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Want to live outside the U.S.? Here are some suggestions

(Pictured: Italy, with its stunning views and favorable cost of living, is a highly rated foreign home for U.S. retirees.)

Retirees contemplating a change in surroundings might consider one of five countries for expats. 

Luxury cruise specialist Panache Cruises has named its top-five locations for retirees seeking a new life outside of the states. Life expectancy, safety, healthcare, and amenities in each country were analyzed to provide retirees with the most comfortable experience and post-job life. 

Italy offers a well-rounded transport infrastructure for residents, spanning buses, trains, and air travel with senior discounts, helping it secure the top spot in Panache’s opinion. 

With a reputation as one of the safest countries in the world, experts rank Canada at the number two spot. 

Retirees hoping to spend their post-work years surrounded by sunshine and sandy beaches should consider New Zealand, at the number three spot. American expats would be joining 60,000 retirees already living there. 

Also included in the top five are Greece and Monaco, both renowned for their quality of life and top healthcare facilities. 

James Cole, founder and managing director of Panache Cruises, said:many retirees choose to travel once they have finished working, to explore areas of the world they have never seen before. And those “looking to settle permanently in another country should consider important factors before jetting off. Researching how to obtain citizenship is an obvious starting point. and each country will have its own unique set of requirements. However, living in most countries part-time is usually easily attainable.”

As a general rule, Cole said, “you can stay in many of the world’s top destinations for 90 days on a standard tourist visa. Many other countries offer retirees 180-day visitation visas, which will allow you to spend six months of every year away from the U.S.”.

Here’s more of what Panache says about its top five: 

Italy 

Expats here can be assured to experience a fuller and longer retirement. Italy offers pleasure which can be experienced at a leisurely rate, with stunning views, beaches, food and wine all on offer. Cost-of-living is also favorable, especially within the southern areas of the country.

Canada 

With a reputation for being one of the safest countries in the world, American retirees moving to Canada can expect a quiet and peaceful life. Home to some of the best landscapes and views the world has to offer, the country is the perfect spot for wildlife-watching expats. Canada offers free healthcare to its citizens and permanent residents. The quality of life offered for expats makes it such a good option for retirees. Most visitors can stay for up to six months, but emigrating can be complex. 

New Zealand

This stunning country welcomes expats and retirees from all over the world. New Zealand has a reputation for peaceful, laid-back lifestyles for all. The universal public healthcare system is also rated highly against others around the world. New Zealand is the perfect destination for outdoor-loving retirees, with an abundance of hiking, sailing, and walking.

Monaco

Thanks to its tax-haven status, there is a thriving expat community here, with retirees from across the world. They experience a luxurious lifestyle, stunning Mediterranean coastline, and cultural attractions. As of 2022, Monaco had the oldest population in the world, with 36 percent over the age of 65. These numbers are assisted by the healthcare and safe environment in the country, making it even more favorable for American retirees. Recreational activities include golf, tennis, swimming, and sailing. Moving to Monaco isn’t cheap, though, given that a deposit of 500,000 Euros must be made in a local bank account before applying to become a resident. 

Greece

This sunshine-filled Mediterranean country has long been a hotspot for travelers and retirees alike. The Greek islands offer expats a life of blue skies and sandy beaches. The affordable cost of living, warm hospitality, and stunning scenery are part of what makes the country so attractive for retirees. With an average over 250 sunny days per year, Greece is the perfect spot for sun-seekers.

The Senior Scene by — November 13, 2024 in Lifestyle, Home, Adventures
Retirement sticker shock

By Amie Clark

How are retirees managing their finances in today’s economy, and what unexpected costs are they facing?

In recent years, inflation has significantly impacted various industries, making it challenging for consumers to keep pace. Between January 2020 and May 2024, consumer price inflation rose by 21.75 percent, according to NerdWallet. This surge has forced substantial budget adjustments, posing particular challenges for retirees.

In a survey by Theseniorlist.com aimed at helping people plan for retirement, current retirees were asked about their financial stress, how they manage their budgets, and the expenses that surprised them the most since retiring. Feedback included:

  • The typical retiree in our study spent $2,984 monthly, about $1,000 more than the average Social Security income. More than half of retirees feel like they’re living month-to-month.
  • After housing and car payments, groceries, credit card, and loan payments were the biggest expenses.
  • Nearly one in five retirees report significant financial worry, and 43 percent are more financially stressed now than before they retired.
  • 27 percent said medical and healthcare expenses have been the most surprising costs they encountered in retirement so far, and 20 percent were most surprised by home repair and maintenance costs. 28 percent said inflation and rising living costs have been the greatest unforeseen challenges.

According to the National Council on Aging, approximately 40 percent of older Americans rely solely on their Social Security income to get by, which tends to be about $1,657 monthly. Most retired people must find ways to supplement their Social Security or savings and plan well in advance for the costs of everyday living. Theseniorlist.com reported about 32 percent of retirees have started working again.

While each person and budget are unique, a general rule of thumb is that retirees should plan their expenses to be 70 to 80 percent of their pre-retirement income.  However, the median spending in a few categories could be approaching a risky level. The median car payment of $323 stands out. Ideally, retirees should have their vehicles paid off before retiring. Credit card or loan payments at $300 per month also pose a concern, as reducing or eliminating debt before retirement can help alleviate financial stress.

For some, cutting back on discretionary spending categories such as housekeeping services, travel and vacations, dining out, and entertainment could help make ends meet.

While decreasing spending is helpful for those on fixed incomes, they also need to ensure this time in their lives prioritizes enjoyment while making ends meet. Roughly 28 percent of retirees aren’t confident they’ll be able to maintain their lifestyle throughout retirement, though. Seniors should clarify their priorities for their golden years, and budget for them.

Unexpected expenses can be particularly challenging on a fixed income. Nearly one in seven retirees wish they had more funds for basic living expenses, and 27 percent frequently worry about affording necessities. Additionally, nearly half feel unprepared for future costs.

Despite an 8.7 percent increase in Social Security cost-of-living adjustments in 2023, more than one in 10 seniors still find inflation and rising living costs are among their most unexpected expenses. Grocery and food costs in particular have taken many older people by surprise, as their costs have risen faster than many other goods.

Among all of the unexpected retirement expenses, though, more than one in four retirees said medical and healthcare were the most surprising. After all, even people in great health can still face accidents or contend with genetic medical conditions out of the blue. Generally, women need to save more than men for healthcare in retirement, with recommended savings of $217,000 compared to $184,000 for men. On average, a couple will need around $413,000 to cover healthcare costs post-retirement. There are strategies retirees can use to prepare and save for these expenses:

  1. Change your perspective. View healthcare costs on an annual basis rather than as one-time payments. Consolidate premium payments and yearly deductibles into a single savings goal. Additionally, set aside extra funds for co-pays and unexpected expenses.
  2. Create a dedicated medical savings account. Although Health Savings Accounts (HSAs) are useful, they require a qualifying high-deductible health plan. Consider setting up a separate account specifically for health-related expenses, allowing you to monitor available funds more effectively.
  3. Assess the need for supplemental insurance.  Medicare  may not cover everything. Evaluating the cost of supplemental insurance can be worthwhile if it offsets higher out-of-pocket costs for treatments and procedures.

Since rising living costs show no sign of going back down, older adults have had to make serious adjustments to their lifestyles to make ends meet in retirement. Along the way, they’ve gained experience and advice they can pass down to those who are planning to retire.

The most common advice is to simply save more money. Nearly 20 percent of older Americans emphasized the importance of planning and budgeting to avoid financial stress in retirement. According to 15 percent of retirees in the survey, establishing these habits early in life can make living on a fixed income more manageable.

In addition, the U.S. Department of Labor  recommends:

  • Contribute to your employer’s retirement savings plan.
  • Consider basic investment principles.
  • Avoid touching your retirement savings until you need it.
  • Put money into an IRA as you save for retirement.

While saving for retirement can seem daunting, it doesn’t have to be overwhelming. Consulting with banks or financial advisors can be crucial to ensuring a happy and relatively stress-free retirement.

Source: Theseniorlist.com, an online researcher of consumer information on housing, products, and services for older adults. It polled 724 retirees 65 or older nationally in June. About a third were retired from their primary career but still worked part-time. Full results are at theseniorlist.com/retirement/costs

The Senior Scene by — November 13, 2024 in News

By Gary Daniels

As millions evaluate their health plan options during this fall’s open enrollment season, a new survey finds that 3 in 5 Americans incorrectly defined key health care terms. This knowledge gap may result in less-than-ideal selections, which could cause them to miss out on plans that might better suit their needs and offer potential cost savings.

People with coverage from their employer, open enrollment typically happens during a two- or three-week period between September and December. For those eligible for Medicare, the Medicare Annual Enrollment Period runs from Oct. 15 to Dec. 7 each year. Coverage selections made during the fall will take effect on Jan. 1, 2025. For people shopping for individual plans on the Health Insurance Marketplace, enroll by Dec. 15 for active coverage on Jan. 1.

Here are a few tips to consider when choosing a plan that may help lead you to better health and cost savings:

  1. Plan ahead.

Take time to understand the benefits, services and costs of plans available – including what might have changed with your current coverage. Pay attention to more than just the monthly premium, also understanding what out-of-pocket costs like deductibles, co-pays, and co-insurance you may be responsible for.

Medicare members and caregivers: As you weigh your options, assess the differences between Original Medicare and Medicare Advantage.

  • Help prevent unexpected costs.

Check if your doctor is in your plan’s provider network, since visiting in-network providers can help reduce out-of-pocket costs. Make sure your medications will be covered next year by the plan you choose. And consider filling your prescriptions at an in-network pharmacy or with home delivery – more cost-efficient options.

Original Medicare doesn’t generally cover prescription drugs. Consider enrolling in a Medicare Advantage plan with prescription drug coverage to help keep medication costs in check.

  • Explore mental health coverage.

Beyond in-person mental health care, you may have access to a virtual network of therapists and psychiatrists, along with advocates to help find the right behavioral care or resources. Medicare members and caregivers: Look for plans that offer virtual mental health care with a zero co-pay.

  • Look into specialty benefits.

Additional benefits, such as dental, vision, hearing, or critical illness insurance, are often available and may contribute to overall well-being. Original Medicare doesn’t cover most dental, vision and hearing services, but many Medicare Advantage plans do.

  • Consider wellness programs.

Many health plans offer incentives for taking healthier actions, like completing a health survey or exercising. Others provide personalized support to those living with common chronic conditions like Type 2 diabetes. Medicare members and caregivers: Many Medicare Advantage plans offer gym memberships and wellness programs for members at no additional cost.

Gary Daniels is chief executive officer of United Healthcare of Washington.

The Senior Scene by — November 13, 2024 in Health & Fitness
Dan Evans’ politics were ‘just right’

(Pictured: Former Washington governor and U.S. senator Dan Evans, at an event in Olympia in April, five months before his death. Photo credit: David Ryder/Cascade PBS)

By Knute Berger

Cascade PBS

In many ways, three-term Washington governor and U.S. senator Dan Evans, who died at age 98 in October, was the Goldilocks politician.

While centrism is out of fashion these days — too often seen as overly compromising or wishy-washy — Evans personified the politics of the “just right” middle. He was a pragmatic progressive Republican, a species once popular in Washington and Oregon.

Evans was also a former engineer who worked on the Alaskan Way Viaduct. He was an Eagle Scout. A devoted family man, he lost his wife of 65 years, Nancy, in January.

Evans seemed to have been around forever. He was only 39 when inaugurated as governor  in 1965.

Evans adhered to reality-based decision-making, especially during his three four-year gubernatorial terms (1965-77). He was a fiscal conservative but supported a more equitable tax system. including an income tax. When California began shutting the door to Southeast Asian refugees, Evans opened Washington wide.

An avid outdoorsman, Evans hiked, climbed and was a passionate conservationist. He played major roles in the creation of North Cascades National Park, adding coastline to Olympic National Park and expanding wilderness areas in Washington. The Daniel J. Evans Wilderness in Olympic National Park is named for him.

In the spring of 1973, the youthful, vigorous governor rappelled off the 10-story concrete clock tower on the Evergreen State College campus. As a student journalist at the college, I ran out to watch him in case he fell. Ah, cynicism can come early to those of us in the journalism trade. He rappelled without incident.

In the spring of 2019, Evans led a group of Mainstream Republicans, non-MAGAs for the most part, and some journalists on a hike along the Alpine Wilderness trail. I went along, and Evans’ vigor at age 93 was on full display 46 years after his Evergreen clock stunt.

Evans pulled votes from both parties in elections and from both sides of the aisle in the Legislature. In his era, no politician was more respected, by both Republicans and Democrats. After leaving the governor’s mansion, he served one unsatisfying (for him) term in the U.S. Senate (1983-89) and retired from elective politics. He was frustrated by D.C. gridlock.

In addition to serving as president of Evergreen after he left the governor’s mansion, he became a University of Washington regent and served on many commissions and councils, often credited as a stabilizing and wise presence in regional decisionmaking. The UW’s Evans School of Public Policy and Governance is named for him.

His politics may seem baffling in the modern era of partisanship and division, like a survivor of a near-extinct species. He gave the keynote speech at the 1968 Republican national convention that nominated Richard Nixon or president, although Evans had endorsed liberal Republican Nelson Rockefeller. Evans was a fresh face in the party and continued to be seen that way. He was on Gerald Ford’s short list for vice president in 1976.

Evans didn’t support Donald Trump’s election or re-election bid as president, yet he refused to give up his GOP identity. I once asked him why he didn’t quit a party that had strayed so far from his core values. “Just stubborn, I guess,” he replied.

Evans cultivated GOP moderation in his cabinet as governor and continued to mentor Republicans who hadn’t given up on the possibility of electing common-sense candidates. Electeds like former GOP secretaries of state Ralph Munro, a former Evans aide, and Sam Reed, who fought with his own party over a so-called “stolen” election in 2004, were exemplars of the integrity that Evans represented and cultivated.

“Governor Dan” could get tough, though, especially during his campaign against the Democratic incumbent he defeated in 1964, Albert D. Rosellini. Evans kept above the fray, but his camp floated rumors about the governor’s alleged criminal associations and activities. Nothing was proven, but the allegations might have cost Rosellini a federal appointment after his loss to Evans.

Another campaign eyebrow-raiser, though hardly Evans’ fault: A young, clean-cut volunteer was tasked in 1972 with following Evans’ opponent around, recording his speeches and reporting on his events. That Evans operative’s name was Ted Bundy, before he became infamous as a serial killer.

The Evans era seems like a kind of political fairy tale for those who are nostalgic for saner, more reasonable politics. Too hot, too cold, will we ever find “just right” again? Many who remember those times might yearn for pragmatic decency as an essential criterion for running and holding office. Evans proved those could be winning qualities.

Knute Berger is an editor-at-large for Cascade PBS, a non-profit news organization covering the Pacific Northwest.

The Senior Scene by — October 31, 2024 in Spotlight