Retiring Abroad? Be Ready To Take The Bad With The Good
For some Americans, retiring to a tropical island is a dream that has turned into reality. However, it's not always what it is cracked up to be, according to a new survey by the Best Places in the World to Retire website.
The reasons for moving most often cited by respondents from three Central American retirement havens were hopes for a lower cost of living (87%), a less stressful lifestyle (82%), and an improved climate (74%). Two out of three isn't bad, because 84% say they indeed are able to live on less and 74% are enjoying the weather. But the 71% who say they have reduced their stress, though significant, falls short of the number of respondents who hoped that would result. The survey authors attribute this mainly to a slower pace of life and the need to temper expectations. For example, if you make a 4 p.m. appointment for someone to fix a leak, the worker might not show up until the next day. Americans typically aren't used to this.
Yet, overall, 85% of the survey respondents said they were happier living abroad than they were prior to the move.
Finally, 42% plan to never return to the U.S.; 37% aren't sure what they'll do; and 16% expect to come back due to aging or illness. Only 4% said they're coming back immediately while 3% anticipate moving back within five years.
© 2020 Advisor Products Inc. All Rights Reserved.
- Tune Into The Tax Break For NUA
- Tax Rewards For Year-End Generosity
- Easier Rules On IRA Rollover Waivers
- What Would You Do For A Bigger Salary Or More Benefits?
- Seek The Comfort Of A Pet Trust
- Locate A Tax Shelter Near A School
- 4 Year-End Strategies For Investors
- Life Insurance Is Triple Tax Winner
- Should You Move To A Different State?
- Business Owner Alert: Paycheck Protection Program
- Amid The Coronavirus Crisis, Nine Tax And Investment Tips
- How Much Lower Can Stocks Go?
- Coronavirus Fear And Investing For The Long Run
- Harsh Truth: Covid-19 Correction Is A Tax Planning Opportunity
- Financial Fears Over Coronavirus