Listen Now: Retirement Plans: Nearly 20% of Retirees Now Moving Abroad
Getting ready to retire? You might consider packing your bags.
According to The Social Security Administration, just under four hundred thousand american retirees were living outside the U.S. last year. That number grew 17% percent between 2010 and 2015 and is expected to increase even more over the next ten years as more baby boomers retire.
The people heading out to see the world cite the cost of living as one of the biggest reasons for trying something new. They say it’s impossible to live on a fixed income in most major cities in the U.S. and that doesn’t appear to be changing anytime soon. So they are heading to countries such as Canada, Japan, Mexico, Germany and The United Kingdom.
Besides cost of living, retirees have also found it cheaper to hire a little help for cooking and cleaning and provide long term care.
Another perk for living abroad? The cost of health care. Retirees say socialized medicine in other countries has dramatically dropped their costs even for needs such as operations and medication.
Besides, it’s never too late to see the world.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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