In the tsunami of the global financial meltdown, 401(k) accounts were devastated and home values decimate and since a growing number of Americans are looking for ways to stretch their retirement savings by spending their retirement years overseas.
Living abroad is a life-long dream of many and retirees and soon to be retirees; with mild climates and a lower cost of living, Central America’s easy access seems like an ideal place.
Exact numbers of people already in retirement overseas is difficult to find. Approximately 350,000 American retirees currently receive Social Security benefits abroad, according to the Social Security Administration’s annual report.
According to industry publication, Travel Market Report, approximately 3.3 million American baby boomers are planning to retire abroad.
Costa Rica has historically been a retirement haven for expats and has become one of the top destinations in Central America for Baby Boomers looking for a quality, healthy, convenient place for their retirement.
Costa Rica is famous for its natural beauty, laid back healthy lifestyle, fast and easier access from North America, it has all the key points retirees are looking for such as convenient hospitals and clinics, lower cost of living, little to no tax issues, political instability, personal safety, and climate.
Of the 10,000+ Baby Boomers retiring every day for the next 19 years (Pew report), one of their most pressing financial concerns is whether they will have enough money to pay for medical and long-term care expenses.
In a nutshell, Baby Boomers are looking for somewhere they can make their savings last and enjoy an active lifestyle, while staying healthy.
Most potential expats looking to retire in Costa Rica come first on vacation to get a firsthand look at what this country has to offer. The rental market is attractive for potential buyers exploring the country, for example, rent in San Jose can be over 50% less than most equivalent places in the USA.
Retirees looking to make their dollars go further are finding plenty of opportunity in Costa Rica’s real estate buyers market and discovering a new and exciting lifestyle in Central America.
The Costa Rica News (TCRN)
San Jose Costa Rica