Congratulations! You’ve hit the golden years. Are you ready to cross the Mexico border for a better life?
It’s what many US seniors are doing. Moving outside of America, allows people to live less expensively, extend the end date on their retirement funds and live a better quality of life…especially since people are living longer than they originally planned.
The exodus and its impetus is spelled out in Matthew Hayes’ new book, Gringolandia: Lifestyle Migration Under Late Capitalism.
Older Americans are now retiring in Italy, Belize, France, Thailand, Cambodia, Spain, South Africa, Portugal, and Colombia. Mexico has more than 1 million US retirees.
This is not for love of travel or adventure, it’s for lifestyle survival.
It’s one thing if you want to travel and enjoy your golden years abroad. It’s another if you feel you have no choice but to live in a foreign land. Many feel they must leave the US to keep a decent standard of living.
So what do you do if you want to stay in the US?
Scott Page, CEO of LifeGuide, a senior financial expert, recommends first having conversations about the relationship of money to dying and longevity. It’s important to get numerous perspectives on assets and options of how to best leverage the money for the future, he says.
Also, talk to a doctor to get a clear assessment of health and review lifestyle needs.
Key questions families should ask include:
- What does life expectancy look like for you?
- What health care aspects should be considered if you move to a different country?
- Moving abroad isn’t a two week vacation. It’s a new country for most likely the rest of your life. Are you ready for that commitment?
Remember, the longer you live, the more money you need. So consult with health, legal, spiritual and financial advisors to make a well-researched plan.
And as always…it’s never too early to start planning and saving.