Baby Boomers Make Waves by Retiring Overseas
Editors at InternationalLiving.com are seeing more Baby Boomers taking advantage of good-value opportunities abroad — for medical care, roving retirement, or simply travel, Jennifer Stevens, Executive Editor of International Living, says. “Retirees are actively looking beyond our borders for savings, and they’re embracing their sense of adventure and striking out in greater numbers than ever.”
TREND 1: Medical Tourism — Americans Increasingly Seek Out High-Quality, Low-Cost Care Overseas
As retirees face rising healthcare costs in the U.S., they’re turning more to healthcare abroad, according to International Living’s correspondents around the world. In certain destinations, they’re able to access high quality care at a fraction of the cost back home. A growing number of them are opting to take advantage of a phenomenon called “medical tourism.”
“For elective procedures that range from hip replacement to hernia surgery to dental implants or teeth cleanings, retirees are finding the costs to be often less than half what they’d pay in the States,” says Stevens. “It turns out it can be cheaper to fly abroad, have the procedure done, take a vacation for a week or two, and then fly home than it is to simply pay for the procedure alone in the United States.”
Health care abroad could appeal to a significant portion of Retirees. The new AudienceSCAN study revealed 21% of Retirees plan to pay for health insurance out of their own pockets this year.
TREND 2: Baby Boomers Trade Occasional Vacations for Long-Term, Travel-Filled Retirement Overseas
More and more Baby Boomers are trading an idle retirement at home, punctuated by the occasional vacation, into months at a time spent overseas. They’re embracing a roving retirement, thus minimizing visa hurdles and reducing their expenses by visiting countries where the cost of living is lower than in the U.S.
Modern conveniences and the internet make it easier than ever for retirees to embrace this roving lifestyle—booking accommodations, researching countries, managing financial affairs, and keeping in touch with the friends made along the way is all simpler and faster than it ever has been before.
Beach locales, specifically, can win over Retirees! The latest AudienceSCAN study found 28% of Retirees are planning beach vacations for this year.
TREND 3: Solo Travel Overseas on the Rise Among Baby Boomers
The foreign-based editors at International Living report they’re seeing an increasing number of retirees choosing to travel—and ultimately, retire—alone overseas. These single Boomers say they’re drawn by the adventure and empowerment traveling and even living alone overseas provides.
Travel agents can appeal to single Retirees by promoting the popularity and safety of solo travel. The most recent AudienceSCAN survey showed 15% of Retirees are divorced, 10% are widowed, and 9% are single (never married).