Tuesday, January 27, 2009
Retirement overseas is a mixed bag: low assisted living costs; what about social security, Medicare?
ABC World News Tonight on Jan. 27 reported that many retirees are going to Mexico and Central America for lower cost of living.
The segment showed an assisted living facility being built in Sam Miguel, with rent less than a third of what is typical in the US. Home health care is also much less expensive. The news story is by Jeffrey Kofman, title “Retirees Flock South of the Border for Savings; Mexico Offers Full-Time Assisted Living Developments at Half the Price”, link here.
About a year ago, the media reported a retirement condominium boom in Panama, with health care costs lower.
However, Americans who retire overseas are often denied Medicare. See the AARO, Association of Americans Retired Overseas, with writeup on Medicare here. There are some complications regarding social security covered here. There are issues with pension from foreign sources and the Windfall Elimination Provision Offset.