Senior Spotlight: Retiring Abroad Reality Check
Not all ‘best place to retire’ lists are created equal.
Retiring abroad has long been a topic that has been covered and explored on our Senior Spotlight blog. In fact, we even personally explored some of the previously (and currently) ranked ‘Best Place To Retire Overseas’ in South America to gain a true inside perspective. This trend is continuing to surge as the number of Americans receiving their Social Security overseas has increased from 413,000 to 760,000 retirees from 2019 to 2022!
You’ve no doubt seen countless articles and lists emerge each year with experts claiming the ‘Best Place To Retire’ and naming 5-10 cities with exceptional culture, views and weather. But how many of these ‘best’ places are really the best for you?
A recent read on Realtor.com® encourages us to not just look at the fine print – but to investigate what’s not printed at all! For example, many publications are listing Mexico as a top retirement destination – yet the Mexican government has recently raised permanent residency requirements to a minimum income of $7,300 per month! In another example, New Zealand has been named for its safety, jaw-dropping landscapes and what some call unrivaled food and wine pairings; yet they require an investment of $500,000 into the country plus a very high monthly income – for the ‘privilege’ of staying two years. Similarly, Australia continues to make many ‘best of’ retirement lists yet stopped issuing retirement visas in 2018.
The bottom line is that you cannot believe everything you read; you need to not just consider the source – but the full reasoning behind the data.
While one blog cannot guide you in an overseas retirement, we do want to encourage you to create a list of criteria to consider as you make your top picks list. Be sure to inquire about the cost of living, any investment and income requirements, immigration process and visa eligibility, residency transition factors (from temporary to permanent), healthcare access and quality, climate type and variability and government stability. H&R Block also has an article dispelling the myths about taxes, distributions and qualified plans. This is a critical reminder to check in with your tax professional and financial advisor on your areas of interest as well.
Realtor.com® asserts that older adults should stay away from ‘vacation mentality’ and look at the long-term implications and opportunities for your move. In addition, they have named a few ‘tried and true’ countries to start with who consistently offer affordability, a high quality of life and have existing expat communities. (Note that government regulations are always subject to change so watch those income limits especially!)
Realtor.com® Top Picks: Ecuador, Colombia, Panama, France & Thailand
The best place to retire is the one that is right for you! Don’t let incomplete ‘expert’ articles and tourist-driven lists drive your retirement lifestyle. First decide what you want – and then fully educate yourself on how to get there. You got this!
Cheers,
Bobbi
Bobbi Decker
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Broker Associate
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www.bobbidecker.com
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