Retirement: U.S. vs. Abroad
Retirement planning raises many questions: When can I retire? How much should I save? Will I continue to work and/or volunteer? What will I do to stay active? One thing that can greatly influence the outcome of these questions is where you plan on retiring: either at home in the United States or someplace abroad.
While most Americans spend their retirements in the U.S., a growing number are opting to retire overseas. Here, we take a quick look at the pros and cons of staying in the U.S. during retirement or leaving to live overseas.
Retiring in the U.S.
The vast majority of retirees either stay in their existing homes or make in-state moves, with very few leaving their state or relocating out of the country.
Moving out of the country is certainly an adventure, and can be more or less so depending on the destination. From quiet beaches in Vietnam to hip cities in South America, retirees can choose a place that matches their comfort level in terms of modern conveniences, access, climate, activities, cuisine, healthcare, culture and customs. See Retirement Abroad: 5 Unexpected Foreign Cities.
The Bottom Line: Stay or Go?
Many retirees would never consider moving abroad, while others know for sure that’s what they want to do. For these people, deciding where to live in retirement is easy. Retirees and near-retirees on the fence, however, are faced with a tough decision that will require soul searching, research, and weighing the pros and cons of retiring at home or living abroad. As you start costing it out, see The Retired Person's Guide to Managing Expenses.
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