Why struggle to pay American rent when you can could afford a maid and a beachside villa for just $1,100 a month? International Living reports on a couple who retired from a stressed out and financially tight life in Florida to a peaceful life near a beach in Coronado, Panama:
After paying $135,000 for the house, Ellen and John are by no means living on a lavish budget. Though Ellen receives $850 a month in Social Security, John has another two years to go before he is eligible for the same payment. Currently, he has an income of $250.
Despite living on just $1,100 a month between two people, Ellen says they have a good life, affording to go out for dinner once a week and enjoying the occasional splurge …
The couple can even afford to pay others to maintain the property.
We at Via Meadia think this story points toward two important things. First, retirement abroad to countries with cheaper living costs is a great option, and not only for retirees who can lead a comfortable life on a small budget. American investment in those countries by older expats will do more to improve the country’s prospects than all the foreign aid budget currently going to corrupt politicians.
It would also help solve America’s Medicare problem. If more retirees flew an extra hour or two past Florida to settle overseas, their medical care is cheaper there, allowing Medicare to save all the money it would otherwise have spent on them in America. To do this, we would have to change the current policy that forbids retirees from getting Medicare-covered treatment abroad. Eliminating this restriction might encourage overseas retirement.
Second, VM doesn’t see any reason why only retirees should get the benefits of being an expat. We now have the technology that could allow young adults to work for American companies from abroad, coding software for Google on the weekdays and scuba-diving on beautiful beaches on the weekend. Why wait until you’re 65 to live the glamorous life in the Caribbean? Enterprising Millennials could live the expat life now.