I remember, as a young twenty-something, I thought that getting older would suck and life would cease to exist as I knew it. As I approach the middle-aged portion of my life, I have found that I was wrong all those years ago. Getting older and very much gray has been quite the ride, and I am actually looking forward to what the next decade will bring.
Speaking of the next decade of my life, that is when I hope to be able to retire and ride off into the sunset. In fact, I recently realized that retirement age is not so far off as it once was, and that is extremely exciting. I am going to seriously consider positioning my finances and career moves to a place where I can best maximize my opportunities when the time comes.
My recent realization has given me a newfound sense of purpose and urgency to plan my remaining active, earning years strategically. I must ensure that I am not only financially secure but also fulfilled in both my personal and professional life. It’s amazing how perspective changes with time; what once seemed like an ending now feels more like a new beginning, full of potential and promise. Wow, I think my twenty-something might have just metaphysically slapped me.
With the thoughts of retirement on my mind, below are some of the places I would consider retiring in:
- Florida
- Puerto Rico
- North-west coast shores of Michigan
- Outer Banks, North Carolina (OBX)
- Charleston, South Carolina
- New Jersey
Ideally, I would like to be somewhere warm during the cold Michigan months and back in Michigan for the months of April to October. Should my sons give their mama some grandkids, I would stay until after New Year’s to be with my family during the Holidays. New Jersey and the Carolinas are close, but they still get cold in the winter months. Ultimately, it will most likely end up being between Puerto Rico and Florida.
I have a family member who works as a public adjuster in Puerto Rico, and they absolutely love it there, so they know the Territory very well. They sent me the following information from Unbiased, that states, “Puerto Rico’s affordability, tax benefits, warm climate, natural beauty, and close proximity to the U.S. make retiring there an attractive choice for many U.S. seniors.
While the turbulent weather and limited healthcare infrastructure can be challenging, it is overall a good place to retire.
Puerto Rico is an increasingly popular retirement destination for its tax benefits, tropical climate, and easy emigration process for U.S. citizens. Retiring in Puerto Rico is also easier than many other destinations, as U.S. citizens do not require a visa to settle there,”.
Another bonus to retiring in Puerto Rico is that I can speak Spanish well, which is the island’s native language. I will finally be able to practice speaking a language I learned in college! “Estudie’ Espanol tres anos en la Universidad de Michigan,” which translates to “I studied Spanish three years at The University of Michigan”. See, I’m ready!
What are the most popular Puerto Rican dishes?
Ok, I can speak Spanish, and my favorite type of cuisine is of Mexican, Latin, and Hispanic descent. Apparently, Puerto Rican cuisine is a mix of many cultures, including the United States, which once conquered it. Puerto Rican cuisine is a vibrant blend of Spanish, African, and Indigenous influences. Here are a few popular dishes to explore:
- Empanadillas: Savory turnovers filled with meat, cheese, or seafood.
- Rellenos de papa: Fried mashed potato balls stuffed with seasoned ground beef.
- Tostones and Maduros: Twice-fried plantain slices (tostones) and sweet, ripe plantains (maduros).
- Pasteles: Plantain and root vegetable dough wrapped around seasoned meat, steamed in banana leaves.
- Mofongo: Mashed green plantains mixed with garlic and pork cracklings.
- Pernil: Slow-roasted pork shoulder with crispy skin and juicy interior.
- Pollo Guisado: Braised chicken stew with vegetables, herbs, and spices.
- Arroz con habichuelas / Arroz con gandules: Rice with beans or pigeon peas, cooked with sofrito and seasonings.
According to EzCater, Puerto Rican cuisine is “a créole that blends culinary traditions from around the world. European, African, American, and Taíno (Caribbean) influences are a product of Puerto Rico’s historical roots, first as a Spanish colony and then, after the Spanish-American War, a U.S. territory. Popular ingredients that grow natively in the region include coriander, papaya, cacao, and plantains which are large, banana-like fruits with either savory green flesh or sweet yellow. Europeans brought beef, pork, rice, wheat, and olive oil to the island. While Spanish traders brought African slaves who prepared meals with sugarcane, taro, and yucca,”.
How much money do you need to retire in Puerto Rico?
So, I know I can speak the language, I will enjoy the cuisine, and I do not need a passport since it’s a U.S. Territory. What I need to know now is how economical it will be for a person on a budget like myself. Also, from Unbiased they share, “In order to comfortably retire in Puerto Rico, you will need approximately $2,000 per month. The cost of living in Puerto Rico is 8.12% lower than it is in America, making retirement in this country a much more affordable option.
Rent, utilities, and other basic living services are the biggest expenses you can expect when retiring in Puerto Rico. Healthcare is accessible via the U.S. Medicare system, which carries over from the States to Puerto Rico, making it more medically feasible than most other retirement destinations,”.
Financing retirement in Puerto Rico is not just about dealing with lower costs; it’s also about leveraging the island’s tax benefits. Puerto Rico offers substantial tax incentives under Act 20 and Act 22, which can significantly reduce your tax burden, especially on investment income and dividends. Moreover, property taxes in Puerto Rico are relatively low compared to many U.S. states, further easing the financial burden.
Is Puerto Rico a good place to retire to?
In summary, Puerto Rico offers an enticing blend of affordability, tax benefits, and vibrant culture, making it a strong contender for retirement. The warm climate, delicious cuisine, and ease of transition for U.S. citizens enhance its appeal.