Every year, magazines like Forbes, publish lists of the “best places to retire.” These publications typically look at important factors like the cost of living, safety and climate of each location. But, when you think about it, the question “what is the best place to retire?” isn’t really fair. Why?
As we reach our 60s, many of us are asking “what’s next for me?” It’s a great question! Unfortunately, it’s also incredibly broad. It represents the general feeling of angst that many of us feel about the future, but, it isn’t terribly actionable.
If you are thinking about retiring abroad, you probably have a pretty good picture in your mind of what life in another country will be like. You’ve done your homework, scouring the Internet for information about healthcare costs, climate and culture.
Many women in the Sixty and Me community dream of buying property abroad. Perhaps you imagine spending the best decades of your life on a vineyard in the south of Italy. Or, maybe you would prefer to own a small apartment in a high-rise building in Panama City.
When one of your parents had an accident at home, no matter how minor, did you have a minor panic attack? Have you noticed your kids asking you the same questions you asked your parents, with the same concern in their voices?
What do you do when you want something more and different than you’re getting in your home country? For an increasing number of 60+ women, the answer is to move overseas.
According to the data we collected through our website, Best Places in the World to Retire, there can be a better life out there, if you are willing to uproot and reinvent yourself as an expat in Belize, Nicaragua or Panama.
Let’s start with a simple question. Are baby boomers ready for retirement? In a word, no. If we define “retirement” as an extended period of living off of our savings, baby boomers are most definitely not ready for retirement. In fact, according to a report by Charles Schwab, 43% of baby boomers have saved less than $25,000 for retirement. That’s not small change, but, it’s insignificant compared to the cost of living over 20-30 years.
By now, you’ve probably already heard of Tim Ferriss, the author of the New York Times Best Seller “The Four Hour Workweek.” If so, you may have the impression that Tim Ferriss’ advice is mostly aimed at people in their 20s and 30s who want to quit their job and travel around the world.
Baby boomers have diverse opinions about what makes the “perfect retirement”. In fact, most of us aren’t planning on retiring at all, at least in a traditional sense. Instead, the majority of baby boomers say that they want to continue to work past retirement age, either in their existing job or by starting a new career. The rest are looking forward to taking a well-deserved break after decades in the workforce.
Most baby boomers dream of owning their home in retirement. Whether they plan on staying put or moving to a new country, they find the idea of owning their home “free and clear” extremely comforting.