Ever thought where you would like to retire? If your response is no, I recommend you start thinking. Why? Well, after your earning years have stopped and you are on a fixed income, based on life expectancy, you might have an additional twenty plus years to provide for financially. If you are like most Americans who receive social security as their only source of income in retirement, then retiring in the USA might be tough financially. If you have saved adequately for retirement and you will be retiring with income from Social Security, 401K (or similar), Pension, IRA, Annuity, other savings etc., you should be doing very well. However, there are many factors to consider when planning your retirement. One of the major ones to consider is where, like location. Will it be in the current state you live in, or will it be in a different state? For most people the location is determined by the cost of living (COL). Many Americans, because of how costly it is to retire in the USA, are considering retiring abroad. For some, that is an easy decision, since many retirees are migrants – they are just returning to the country of their birth or their parents birth (returning home). However, many Americans who do not have ties to foreign countries are also retiring abroad. One major draw is lower cost of living. For example if you retire to Trinidad and Tobago (West Indies), one US dollar is approximately $6.64 TT dollar. This will allow in most cases for you to get more goods/products for your US dollar. There are many countries that are targeting US retirees aggressively because of the many benefits of having them retire to their country. Let’s take a look at an article written by Art Koff on Why you should consider retiring abroad. Maybe this can help you in determining where you retire.
