There are lots of articles written about the best places to retire. Most often their focus is on the United States, and the topic may be the best states to retire, or the best city, or best small town. Occasionally you’ll find a story on the best countries to live in, featuring locations like New Zealand, Australia, and Switzerland.
Reality check–according to every study out there, most Baby Boomers can’t afford to retire period. Ten thousand Baby Boomers are retiring every day, yet a recent report from the Economic Policy Institute reveals the median retirement account balance for Americans between the ages of 55 and 61 is less than $20,000. So much for opening that Swiss bank account—.
Fortunately there’s a solution for this pressing problem. Lots of countries around the world that are rarely mentioned in the mainstream media offer a very affordable cost of living. Plus other terrific benefits like phenomenal weather, high quality health care, and outstanding investment opportunities.
We know this because of our personal experience living in Ecuador for the past eight years. Our lifestyle is anything but frugal. We rent a 2-story penthouse apartment, eat out whenever we want, have a weekly housekeeper–on a monthly budget funded solely by our Social Security checks.
The weather in our city is spring like year-round; 100% medical coverage with $0 deductible through the national health insurance system costs less than $100 per month; and our government-backed CD’s earn a return on investment of nearly double digits per year.
Shocked? These sorts of benefits are by no means limited to our home country. Affordable residence options exist around the globe, where you can choose to live on the beach–in the mountains–in a big city, small town, or off the grid.
Moving abroad is a great retirement solution, and perhaps the only realistic option, for the millions of Baby Boomers retiring with inadequate financial resources. Think about becoming an expat as part of your retirement planning.