60 million baby boomers will begin to retire in just a few years. Many of their pensions and social security will be severely squeezed by inflation, leaving these people with one of five options.
#1: Keep working #2: Move to less expensive areas within the US #3: Export their retirement #4: Live in near poverty #5: Die
Imagine this. 60 million boomers will retire over the next 20 years. We boomers are the most spoiled group of consumers as a demographic class that has ever existed on earth. We were promised the world. We were given the world. Now the magic is about to disappear.
Assume that 10% of these will decide to move to less expensive countries. That’s 6 million people. Where is the most likely place to go? Most people will head south.
Mexico stands to be #1, but prices there are rising quickly and there is a lot of anti-gringo sentiment. After all there have been numerous Mexican-American wars. The building of a fence across the border will not help either. Yet it’s still probably the place that will benefit the most due to location.
The low end Caribbean is also good except for those darn hurricanes that will put lots of people off…plus many water and transportation problems and the fact that few of the islands have a real infrastructure.
Panama is good…lots of English spoken, many Yanks already there, but weather is lousy if you want to be in town (hot and humid) and prices are no longer low. Ditto for Costa Rica. Central America lacks infrastructure though there are some nice gringo settlements though they are expensive.
Now comes South America. Colombia is the first nation with a progressive economy and full infrastructure. This could be a wonderful place but security will stop most from going there. If the security/drug/crime issues are resolved and image cleans up…go buy in Colombia. This will be a great opportunity then.
So there is Ecuador. Three cities are there to choose from. Only two make sense from climate point of view.
Guayaquil is a huge city (the size of Atlanta) located along the Pacific coast. It is hot as blue blazes and lots of big city crime. No thanks.
Then there is Quito, the capital (a city the size of Birmingham). It is in the Andes Mountains and has a wonderful climate (70 degree highs year round), A possible if you like that size town.
Last, and I think best, is Cuenca (a city the size of Mobile). It has the same climate as Quito and the charm of a moderately small city. Lots of natural beauty. The mountain views and gentle, precious people. Baskets of fruit at the local market for very cheap. Lots of birds, lush trees and flowers.
Prices are wonderful. A maid costs about $150 per month. A small yet beautiful apartment rents for $200 to $300 per month. If you want to go top notch, a lovely penthouse rents for just over a thousand per month.
Remember, you can still receive your social security if you live somewhere other than the United States.
This is why I believe in Cuenca Ecuador. If you like what you are hearing, and think living for under $1000 per month sounds pretty good, call me for more information and some pictures of Cuenca.