Not many people know exactly where they wish to retire after they reach their senior years. For most people, they wish to stay at home and age in place. Others go straight to nursery homes, especially if they require assistance. But for those who had just enough time to find a place for retirement, they are exploring other places than home. They would travel to many places until they find “the one.”
Why Americans Are Choosing to Retire in Latin America
Latin America consists of more than 20 nations. Note that not all of Latin America is South America.
It is easy to see why many people choose some countries in Latin America as their go-to retirement destination. For instance, the wonderful cultures, numerous wildlife, and mesmerizing remote getaways are more than enough to entice any retiree to settle down. One quick research of what are some fun facts about Chile, for instance, will make you want to book a flight and stay there even if your retirement is still many years away.
The cost of living in Latin America is considerably less when compared to North America. Many Baby Boomers can’t afford a comfortable retirement where they currently reside. They are looking for a place where they can stretch their retirement savings without sacrificing the quality of their retirement life.
When one retires in Latin America, they get to enjoy great deals. Healthcare costs here are also a lot more manageable. The medical care offered is of good quality but a lot less inexpensive.
Some countries in Latin America also allow foreign retirees to enroll in national health-care programs. This means one can save a lot from medical care and use their savings to live a comfortable life. Even adults that were too young to retire have been moving to Latin American countries because of financial reasons.
There have been aggressive efforts to lure expatriates in Latin American countries. For instance, Panama now offers a long list of discounts for Americans who plan to retire in the country. Their Pensionado Program offers expats lifelong residence if they meet the requirements set by the government.
On the other hand, Chile is the first to offer the highest standard of living in Latin America. They have fast phone and internet services, potable water, modern and efficient public transit, and well-maintained highways. This country is so economically successful that Chileans can now enter the U.S. minus the visa.
Considerations When Retiring in Latin America
There are a few things that one needs to consider before retiring in any country in Latin America. For one, one should learn how to manage their expectations. The lower cost of living could mean delays, slower, and sometimes unreliable services. Since you are no longer in North America, you should set your expectations straight, do research, and be flexible.
It is also worth being extra careful even if you pick a location with a low crime rate. Foreigners are often the favorite prey of local bad guys. Violent crime still exists even in the safest place for retirees.
Language is another consideration one can’t afford to ignore. You can’t just expect everyone to speak in your language just because about 1.5 billion people are estimated to speak English. It is worth learning your desired retirement destination’s language to make it easier to blend in with the locals.
Choosing where you are to spend your retirement years is never easy. There are many considerations to make. So make sure to do your research, take time to “try out” living there if possible, and consider all pros and cons. Embrace their culture, learn their language, and be considerate wherever you may choose to retire.