Slideshows

Top Retirement Destinations Overseas

By: Paula Vasan


Clients often dream of retiring overseas for a change of scenery and lifestyle. Here’s what a handful of RIAs have to say about some of the most popular overseas retirement destinations among their clients.

Related story: Dream of Retiring Overseas Comes With Unexpected Woes

See this slideshow in article format here.

Costa Rica Costa Rica “There’s been a big push to have Americans buy luxury waterfront properties.”

-Cary Carbonaro, managing director at United Capital Financial Advisers

Panama Panama "I have a client that has 'semi-retired' in Panama, which has a very low cost of living. In fact, he is so enamored with Panama that he is trying to get Americans to come down and invest in real estate and retire there."

-Linda Lubitz Boone, Lubitz Financial Group

South of France (Provence) South of France (Provence) “Healthcare is great. The cost of living is on the expensive side compared to many other places oversees, but clients look forward to a nice lifestyle and good food.”

-Cary Carbonaro, managing director at United Capital Financial Advisers

Mexico Mexico “Many of my clients prefer Cancun along with other parts of Mexico. They like it for its low cost of living. The country has also invested a lot in the tourism industry, with expensive luxury condos for example. Cancun is a popular place for second homes.”

-Cary Carbonaro, managing director at United Capital Financial Advisers

Bermuda Bermuda “It’s close but still outside of the U.S. My clients like that it’s quiet, with more moderate temperatures.”

-Cary Carbonaro, managing director at United Capital Financial Advisers

Hawaii Hawaii “If clients are going to stay in the U.S., one of the most popular, exotic areas for a second home is Hawaii, with sunshine and a high quality of life. It can be rainy and cold during the winter months and everyone wants to escape to find sun and fun. Having trusting relationships with our clients means they can relax and not worry about their finances.”

-Shari Burns, managing director of Paragon Investment Management (a division of United Capital Financial Advisers)

Staying Local Staying Local “None of our clients want to or ever has wanted to retire overseas. Remember, we live in heaven in Florida and there is no state income tax. In fact, we pick up clients who are moving here when they retire. People usually retire to other countries for two things – better climate and better cost of living. Of course, there are many hoops to jump through when living in other countries, so it can be a trade off on benefit versus hassle. North Florida on the Atlantic Coast actually has great climate, good cost of living compared to the U.S., and no state income tax. People think more about South Florida for retirees, but more people realize North Florida is nice in that there are still slight ‘seasons’ and it definitely is less crowded and less expensive.”

-Carolyn McClanahan, Life Planning Partners

A Reality Check A Reality Check “Many clients talk about this, but few actually do it. I always advise to do a trial run and move just for a few months. Most get disillusioned. They usually choose tropical places, but living in those places is very different than vacationing. Car repairs, groceries, etc. are harder in a second language. Costa Rica does seem really popular these days, but clients quickly get disillusioned with infrastructure.”

-Jude Boudreaux, founder of Upperline Financial Planning

Clients often dream of retiring overseas for a change of scenery and lifestyle. Here’s what independent advisors say about some of the most popular overseas retirement destinations among their clients.

Comments (4)
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Posted by jtllopsg k | Sunday, April 06 2014 at 12:19AM ET
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Posted by jtllopsg k | Monday, April 07 2014 at 3:27AM ET
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Posted by jtllopsg k | Monday, April 07 2014 at 8:35AM ET
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Posted by jtllopsg k | Tuesday, April 08 2014 at 9:40PM ET
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