@Realist wrote:Ok, this is one heck of a great topic. Congratulations on the opportunity. People won't really know in real time, unless they're living that life.
How is the cost of living down there? Crime? Employment should you want to do something on the side? Does the dollar stretch down there? So many questions.
I'm curious about health care. Do you have easily access to this? Now this can happen to anyone anywhere, but my father-law had a cousin, that retired in Brazil I believe. Purchase a farm type household, don't remember what they grew - whether as a hobby or to make some side cash. But what I do remember is that at one point in time, there was a health emergency that required attention, but medical services were an hour away. He passed before he could reach a hospital.
Interesting topic, and I am interested. Thanks for sharing.
Thank you, Realist. I'm happy to answer your questions...
1. The cost of living here is comparable to the states if all one ever does is frequent venues such as Walmart, et al. Prices there are the same as as any other. However, local and neighborhood establishments are where your money will last longer. Going to franchised restaurants like Longhorn or Chili's will cost you much more than finding a local eatery. A local bakery/coffee shop is one of my favorite places. As far as property values and home purchases, a comparable house here is often less than one-third of what it is in the states. Yes, you have to put in the effort, but as an example, my wife and I bought a 5-bedroom, 2-1/2 bath with separate office space and balcony for $150K in cash since selling our home in Florida afforded us to do so. The same type home in Florida would easily be well north of $500K.
2. Crime is where you look for it. I live in Caguas, about 30 miles South of San Juan. I've not experienced first-hand any criminal activities. In the news, most of the crime is where you would expect, in the tourist areas, and late at night. I'm 63 and retired, so the days of hanging out at 3am are gone, so I presume my exposure to pickpockets and muggers are diminished. Road rage incidents happen everywhere, much like other possibly risky events. Violent crime seems to be within families/friends/seedy individuals and less for people minding their own business.
3. Employment is another issue altogether. Personally, I would have never moved here if my wife and I were not already financially secure. Unless you wish to work at retail or fast food jobs, Puerto Rico is not the place to gain financial freedom in your retirement years. I came here for retirement and had no intention of doing anything...just relax! As far as "side hustles" are concerned, Uber, Doordash, etc., exist here but as many will tell you it is quite a grind and there is ample competition already, so it is a saturated business model.
4. LUMA is the island's electric power supplier, and it is in dire trouble. The island has blackouts continuously, even when the weather is wonderful. For this reason, our home has a 14KW generator from Home Depot and in addition an 11 panel solar system with Tesla battery. So far, in almost 3 years, there have been literally dozens of power outages and we have not lost even a minute of power. It is imperative and essential to have these setups if you want to live a comfortable retirement here. If you prepare, life here is enjoyable, not so much if you just move with no contingency or emergency planning. It is a beautiful place as long as you are prepared.
5. Now for the bad news...medical care here is nowhere as available as it is in the states. I retained health and medical records in Florida and go 3-4 times per year in case my health starts to deteriorate in my later years. Depending on where you live, emergency service can be 5-10 minutes or over an hour. We bought our home within 12 minutes of Cagua's main hospital. Often, doctor's visits will be scheduled once every six months...dental care is even more precarious, but that is the situation in many places.
Thanks for the interest and I hope I covered most of your concerns.
Thank you...I wish you all the best in your retirement years. We deserve it...lol!