Friday, December 23, 2011

Costa Rica, the solution for retirees not having to work during their Golden Years

By Christopher Howard

According to Smart Money, In the past the whole idea of retirement was not working. But today’s retirees are increasingly becoming job-seekers. Roughly three out of four workers over age 50 say they plan to work at least part-time in retirement. Currently about 20% of retirees have a job. Indeed, working during retirement is becoming the “new normal.”
“The average boomer couple currently has a retirement savings shortfall of about $30,000, according to a recent study by the Employee Benefit Research Institute, it’s a trend that experts predict with accelerate. Boomers aren’t as financially prepared for retirement as earlier generations. “

To make matters worse it takes employees over 55 more than 40% longer to get hired than their younger counterparts, according to AARP. Meanwhile, nest eggs are shrinking and retiree income is stagnating.

So what’s the solution? If retirees can reduce their living expenses significantly, then they might not have to keep working to make ends meet. One way to do this by moving abroad to a country like Costa Rica.

To start medical care is much less expensive than in the United States.

You won’t need a car here since public transportation is dirt cheap. This eliminates the need for costly auto repairs and maintenance, car insurance, yearly licenses fees and a lot of other headaches associated with owning a vehicle.

If you try to eat like the locals you can reduce your food bill. Weekend farmer’s markets are a place to find cheap produce. You can also have a decent meal for a few dollars at one of the local restaurants called, sodas. Go native and save!

Decent apartments can be found for around $500 and utility bills are a fraction of what they are in the United States. Heat and air conditioning are not needed in the Central Valley which equates to more savings.

Entertainment is also affordable with movies in costing around $5.
So, it is possible to retire abroad and have a quality lifestyle without having to work during one’s Golden Years.

By Christopher Howard on Living in Costa Rica

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