BOSTON (CBS) – Do you think you might want to retire somewhere exotic and cheap? It is working for some retirees. Over 600,000 (613,000) Social Security checks are being sent overseas.
According to International Living’s annual list of The World’s Best Places to Retire in 2016, Panama made the top of this year’s list, second was Ecuador and Mexico came in third. No snow shoveling and cheap!
When considering such a major move you need a real sense of adventure. Also a buddy or two would be helpful.
When you are traveling in a foreign country and you don’t speak the language that does not seem to be a problem for everyone wants to help a visitor. But where do you find help if you are trying to negotiate a speeding ticket, buy groceries or you are trying to describe your chest pains in an emergency room if you don’t speak the language?
And Medicare does not travel with you if you leave the US! No matter where you move to in retirement you need to be concerned about health care. Research healthcare before you leave.
Do you want to be coming back to Massachusetts for routine visits? I have a friend living in Italy and she returns annually to the US for her health care.
Are you moving some place where your family and friends will want to visit? Can your kids afford an annual visit to Ecuador?
Weather is a big issue with retirees. Everyone wants to live in a place with perfect weather because you deserve perfect weather in your retirement! Make sure you can take the heat if you are moving south. How hot is hot? Some are tolerant of 90 plus degrees and others long for Maine when the thermometer goes above 75 degrees.
There is a delightful movie The Second Best Exotic Marigold Hotel. It is about a group of English retirees living in India because it is cheap! Rent the movie as part of your research.
You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.
Subscribe to Dee’s Money Matters newsletter here.