My biggest fear would be rogue cops in some of these places. It's one thing to have to deal with the normal criminal element, but when one of these popular third world ex-pat communities goes to hell, then you've got the authorities extorting and possibly kidnapping you for ransom.
actually this is a good thing for the US. there is a serious demographics problem coming up: when people retire, they are no longer producers; they are only consumers. as you now have too many consumers chasing too few goods, this inbalance would tend to cause price inflation, especially in healthcare. also, old people from low-income brackets (like the folks in the article) are a tremendous drain on the medicare system, so if they leave the US, they become panama's problem. that's good for us.
If you are going to live anywhere south of the U.S., live in a gated community with 24-hr security. They are not all high price. Otherwise, better live out of a RV in U.S. if your pension not cutting it. Ride south when it gets cold.
Unless USA links Visa/Outsourcing to Caste system in India and Human Rights in China middle income Americans will be destroyed. http://news.rediff.com/report/2009/sep/29/un-says-indias-caste-system-a-human-rights-abuse.htm http://www.rediff.com/business/slid...forced-to-sign-no-suicide-pledge/20110504.htm
I knew this would happen. Leave the country and leave Gen X with the debt. More capital out flows with no jobs to rebuild. Alot of Boomers I have spoken to will take this option. Brazil, The Philippines, and other South and Central American Locations are spoken of. The retirement checks will go there and the local governments are more than happy to have them. Gen X and Gen Y is gonna get stuck again. I just want to get out for before the wave of Boomers do, atleast I will have a chance of a good life. Most parents will lie to thier children because they don't want to let them know they will be betrayed. All for one and steal from all, Akuma BUY GOLD!!!
Cheap furrin' cuntrys? Try 'Bamer. Or Miss'ippi. A hunnert yards offn d'inturstate uppa red clay rode, you'uns no longer inna YewS.
I don't get it. If all they are looking for is cheaper expenses, then they should look at some really, really small towns in the mid west. You can rent a house for $500 a month easily. It's not like the suburbs of Philly are the most budget friendly places the US has to offer. Moving to Panama does not remove the US tax responsibility, as you are responsible for paying taxes on any income no matter where you live as a US citizen. So what does moving into a questionable location provide again?
The Foreign Earned Income Exclusion is the single largest tax advantage available to you. If elected, your first $91,400 earned overseas are exempt from income tax http://www.taxplannercpa.com/expatriate-tax-returns.php
some of you america doomsters are not thinking this through very far. if the us dollar tanks as you claim it will what happens to the cost of living, in dollars, in these foreign places? even with the currency right where it is now its pretty hard to beat parts of the us unless you go to some third world shithole.
Yeah, if you earn income in Panama. But these retirees are earning US income, it's just being paid to them in Panama. And they're paying no Panamanian tax to be credited. I was an expat for three years in Russia. I'm well aware of the credit and how it functions.