There are an estimated 77 million babyboomers in America who are embarking upon or about to enter into retirement – and thanks to the dire state of the US economy, the way the stock markets have crashed and housing markets across the States are depressed, a new study by Ernst and Young shows that up to 60% of these babyboomers will have to cut their living standards by a quarter if they want to survive in retirement.
The study by the global accounting giant has looked at how Americans are going to survive on the shrunken pension pots the majority of them now have following America’s terrible economic crisis. It discovered that for the majority of American retirees, they just don’t have sufficient financial assets to see them through their retirement if they stay living the same life in America.
It is precisely this reason why more American retirees now choose to live in Belize in retirement, because in Belize they can live tax efficiently, they can live for less, they can live in more affordable homes and enjoy an even better standard of living than they currently have in depressed America.
Belize has been receiving significant coverage in the American media of late – both online and off. The nation has always been recognised for its attractive qualities, but now more is being made of the lifestyle one can enjoy in Belize as well. Previously this Central American, Caribbean facing country was largely considered by the more adventurous North American, those who had already travelled extensively outside their own nation and tasted different cultures. It was populated by those who understood what it takes to make a new life in a country where things are done very differently, and where you can’t always rely on services to operate and you can’t easily pop into town to pick up a Starbucks, but now Belize is opening up for many more Americans too.
Retirement communities are springing up where there is greater support for the less intrepid traveller, and savvy developers are cashing in on this new and intensive wave of interest. Americans are more aware than many Britons that in retirement their savings are no longer going to afford them a decent lifestyle back home. 2009 is probably going to be the year of realisation in the United Kingdom, after which point countries like Belize, which are low cost and low tax, will likely see an influx from Northern and Western Europe too. And Belize will be ready for them – there is greater effort being poured into amenities, facilities and properties for Western expatriates than ever before, as Belize is making hay because the sun has stopped shining in these expats home countries!
In terms of what living in Belize can offer a would-be expat in a nutshell – it has a retired persons’ incentive programme that allows qualifying individuals to live 100% tax free in Belize and even import household goods and a vehicle into the nation tax free, it has low property prices and a low cost of living. It is a tropical paradise that was once a British colony, therefore English is widely spoken and understood in Belize, and ultimately one can enjoy a higher standard of living in Belize for less money.
If you’d like to learn more about the nation – explore our Living in Belize and Property in Belize sections.