“I don’t think there really is anything about the US that I miss,” he said.
According to documents reviewed by Business Insider, he lives on his $3,423 monthly teaching pension. Teitelbaum can start collecting Social Security in six years when he turns 62, but his pension covers everything he needs in Pereira right now. He said prices in Colombia are much lower than in the US.
As the cost of living continues to rise across America, it’s becoming common for older adults to move abroad. International retirement offers travel experience, and many feel their money goes further. BI has heard from people who moved from Texas to Panama, California to Italy, and Minnesota to Mexico.
According to the Social Security Administration, over 700,000 US workers retired abroad in 2022, the latest available data. This trend comes as millions of baby boomers are living on fixed Social Security or pension incomes with limited savings. On such a tight budget, many struggle to afford necessities like housing, food, and healthcare as they age.
Teitelbaum hasn’t ruled out a part-time job. But, for now, he feels financially comfortable and is enjoying retirement.
“It’s a very relaxed lifestyle,” he said.
Teitelbaum says life in Colombia is cheaper, and he plans to continue traveling
Teitelbaum stays busy. He volunteers a few hours each week teaching English as a second language and takes Spanish classes. He also walks his dog, goes swimming, socializes with friends, and takes day trips to nearby towns and landmarks.
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His one-bedroom apartment costs less than $500 a month, and his utility, water, and cell phone bills add up to about $150 monthly. The rest of his budget goes to groceries, restaurants, social activities, and any healthcare he needs. Teitelbaum said life in Colombia costs about 25% to 50% less than in California.
Once he begins collecting Social Security, Teitelbaum said his teaching pension will be reduced. Even so, he feels confident he will have enough income to live on in Pereira — and he has several thousand dollars in savings to pull from if he has unexpected expenses.
Not all older adults can afford to move abroad in retirement, and some find their pension or Social Security incomes aren’t enough to pay the bills. But Teitelbaum doesn’t plan to return to full-time work — or to America — anytime soon.
He hopes to travel next to Machu Picchu, Buenos Aires, and maybe Italy. But, no matter where he calls home, Teitelbaum said he will still visit Los Angeles to spend holidays with his daughter.
“Wherever in the world I am, I’ll always come home for Thanksgiving,” he said.
Have you chosen to retire abroad? Are you open to sharing your experience? If so, reach out to this reporter at [email protected].
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Publish date : 2024-09-21 22:01:00
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