Living Cheaply and Well by Retiring Overseas - Some Common Questions
Living cheaply overseas does not mean sacrifice.
By retiring overseas many folks are seeing that a modest pension or Social security check will go much further abroad than in Canada and the US.
How cheap is cheap? We are talking living on 00 to 00 a month while overseas. This is easily done in the following countries close to the US; Mexico, Panama and Ecuador. Are there other countries where this is possible, sure, there are many. These three countries have a large enough expat communities that we know this can be done now... November 2009.
What is considered living well? Eating out several times a month and having maid/gardener service is attainable at the above numbers. You can also expect to live in areas where crime is very low compared to the US. See any sacrifice here?
How about health care? Glad you asked... in all three of the above countries, the health care is excellent and very affordable. How cheap? In Mexico, right now, you can purchase health insurance for 0 a year, this covers everything. I pay more per month in the US for a catastrophic policy with a ,000 deductible. Panama has a hospital affiliated with John Hopkins; the care is top notch, at a lower price.
Will you be alone? There are a million Canadians and Americans, some seasonal, retirees in Mexico alone right now. Therefore, your chances of not being with fellow fellow citizens are slim. It is your choice, of course, if you choose to be alone.
How about the language barrier? If you do speak some Spanish, you will broaden your choices of where to retire. If you do not speak any Spanish, you will tend to pick places with a large expat population. Prices will be higher there, but still cheaper than the US or Canada.
Do you give up your US or Canadian citizenship when retiring overseas? No you do not...you still have all the rights and privileges of citizenship in your home country. US citizens must prove that they have been in the US every 7 years to maintain citizenship. This is not a biggie for most folks.
Living cheaply and retiring overseas is an option you should consider if your resources are limited. This lifestyle is of high quality without the high prices of the US and Canada.
Frugal Living - Living Cheaply and Well by Retiring Overseas - Some Common Questions
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