Imagine you are nearing retirement that you have been waiting all your life. The only problem is that you do not have enough retirement income, which consisting of 401K, IRA, company/government pension, and Social Security benefits, to continue with your current standard of living because your retirement saving was little on the lower end. What do you do now? The only sensible option would be to work longer especially if you have not reached age 62, right? There is another option that you can exercise and still maintain your high standard of living. In fact, many people, especially from the U.S., are taking advantage of this option as the stock market continues to eat up their life savings.
Move and Retire in Another Country
That’s right. There is the option to move and retire in another country. This idea can be difficult for many people but it is getting more popularity as the economy is draining people’s life savings. Also, internet access has made this a viable option as you can get connected from anywhere now days. The benefit here is that people can strive to get a better life for spending much less compare to if they had stayed where they currently lived.
For example, Buenos Aires, Argentina is one of the best places to live with renting costs near $700 per month. There is also Boquete, Panama where you can buy a multi-arce farm for below $135,000.(1)
What you can do now
First, start creating and building retirement income. One of the easiest way to save for retirement in my opinion is to contribute as much as possible to your 401K, preferably maxing out every year. As the market continues to slide, it could pose a great opportunity to add more money into retirement savings.
If you think you’ll not have enough life savings when you retire, then you need to start learning a second language now.
(1)”The Best Places to Retire Outside the US” by Perman @ yahoo.com
I am an immigrant to this country. I was born in India and in retirement if I am out of money I would go back to have a better life.
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SB, Immigrants inherently has an advantage. I hear India is a great place to retire. I have a friend who is also from India and his plan is to take his savings and retire there. He already bought a house there for his retirement.