The Importance of a Retirement Plan
Most of us are doing the best we can to get by from day to day… we have jobs to get money to be able to live and we carry out our daily functions and duties to the best of our ability. However, it is important that we think not only about now but about our future. We will enjoy retirement best if we prepare and plan for it.
Some of the things to consider when we speak of retirement planning are:
Good health now means a better chance of good health later
The cost of living is likely to rise so we must plan for it
Your dream life is available if you put things in place now
Using your brain creatively can minimize the chances of dementia
Money put away now can grow over time
Social security should not be your only financial plan
RETURNING TO THE CARIBBEAN
The Caribbean has undoubtedly been paradise to many. The beaches, warm climate, the fresh fruits and vegetables, coupled with a more relaxed environment away from the hustle and bustle are all reasons that cause people to flock to the sandy shores. Some stay for a week or two and some longer. Some choose to make Antigua or another Caribbean island their home.
This website is for YOU! You there, sitting behind your device contemplating retirement in the islands. Here are the top 4 benefits of returning to the Caribbean:
Low cost of living – countries such as St. Lucia, Dominica, Grenada, Jamaica and Belize have low cost of living making it affordable for retirees to ‘ball on a budget’. The American Association of Retired Persons (AARP) explains that in Belize, medical care costs a third of what it does in the United States. Food is cheap because agriculture is a major part of the economies and the countries export food within the region. Leisure activities, property and housing are all comparably affordable compared to other places in the western world.
Safety – Paramount to a good retirement is residing in an area that has political stability, as without this, it can lead to insurrections, wars, and other threats to one’s safety. Luckily for you, the Caribbean region boasts of political stability for several decades. The AARP, describes Panama, Costa Rica and the Dominican Republic as three of the safest countries for US retirees. Caribbean islands such as Antigua, Dominica, St. Lucia and Grenada boast low crime rates, where locals, tourists and other foreigners feel safe all year round.
Beautiful environment – The Caribbean islands boast of their lush forests, green mountains and hills, beautiful beaches, and amazing flora and fauna. Psychologists explain that having a clean and calming environment is critical for older persons in promoting their longevity. Dominica is even considered to be the Modern “Fountain of Youth” as it is home to the largest percentage of centenarians in the world.
Tax benefits – Many Caribbean islands such as Antigua and Barbuda, Panama, Dominica, The Dominican Republic and St. Kitts and Nevis provide numerous incentives to retirees wishing to live there ranging from exemptions from import duties, fees for construction materials and equipment; and income, real estate, capital gains, inheritance and other taxes. Be sure to check the island you are interested in and see what tax benefits are available.
KN Consulting provides a brief evaluation of your readiness for retirement based on what you have done so far and where you want to be.