Friday, June 18, 2010
Moving to a foreign country not a good retirement option
By Dan Danford
I spotted this article on retiring in a foreign country on Yahoo! this morning. It's an interesting idea - your money stretches further, and you may be able to live comfortably on just social security income.
But life is about so much more than money. What will you miss out on if you move to Panama, or Mexico, and you're away from your children, grandchildren and siblings? To me, this is an extreme, and possibly even crazy, reaction to retirement, and one I wouldn't want to see any of my clients undertake unless they were perhaps originally from that country, and wanted to return - or it was a life-long dream.
It may be fine when you're 65, and in good health. But your health will turn, and you absolutely will need someone to keep an eye on your health, your medications, the doctors you see and possibly even to drive you to appointments and such. If your spouse is in good health, that can work, but counting on that isn't the best option. You really should consider moving near other family, including children, if you are not - and NOT several countries away. Also, the quality of medical facilities probably isn't ideal in a third world country.
Instead, plan. Plan to stay in the U.S. - and save accordingly. And don't make it your plan to die with a giant pile of money unless you can comfortably afford to do so and still live some.
I'd love to hear your take on this. Here's the article: