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<ul class="summary-list"><li><keyword id="22187802" type="General" weightage="20" keywordseo="Gary-Keenan" source="keywords">Gary Keenan</keyword> moved from New Mexico to <keyword id="20117982" type="General" weightage="20" keywordseo="Costa-Rica" source="keywords">Costa Rica</keyword> for <keyword id="19908343" type="General" weightage="20" keywordseo="retirement" source="keywords">retirement</keyword> but found <keyword id="20410153" type="General" weightage="20" keywordseo="living-costs" source="keywords">living costs</keyword> high.</li><li>Keenan expected lower expenses in Costa Rica but faced double the cost for his car and groceries.</li></ul>Gary Keenan, 71, moved from New Mexico to the Central Valley of <a target="_blank" href="https://www.businessinsider.com/boomer-moved-us-costa-rica-retirement-priced-out-social-security-2024-6">Costa Rica</a> nine years ago for his retirement after selling his company and finalizing a divorce. However, a decade later, prices for some daily expenses like food and supplies would be as high as double what he has seen in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> recently. Keenan said he loved the peace and nature of Costa Rica after spending most of his life in Albuquerque. But it's come with a cost — he said his car costs twice what it would have in the US, groceries are often 1 ½ to two times the price of comparable goods at US stores in New Mexico, and rents are skyrocketing, particularly in more touristy areas. "I have read several articles in the last four months that actually said these are the countries to live in for less than in the US. That is horribly incorrect," Keenan said. Over the past few months, Business Insider has spoken to Americans who recently <a target="_blank" href="https://www.businessinsider.com/moving-latin-america-retirement-expensive-social-security-panama-costa-rica-2024-6">moved to Latin America</a> for retirement or work opportunities. Some said they got <a target="_blank" href="https://www.businessinsider.com/millennials-priced-out-of-cities-into-suburbs-housing-crisis-2024-1">priced out</a> of the US and live more comfortably. Others like Keenan said life is much more peaceful, though expenses are still high. Still, some recent movers to Costa Rica said in less touristy areas, prices are cheaper compared to recent US prices. <h2>Deciding on Costa Rica</h2>Keenan was born and raised in <a target="_blank" href="https://www.businessinsider.com/high-property-taxes-texas-moving-new-mexico-2024-3">Albuquerque</a> and practiced law for nearly a decade in the 1980s. He took over his father's insurance business, which he ran for about 25 years. During his time with the insurance company, he attended a retreat in Playa Zancudo, in the south of Costa Rica. A few years later, he attended a wedding in Playa Grande in the country's northwestern Guanacaste region, which he adored for its accessible beaches. After these visits, he knew he wanted to retire in <a target="_blank" href="https://www.businessinsider.com/costa-rica-pacific-coast-travel-guide-2024-6">Costa Rica</a> to live an "easygoing" life far from the US. He was tired of living in the same city his whole life, and though he considered moving to Europe, he wanted to explore other parts of the world. He sold his business in 2014 while filing for a divorce, and by the start of January 2015, he had packed up everything in New Mexico and moved to Costa Rica. He decided to move after his retirement in an attempt to learn Spanish, intending to move to France a few years later and learn French. "I discovered that neither my desire nor my aptitude was sufficient to allow me to learn Spanish in three years," he said. "In that time, I also met a woman who I am still involved with, so that nipped moving to France in the bud." He knew San José would be less touristy than <a target="_blank" href="https://www.businessinsider.com/costa-rica-hotel-tent-suites-kasiiya-papgayo-guanacaste-2020-9">Guanacaste</a> or other beach areas, though he was surprised by how few people spoke sufficient English for communication. For his first year or two, while learning the basics of Spanish, he struggled to buy groceries, deposit money in the bank, or get around the area. "I started with a tutor, went to her for a year and a half, but I realized that although I was learning a lot of verbs and their conjugations, I was still not able to understand a word of Spanish spoken by the locals," Keenan said. "If you are lucky enough to understand Spanish as a general rule, you're still going to have issues because they drop syllables and speak very fast." Even after a decade in Costa Rica, he said he still hasn't mastered Spanish, nor has he picked up a lot of new vocabulary. Still, he knows enough to get around and feel comfortable in his area. <h2>Moving across Costa Rica</h2>When he first moved, he had not been to San José, nor did he know where the touristy areas were. He did some research before moving down, though he said there wasn't much he could tell about particular areas other than what he could find on Google Maps. He stayed at a hotel in San Pedro, on the capital's outskirts, and then looked for an apartment nearby. A few decades ago, the area was predominantly coffee fields, meaning many developments are newer and have plenty of nature. However, he discovered he didn't want to live there because of the intense rainy season. One day, he recalled it taking an hour to drive 100 yards due to the heavy traffic in the rain. He hired a man with a van to show him around the outskirts, and he settled on Santa Ana, a small city west of San José. When he moved, the city had a large expat population, and he said the area became increasingly commercialized and expensive. Ultimately, he relocated over seven years ago to Cariari, a town in the country's northeast home to a major golf course. <h2>Costa Rica has gotten more expensive than he expected</h2>Keenan said that when he first moved to Costa Rica, prices were cheaper than in the US, though not by too much. In the late 2010s, he said he was living rather comfortably financially. But when inflation hit in mid-2022, he said, prices in his area skyrocketed. Costa Rica imposed import duties on US items, which have recently driven up prices for many of his expenses. Additionally, the US dollar has fallen by roughly 25% compared with the Costa Rican colón since peaking in summer 2022 — this means that over the last two years, he's had to be more cautious about budgeting. He said prices when he visited Panama were, on the whole, much lower. Keenan said this was most apparent with food prices. For instance, the cheapest cuts of beef at his local grocery store are roughly $5.50 a pound. Steaks, many of which are imported from Argentina, come in at about $17 a pound. Packaged goods, as well as imported fruits and vegetables, are also higher than prices he's researched at New Mexico grocery stores. In early 2023, he said he bought a car in Costa Rica for about $34,000, which the Kelley Blue Book listed as costing $16,000 to $18,000 in the US. Though he could have shipped a car from the US, he was worried about all the transportation costs and what would happen if he needed a new car part only found in the US. He never bought a house, as he said the process can take years in Costa Rica. His first condo was about $1,000 a month, while his current apartment is $1,500 a month — which he said was a good deal as he already knew the landlord. He said that while rents in general are comparable to or cheaper than in the US, prices can vary greatly depending on the area. He estimates that prices have jumped 50% to 100% in some touristy areas along the coasts since the pandemic hit, especially with greater investment in real estate from expats. "Bottom line is any US resident coming here to retire should expect to pay a bit more for daily expenses," he said. Have you recently left the United States for a new country? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>. Correction: June 24, 2024 — An earlier version of this story misstated the location of Costa Rica's Guanacaste region. It's in the country's northwest, not its northeast.

A retired boomer who moved from the US to Costa Rica said it's 'horribly incorrect' to assume life in Central America is much cheaper

<ul class="summary-list"><li>5 Americans told BI they moved to Latin America for a more peaceful — and cheaper — retirement.</li><li>Some said they were scared they wouldn't have enough for a comfortable retirement in the US.</li></ul>Janet Sussman was struggling to see how she could <a target="_blank" href="https://www.businessinsider.com/americans-moving-abroad-cost-of-living-too-expensive-debt-retirement-2024-4">remain in the US</a>.Sussman, who started a catering nonprofit in Florida, and her husband saved enough to build their dream home in the woods of upstate <a target="_blank" href="https://www.businessinsider.com/moving-to-new-york-city-nyc-weather-expensive-jersey-city-2024-1">New York</a> with their son. However, by the mid-2000s, her life was turned upside down.In 2006, her son died in a construction accident. Her husband, who had a major stroke that same year, died in 2010. Her other two children married and moved away, and she was lost on what to do."I didn't know who I was in this new role," Sussman said. "I didn't know where to go from there."Ultimately, she moved to <a target="_blank" href="https://www.businessinsider.com/boomer-moving-to-panama-new-mexico-hamptons-best-places-move-2024-4">Panama</a> in 2012 to restart her life. She and a friend started a shuttle service to make money while she studied for her bachelor's degree. She then worked as a teacher at an international school for over four years before opening a language school, which she sold shortly after.Now, Sussman travels full-time throughout <a target="_blank" href="https://www.businessinsider.com/punta-pacifica-panama-richest-neighborhood-photos-2024-5">Panama</a> as a housesitter between stays at Airbnbs. She still returns to the US to see family, though most of her time is spent exploring and enjoying Panama's peace and relatively inexpensive prices."We all have tragedies in our lives, and we need those," Sussman said. "If not, you don't appreciate the good things, and that's why I think I have such a child-like awe of my travels."Business Insider spoke to five Americans who moved to Latin America, many for their <a target="_blank" href="https://www.businessinsider.com/moving-to-portugal-boomer-couple-retirement-not-worried-about-money-2024-5">retirements</a>. Some said they couldn't afford to retire in the US but could live much more comfortably south of the border, though not everything is cheaper. Others said Latin America offered more business and <a target="_blank" href="https://www.businessinsider.com/quit-corporate-job-moved-buenos-aires-2024-4">employment opportunities</a> and a friendlier culture. All agreed that life is in many ways better in Latin America than in the US.<h2 id="8347735d-3589-4361-ac2b-71d740447935">Moving for retirement</h2>Cheryl Sands, 69, didn't think she'd ever comfortably retire in the US. She taught chemistry for over two decades in <a target="_blank" href="https://www.businessinsider.com/moving-to-florida-weather-chicago-illinois-boomer-retirement-sarasota-beaches-2024-1">Illinois</a>, then quit in 2007. She moved to a less expensive town by the Illinois-Kentucky border, where she bought a house in the woods on 10 acres.Between her pension and Social Security, she brought in $30,000 a year, which wasn't enough to keep up with rising property taxes and daily expenses. She substitute-taught and took on a side gig installing fencing to supplement her pension.Her two siblings, 78 and 82, still work to pay their bills, so she started looking for unconventional ways to avoid their situations. After visiting Costa Rica a few times, she packed her bags, sold most of her belongings, and moved with her dogs to experience "<a target="_blank" href="https://www.vacationscostarica.com/travel/pura-vida/">pura vida</a>."Despite some logistical challenges, she moved into her first condo and got a more spacious one a month later. She lives in a beach town called Junquillal in Guanacaste, which has some small stores and is about a 40-minute drive from the nearest major city. She said she feels more welcome in <a target="_blank" href="https://www.businessinsider.com/why-a-27-year-old-moved-from-san-diego-to-costa-rica-2023-6">Costa Rica</a> than in Illinois, even with a language barrier."What I love about <a target="_blank" href="https://www.businessinsider.com/woman-moved-to-costa-rica-remote-work-mental-health-2023-5">Costa Rica</a> is the freedom, work ethic, value of learning and education, taking responsibility for their and their children's actions and accepting the consequences of their actions, pride in what they have, even if it's not much, respect for others, positive attitudes, and valuing children and the elderly," Sands said.Her home payment, with a large yard, lawn maintenance, and electricity, is about $1,100 monthly. While packaging for food is smaller than in the US, she said food is cheaper than in the US. She said prices are steadily rising, though she's not too worried.Gary Keenan, 71, disagrees that Costa Rica is cheaper than the US, though he's fine paying the upcharge. He moved to Costa Rica from New Mexico nine years ago after working for 25 years running a claims business. He moved after retiring and finalizing his divorce, settling in a less touristy area and learning Spanish.In his area of the Central Valley near San Jose, food is often double the cost of what he paid when he last visited the US, particularly for meats. With a worsening exchange rate, he said the cost of daily supplies and furniture is higher than in the US. He bought his car in early 2023 for $34,000, but he said comparable prices in the US were between $16,000 and $18,000.Still, he said rent and home prices tend to be less than in many parts of the US. His three-bedroom apartment costs about $1,500 a month, though he said it would be pricier if he didn't know his landlord."Bottom line is any US resident coming here to retire should expect to pay a bit more for daily expenses," Keenan said.<h2 id="11305b8e-1ed1-4e8b-b3b3-f54e98f9cbb4">Living and working in nature</h2>Moving to Latin America has allowed some Americans to advance their careers and retirement goals while living a more serene life.<a target="_blank" href="https://www.businessinsider.com/leaving-chicago-moving-to-brazil-sao-paulo-cancer-treatment-economy-2024-3">Jose Rodriguez</a>, 65, who recently moved from Chicago to the outskirts of São Paulo, Brazil, said it's giving him more opportunities to open oncology centers and promote business partnerships.He estimated his living costs are at least 30% cheaper than in the US, and he rents a large property for about $500 a month. He estimated that a modern home could cost below $200,000, compared to about $650,000 in the US. His utilities and internet are well under $100 each month.He's also been impressed by the calmer, more consistent weather, as well as better and cheaper produce. He also lives in a more rural area with plenty of nature.For <a target="_blank" href="https://www.businessinsider.com/leaving-california-moving-to-colombia-medellin-retirement-cost-of-living-2024-2">Andy Wiesmann</a>, 62, moving to Medellín, Colombia, was a lifesaving decision. He developed a rare autoimmune disorder that ate up most of his savings, and he could no longer afford an apartment in California's Inland Empire, where he spent most of his life. To protect his health while living more comfortably on his limited income, he turned to Mexico and then Colombia.He bought a 900-square-foot, three-bedroom, two-bathroom apartment in Medellín for $90,000, equipped with a balcony overlooking the mountains and a pool. All expenses, such as medical bills and food costs, total about $1,500 to $1,800 a month, he said, much less than what we would have paid in California for similar purchases.The "city dropped into a jungle" feeling of Medellín allowed him to stay fit with his disability, and he's enjoyed how the temperature usually stays in the 70s and low 80s."I have not felt at all like I'm outside of the United States," Wiesmann said. "The malls are first-rate, the restaurants are first-rate usually, the tap water is drinkable, the internet is fast and reliable, and the energy is fast and cheap. Sometimes I have to stop and say, 'Oh my god,' I'm in South America."Have you recently left the United States for a new country? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

Americans who moved to Latin America for cheaper retirement, starting a new life, and better work options explain the pros and cons

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A retired boomer who moved from the US to Costa Rica said it's 'horribly incorrect' to assume life in Central America is much cheaper

Noah Sheidlower

Americans who moved to Latin America for cheaper retirement, starting a new life, and better work options explain the pros and cons

Noah Sheidlower

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