.
Stability and convenience – you can depend on a certain level of predictability, for everything from infrastructure to the brand of toothpaste at your local grocery store
Comfort zone – you can maintain your “normal” routine
– Disadvantages
Expense – the cost of living in the U.S. is much higher than you could find in many parts of the world
Rising healthcare costs – while the standard of care is excellent, healthcare costs are huge: A couple retiring in 2014 is expected to spend $220,000 on healthcare during retirement
Routine – although considered a plus by many, staying in a routine greatly limits your opportunity for new experiences
Retiring Abroad
Moving out of the country is certainly an adventure, and can be more or less so depending on the destination. From quiet beaches in Vietnam to hip cities in South America, retirees can choose a place that matches their comfort level in terms of modern conveniences, access, climate, activities, cuisine, healthcare, culture and customs. See Retirement Abroad: 5 Unexpected Foreign Cities.
– Advantages
New experiences – you'll have fun, which is linked to healthy aging, providing physical, cognitive and social benefits
Realize dreams – you will fulfill your dreams to travel, pick up a new sport or enjoy a special hobby
Lower cost of living – it’s possible to retire abroad comfortably for a fraction of the cost of retiring in the U.S.
Access to affordable healthcare – you may find public healthcare systems providing good healthcare at a reasonable cost; private coverage is available in many countries for significantly less than comparable plans stateside
Retiree Incentives – many countries offer incentives to retirees, such as Panama’s Pensionado program, open to retirees who meet modest minimum income standards
Weather – pick your paradise, whether it’s a warm, sunny beach or a tropical rainforest
– Disadvantages
Distance – depending on where you go, a long, expensive flight could be between you and your friends and family
Double taxation – again, depending on where you retire, you could end up paying taxes on your income both in the U.S. and abroad
Language and cultural difference - are you up for learning a new language and immersing yourself in a new culture?
Instability – not all countries enjoy the same level of political and economic stability that the U.S. does
Daily challenges – the goods, services and conveniences you are used to may not be readily available, or available at all
Reality of vacation versus living – your piece of paradise could be a great place to visit, but not so great for living
Support – you are among strangers if something goes wrong
The Bottom Line: Stay or Go?
Many retirees would never consider moving abroad, while others know for sure that’s what they want to do. For these people, deciding where to live in retirement is easy. Retirees and near-retirees on the fence, however, are faced with a tough decision that will require soul searching, research, and weighing the pros and cons of retiring at home or living abroad.
By Jean Folger | October 02, 2014
Retirement: U.S. Vs. Abroad
Retirement planning raises many questions: When can I retire? How much should I save? Will I continue to work and/or volunteer? What will I do to stay active? One thing that can greatly influence the outcome of these questions is where you plan on retiring: either at home in the United States or someplace abroad. While most Americans spend their retirements in the U.S., a growing number are opting to retire overseas. Here, we take a quick look at the pros and cons of staying in the U.S. during retirement or leaving to live overseas.
Retiring in the U.S.
The vast majority of retirees either stay in their existing homes or make in-state moves, with very few leaving their state or relocating out of the country.
– Advantages
Established professional connections – they'll help you secure part-time or less stressful full-time work during retirement
Established social networks – these enable you to remain physically and mentally active without needing to find new friends
Family – it's easier to spend time with children, grandkids and other family
Support – you're not among strangers if anything goes wrong
Trusted providers – you can stay with familiar doctors and hospitals, car mechanics, hairdressers, etc.
Stability and convenience – you can depend on a certain level of predictability, for everything from infrastructure to the brand of toothpaste at your local grocery store
Comfort zone – you can maintain your “normal” routine
– Disadvantages
Expense – the cost of living in the U.S. is much higher than you could find in many parts of the world
Rising healthcare costs – while the standard of care is excellent, healthcare costs are huge: A couple retiring in 2014 is expected to spend $220,000 on healthcare during retirement
Routine – although considered a plus by many, staying in a routine greatly limits your opportunity for new experiences
Retiring Abroad
Moving out of the country is certainly an adventure, and can be more or less so depending on the destination. From quiet beaches in Vietnam to hip cities in South America, retirees can choose a place that matches their comfort level in terms of modern conveniences, access, climate, activities, cuisine, healthcare, culture and customs. See Retirement Abroad: 5 Unexpected Foreign Cities.
– Advantages
New experiences – you'll have fun, which is linked to healthy aging, providing physical, cognitive and social benefits
Realize dreams – you will fulfill your dreams to travel, pick up a new sport or enjoy a special hobby
Lower cost of living – it’s possible to retire abroad comfortably for a fraction of the cost of retiring in the U.S.
Access to affordable healthcare – you may find public healthcare systems providing good healthcare at a reasonable cost; private coverage is available in many countries for significantly less than comparable plans stateside
Retiree Incentives – many countries offer incentives to retirees, such as Panama’s Pensionado program, open to retirees who meet modest minimum income standards
Weather – pick your paradise, whether it’s a warm, sunny beach or a tropical rainforest
– Disadvantages
Distance – depending on where you go, a long, expensive flight could be between you and your friends and family
Double taxation – again, depending on where you retire, you could end up paying taxes on your income both in the U.S. and abroad
Language and cultural difference - are you up for learning a new language and immersing yourself in a new culture?
Instability – not all countries enjoy the same level of political and economic stability that the U.S. does
Daily challenges – the goods, services and conveniences you are used to may not be readily available, or available at all
Reality of vacation versus living – your piece of paradise could be a great place to visit, but not so great for living
Support – you are among strangers if something goes wrong
The Bottom Line: Stay or Go?
Many retirees would never consider moving abroad, while others know for sure that’s what they want to do. For these people, deciding where to live in retirement is easy. Retirees and near-retirees on the fence, however, are faced with a tough decision that will require soul searching, research, and weighing the pros and cons of retiring at home or living abroad.
