The credit crisis has hit everyone very hard, especially baby boomers. They are faced with dwindling funds in their bank accounts, 401 k and their properties. This has created a wide spread panic.
Now they have no option but to downsize and live more economically. Living in a 2600 sq. foot home is no longer seen as necessary. A more cozy home of 1000-1500 is the new norm. Also, expensive trips and restaurants are being cut. Eating macaroni and cheese in the back yard is the replacement.
It seems many people are making adjustments. Those with upper incomes have chosen to live life as middle income families did. Middle income families are now shifting to living as low income families. This is why stores such as the Dollar Tree and Walmart have replaced high end retail stores. Will this trend continue? Probably so.
One way to live with more and not less is to move to Central America. Costa Rica is becoming one of the most popular retirement destinations in the world. Your money will go much further there and you can actually live more lavishly than you do in the states. Is it right for you? Go visit and see. Amcostarica.com is a great online resource to see what’s happening there.
Timothy Laskis, Ph.D., author, Finding Your Costa Rica: 5 Powerful Steps to Personal, Professional and Financial Success.
