Is retiring abroad right for you?

retiring abroad
Joseph Roginski via AP

Growing Number of Americans are Retiring Outside the US

Maria Zamudio, For The Associated Press

December 29, 2016

“Newly widowed, Kay McCowen quit her job, sold her house, applied for Social Security and retired to Mexico. It was a move she and her husband, Mel, had discussed before he passed away in 2012.

‘I wanted to find a place where I could afford to live off my Social Security,’ she said. ‘The weather here is so perfect, and it’s a beautiful place.’

She is among a growing number of Americans who are retiring outside the United States. The number grew 17 percent between 2010 and 2015 and is expected to increase over the next 10 years as more baby boomers retire.”

Japan experienced the biggest growth of American retirees — at 42 percent

“Just under 400,000 American retirees are now living abroad, according to the Social Security Administration. The countries they have chosen most often: Canada, Japan, Mexico, Germany and the United Kingdom.

Retirees most often cite the cost of living as the reason for moving elsewhere, said Olivia S. Mitchell, director of the Pension Research Council at the University of Pennsylvania’s Wharton School.

‘I think that many people retire when they are in good health and they are interested in stretching their dollars and seeing the world,’ Mitchell said.”

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