Retiring Abroad - Essay Example

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Sadly, many retirees fail to realize this dream while still living in the United States. As a consequence, some have made their way to parts of Europe, to live in charming…
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Download file to see previous pages this new trend of retiring abroad, especially in the aftermath of the global financial meltdown that decimated home values and ravaged many accounts.
Many people continue living where they live because of their work. When they retire, they make the ultimate decision of moving to a place where they will feel more comfortable and where their money will last (Knowledge). According to Social Security Administration’s annual statistical supplement, the exact number of Americans retirees receiving social security benefits outside the United States is 350,000. The majority of these individuals are finding their way to countries like Ecuador, Mexico, Canada and the UK (Edwards & Daniels 101). This number is expected to increase with 4 million baby boomers already making plans to retire abroad (Edwards & Daniels 100).
The main driving force behind this new trend shown by retirees is financial security. According to the confidence survey of 2014, only 14 percent of the workers indicated that they were confident of having enough funds to live comfortably in the United States. This low level of confidence comes as a result of the global economic crisis that crushed the gains that had been made on the middle income household net worth. During this period, home price index went down by 23 percent (Knowledge). Retirement accounts that act as supplements to social security and other forms of retirement income were also not spared (Knowledge)
The cost of living in such countries is much lower compared to the United States. For example, the rent in San Jose, a city in Costa Rica is 57 percent lower than in the city if Philadelphia (Knowledge para.8). Additionally, the prices for consumer goods are lower by 59 percent when the same city is compared to American cities. These benefits notwithstanding, the retirees need to know that that there are hidden charges that they need to consider before deciding to reside abroad. For instance, the imported goods in emerging markets are ...Download file to see next pagesRead More
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