American Family Retirement Funds Depleted by COVID And Inflation

Jim and his wife Renée, residing in the city of Rosarito, Mexico, don’t fancy being called expatriates even a bit. After retirement, they left America entirely and settled here. Taylor Barnes, a 65-year-old artist residing in California, once contemplated leaving America. However, in 2021, he decided to permanently settle in a village in France with his family.

Retirement Abroad: A Growing Trend

Jim and Taylor are not solitary Americans residing in other countries; the number of Americans leaving the US after retirement is rapidly increasing. Their top preferences are cities in Mexico and villages in France. In reality, due to the high cost of living in America, it has become difficult to sustain. Retirement savings aren’t increasing as much as they should, leaving individuals unable to live without working their entire lives. Moving to another country seems the best option, where they can find solace in their lifestyle.

Emptying Cities: America’s Retirement Drain

San Diego, America’s city, is witnessing the fastest exodus. The elderly are leaving the city in the largest numbers. Jim states that in America, people provide more than 30% of their family income or rent after retirement. According to America’s Economic Policy Institute report, the middle class in America has shrunk the most compared to other developed countries.

Half of Americans Lack Retirement Funds

After the coronavirus pandemic in America, half of American families lack a retirement budget. Over 15 million people aged 65 and above are experiencing financial insecurity. According to the Economic Policy Institute, beyond ethnic, Latino, and low-income earners, those who do not have a college degree are in the worst condition. These individuals reside in suburban areas before moving to other states and then leaving the country altogether.