More American retirees are leaving the country and moving overseas, and they are doing it for the health of their own pocketbook.
About a half million Social Security checks these days are sent overseas. Author Kathleen Peddicord has been living overseas herself for 20 years now, wrote a book about it, and told CNBC that number shouldn’t surprise you.
“It’s an increasingly common, mainstream idea,” Peddicord stated.
In fact that 500,000 is up 100,000 from two years ago. So why are Americans doing this?
“Health care is more expensive in the United States than anywhere else in the world,” Peddicord explained. “You can find international standard hospital and English speaking doctors. You can get good care.”
That said, financial planner Clark Hodges told KTRH he would not recommend this.
“Just to save money, to me, doesn’t make sense, because I think there’s a lot of downside to going someplace you are not familiar with,” Hodges stated, adding he hasn’t had any of his clients ask him about moving overseas.
And you have to do your homework if you are going to do this, because not every country allows a foreigner to come in and buy a home.
Retired Americans who are limited on funds are moving out of the country to stretch their savings and Social Security income. “It’s never been easier to retire overseas — the infrastructure is better than ever, technology keeps you connected to family and friends back home, and there is a wealth of safe, welcoming, beautiful options overseas.” Possibly the most important factor for a generation of undersaving Americans, is in many places “a retiree can live comfortably for less than $2,000 a month.” We talked to Kathleen Peddicord, author of “How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad."
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