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One of the most effective steps Baby Boomers can take to
live better on a fixed income is to relocate to an area
where the cost of living is less. This can result in
dramatic savings without sacrificing your quality of life.
In fact, in many cases the quality of life significantly
improves.
Many Baby Boomers live in relatively expensive areas, like
San Diego, where home prices are dramatically higher than in
the rest of the nation. Just selling your home and
relocating to more affordable areas may allow you to buy a
new home for cash and still retain a nice nest egg to
supplement Social Security or pension income. And if
the real estate market does not justify selling your
residence now, you can always rent or lease it out until
times are better.
Best Places in the U.S. for Baby Boomers on a Fixed
Income to Retire
Yes, there are still places right here in
the U.S. that are excellent retirement locations for Baby
Boomers who must live off Social Security or a pension and
have an additional small nest egg (401K, investments, etc.).
Obviously, you want to avoid areas with high housing costs
or which are dependent upon expensive fuels for heating and
traveling. U.S. News and World Report has profiles of 1000 places
for retirement, and lists the following "Best Places to
Retire" in a feature from 2007:
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Peachtree City, Ga.
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Prescott, Ariz.
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San Francisco, Calif.
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Smyrna, Tenn.
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Venice, Fla.
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This site even provides the capability for
Baby Boomers to build their own list of spots based on your
preferences in weather, housing costs, and more.
I recently visited Austin, Texas on a
real estate business trip. The city still has a solid
economy, culture, entertainment and inexpensive housing.
I strongly recommend looking at Austin as a great place to
retire and make your bucks go further.
Click here to learn
more about Austin as a possible retirement location.
Recommended Websites and Reading for Baby Boomer
Retirement in the U.S.
Stretch your Income by Moving Abroad
With
skyrocketing insurance costs, high gas prices, increasing
food prices, substantial home ownership and rental costs, it is
difficult to comfortably retire in the United States unless
you have a monthly guaranteed income of several thousand dollars.
But what if you could retire to an area where a relaxing
lifestyle can be enjoyed for just $1,200 monthly, and you can
live very well (with maids and gardeners) for, say, $2,500
monthly? Interested?
 Obviously, you probably won't find these places
within the United States. Moving to another country where the cost of living is low offers
substantial benefits for those without a large financial
nest egg. Life can be good...very good. American
enclaves often exist for those who are afraid of cultural shock
and language barriers. Health insurance and medical
facilities are good. Financial matters are easily
handled. Internet and phone service are uninterrupted.
Climate and scenery are outstanding. The recreational
activities you enjoy are readily available. Safety is
not a major concern - crime is typically less than in major
U.S. cities. And you are just a plane ride away from
family and friends in the United States.
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I cannot afford to
retire in the US, mainly due to the high cost of
medical insurance (until the age of 65), cost of
property ownership, and so on. The choice
of Central America, besides a terrific weather
pattern, is enjoying affordable property
values, affordable medical insurance/procedures,
and inexpensive food prices. Being in the
tropics, clothing costs are limited, and there
are no heating bills. Air conditioning may be
more comfortable but is not required in most
areas.
- Rudy Smits,
Approaching 65 |
But it takes an adventuresome personality to
move abroad. And we advise not purchasing property
until you have lived in your selected location for at least
a year. There are a lot of considerations, but even on
a low, fixed income it is possible to retire like royalty in
a
low-cost paradise.
We have researched two areas popular among
American retirees - Mexico and Costa Rica. There are,
of course, pluses and minuses to relocating to these
countries to enjoy a comfortable retirement. Our
careful screening has identified Websites that give you both
sides of the picture and offer helpful resources for making
your decision. Click on one of the links below to
learn more: |
