Baby Boomer Lifeboat   

        Tips for Comfortably Retiring on a Fixed Income

 Baby Boomers on a fixed income can retire! Let us show you how even Baby Boomers on a limited income can retire!

 

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Live Well in an Inexpensive Location

Relocate to an Area Where the Dollar Goes Further

Baby Boomers can stretch their dollars by relocating to a lower cost-of-living area.

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 BabyBest places in the U.S. for Baby Boomers on a fixed income to retire. 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:

  • Bozeman, Mont.

  • Concord, N.H.

  • Fayetteville, Ark.
    Hillsboro, Ore.

  • Lawrence, Kan.

  • Peachtree City, Ga.

  • Prescott, Ariz.

  • San Francisco, Calif.

  • Smyrna, Tenn.

  • Venice, Fla.

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?

Many Baby Boomers are retiring comfortably outside the U.S. where the dollar goes further.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.

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:

Retire in Mexico Retire in Costa Rica

 

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