“Nobody Can Retire In New York On Social Security”
In the past three days, I’ve been interviewed four times, including twice this morning, first live by WNYC’s Brian Lehrer, then later by The Miami Herald.
Is this retire-overseas thing a trend, the interviewers have wanted to know…and, if so, why.
Yes, this is a trend. A trend that is gaining momentum, expanding quickly, and bound to continue for years to come.
Why? Because of a perfect storm of circumstances.
First, this generation of retirees is different from every generation of retirees that has preceded it—better educated, better traveled, and healthier. Being better educated and better traveled, they are also more open-minded.
Second, this is the Internet Age, meaning this generation has access to more information than any generation before it and can investigate retirement options, including ones overseas, with a few clicks of a mouse.
Third, as one Manhattan listener who called in to the Brian Lehrer Show this morning put it:
“Nobody can retire in New York on Social Security.”
That’s the unfortunate reality for an awful lot of American retirees, not only in New York, but across the United States.
Take your Social Security income global, though, and it’s a new ballgame.
Lief and I shared a couple of bottles of wine last night with a couple of readers in Panama City to finalize their residency visas. This Florida couple has spent the past two years or so formulating their own “let’s take our retirement global” plan. They’ve opened a bank account in Belize. They’ve invested in two rental properties in Panama using IRA funds. They’re establishing residency in Panama. Will they relocate to this country full time…and, if they do, where specifically will they base themselves? These are the questions they’re addressing now.
“I enjoy the highlands,” the husband commented. “I love the Pacific coast,” replied the wife…
With open minds, they’ve embracing the adventure of creating a new life from whole cloth.
And they’re hardly alone.
It’s a trend.
P.S. The interviewer from The Miami Herald I spoke with this morning is interested in speaking with a retiree from south Florida who has or who is considering relocating to Latin America. Specifically, the reporter would like to connect with a Latino who moved to south Florida at some point but who is looking to return to his (or her) Latin American home country for retirement. If you fit the description and wouldn’t mind sharing your story with readers of The Miami Herald, get in touch here.
Continue reading: Top Retirement Choices In The Caribbean