Gone for golden years
Many retire to countries where Soc Sec goes further
NEWLY WIDOWED, Kay McCowen quit her job, sold her house, applied for Social Security and retired to Mexico. It was a move she and her husband, Mel, had discussed before he passed away in 2012.
“I wanted to find a place where I could afford to live off my Social Security,” she said of Ajijic, a community outside Guadalajara near Lake Chapala. “The weather here is so perfect, and it’s a beautiful place.”
Mexico has also become home for retired firefighter, Dan Williams, 72, and his wife, Donna, 68. The couple has been living near the same retirement community in Lake Chapala for 14 years. “The climate and the medical services are very good,” Williams said. Williams teaches painting to adults and children and puts together a monthly magazine for the local American Legion. They are among a growing number of Americans who are retiring outside the United States. The number grew 17% between 2010 and 2015 and is expected to increase over the next decade as more baby boomers retire. Just under 400,000 American retirees are now living abroad, according to the Social Security Administration.
The countries they have chosen most often: Canada, Japan, Mexico, Germany and the United Kingdom. Retirees most often cite the cost of living as the reason for moving elsewhere, said Olivia Mitchell, director of the Pension Research Council at the University of Pennsylvania’s Wharton School.
“I think that many people retire when they are in good health and they are interested in stretching their dollars and seeing the world,” Mitchell said.
McCowen’s rent is half of what she was paying in Texas. And since the weather is moderate, utility bills are inexpensive.