Retire in Bermuda
What to consider about Bermuda retirement
Are you getting ready to retire and dreaming of a tropical location in Central America. Maybe your thinking about Bermuda. You can easily retire in Bermuda if you’ve built up a good amount of retirement savings in you 401K plan or Canadian RRSP. Why? Simply because your retirement savings withdrawals will stretch much further in a country with a lower GDP such as Bermuda, or other countries in Central or South America.
Bermuda has already become a popular retirement location for a number of Europeans such as Italians. However, since Bermuda is such a small country, it’s not to late to retire in Bermuda. There are still many retirement homes available in Bermuda and even more land to be developed in the near future. So what if you don’t have a large nest egg built up? Is retiring in Central America still an option? Well, it could be if you think about using the equity in your home. Over the last decade or so, American and Canadian home values have skyrocketed. This booming housing market has made many homeowners very “property wealthy” even if they have little cash flow. Without this cash flow making any move would be difficult, but if you cash in the equity in your home, you could be jet setting off to Bermuda and purchasing real estate in no time.
So once you decide how you will finance your dream retirement, then you have to learn more about the location of choice to retire in. In Bermuda your options are many. For city dwellers, you have Bermuda City, a small but stable and fairly clean city. This is the economic hub of the country. Others may prefer the serene landscape of the Maya Mountains in the south of the country. The truth is wherever you choose to retire, you won’t have much difficulty making ends meet in Bermuda if you unlock some of your property wealth in America.
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