Did you know that more people than ever are retiring abroad? According to an article I read today on CNBC.com “An estimated half a million American seniors have moved overseas to retire in recent years, and that number is growing. Some relocate abroad to get a bigger bang for their ever-shrinking retirement buck. Others go in search of adventure.” What a concept!
It seems rather sad to me to think after all the years that we have toiled in this country that we should be forced to move to a different country to be able to afford to live! But that’s definitely the downside of the situation. It sounds to me like an incredible, life altering adventure that I’d love to take, if I had the courage!
Moving to a more appealing state-side spot is a little more within my reach. I hear that Oahu real estate is more affordable than in the past and I have always wanted to spend some serious time in Hawaii! It is true, however, that if you currently live in a high income area such as New York and other metropolitan areas, the sale of your home may reap you enough cash to buy a nice home in a quieter part of the country with a lower cost of living and turn financial stress into a financial windfall. I know there are many Baby Boomers who would appreciate a windfall right about now! Stretch Your Retirement Dollars is a companion article to the one above with a few more details. In this article they cite a woman who sold her home in New Jersey for $561,00 and then bought a spacious home outside of Charlotte for one-third of the price! My question is this, “what if you already live in Charlotte?” (I live in the next city over!)
For many of us women over fifty, financing our “retirement” isn’t going to look so pretty. But dreaming of moving to a far away land? Now that’s something I can get a handle on!
Life (retirement) abroad is a mixed bag. My suggestion, if you have any serious notions of retiring abroad, would be to go try it out for a month more more. Any place you pick is going to have pros and cons that only you can weigh in the balance.
Retiring abroad sounds exciting, but if your family lives state-side it may not be your ideal solution. As you mention, it’s great to move from a more expensive state and use the money to buy in a less expensive area, but I am in your position. We live in a suburb of NY and would only want to move within NY since our entire family is here. For us, retirement has come with a caveat: continue working or leave.