Retiring Outside the U.S. No Longer a Foreign Concept

By: Cindy Perman

CNBC.com Staff Writer
Retiring in another country used to be a foreign concept to most Americans but it’s becoming more common thanks to two main factors: the Internet and the economy.
The Internet has provided some much-needed connectivity to family, friends and access to important things like bank accounts and retirement accounts.
And, while saving money has always been important to retirees, the recession and subsequent hit to retirement accounts, plus rising taxes and health-care costs, have made it a necessity for many. So when retirees get priced out of warm-weather cities in the U.S., cheaper alternatives in other countries become more attractive.


“You can live better for less in a tropical paradise,” said Dan Prescher, the special projects editor for International Living magazine. “It sounds like a dream but you can actually never shovel snow again and live off of half of what you’re living on in the U.S. — or less!”
International Living has seen a huge jump in attendance for their annual seminar on retiring outside the U.S., where they bring in experts to answer questions on everything from financial planning and real estate to foreign currencies, expat taxes and legal issues. A few years ago, they used to get about 150 to 175 people. That more than doubled to 400 last year and this year, they’re looking for a venue that can hold 500.
“For a huge number of people in the U.S., especially the Baby Boomers coming into the market, the retirement they dreamed of just isn’t possible in the U.S.,” Prescher said. “You can take those same funds outside the U.S. to a place like Belize, Ecuador, Panama or Costa Rica and live for half as much and have what is essentially a better quality of life, with less stress, less pollution and get as good a health care benefit.” he said.


That’s an important concern for many retirees — the quality of medical care. But, you might be surprised to learn that medical care is often more affordable and just as good — if not better — in other countries as it is in the U.S. In many of these countries, doctors even make house calls, something Americans pay a premium for in the U.S.
The only downside is that Medicare doesn’t cover you outside the U.S. Some retirees have gotten around that by flying back to the U.S. on Medicare runs.
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