Costa Rica Real Estate News – Growing numbers of baby boomers and Generation Xers are seeing international solutions as a way fix their financial woes. Retirees and soon-to-be-retired boomers are finding better options for their retirement years abroad and Generation Xers are finding employment and a better way of life overseas.
Here are some disturbing facts about retirement:
- More than 50% of persons do not have enough finances for their retirement.
- 25% do not participate in their employers’ retirement plan.
- On average a person spends 20 years in retirement.
- Many baby-boomers are realizing they will outlive their retirement nest-egg.
One alternative retirement option gaining ground in the minds of soon-to-be retired baby boomers is living abroad. Lower cost-of-living, quality healthcare and great weather are attracting more and more to places like Costa Rica.
In recent years there have been an ever increasing number of people investigating international real estate opportunities in developing countries. An article published in the Financial Review claims that nearly 40% of baby boomers are planning to downsize to free up capital for retirement years. This will potentially flood some developed nations with billions worth of property driving valuations down. As many as four out ten baby boomers (and as much as 6 out 10 in Briton) are contemplating downsizing or selling off property in order to finance a retirement life abroad, as a result larger rich nations are seeing an exodus and developing countries are seeing more international buyers every year.
Many developing countries are seeing growing numbers Generation X migrants and investors seeing employment and real estate in developing countries as more reliable and a better bet than in their home countries.
Gen X investors see the upward growth potential in many developing countries as more attractive and lucrative than fully developed regions where growth is essentially already factored into the property price.
“GenXpat,” is a term defined as members of Generation X born between 1964 and 1981, who choose to live and pursue a career abroad. Gen X is suffering from outrageous debt, decimated savings, no available jobs, the jobs they do have are hated, and if they are fortunate they can afford to retire at age 85. Their alternative of living abroad is seen as an exciting option. Low cost-of-living, the prospect of a good job comparatively speaking and the opportunities to rent-to-own or financed real estate options are very attractive to this generation.
In summary baby boomers are seeking international solutions as way to outlive their retirement saving, and GenX is look at living abroad as their only option for a job and a more secure life. These migrating generations are being seen as having a real positive impact on developing countries and negative impact on the so-called “rich” counties.
Terrance Johnson
