I posted a related question in /r/colombia, but I thought this might be a good place to get some feedback on how this might (or might not) work financially.
Basically...
My siblings and I are considering a relocation for my parents now that they are retired.
My mother is having health problems related to dementia, and they have no retirement fund other than their U.S. home, which is paid off.
So we're thinking it might be best for them to relocate to Colombia, where they'll be close to their families who can provide more assistance and companionship than they are getting here.
We also want to take advantage of the lower cost of living to help them save for future needs and rent out their U.S. home to create a second source of income.
Some relevant info about them:
- Both are in their 70's
- Mother has Dementia
- Father has his own health risks...although at the moment not as severe as my mother's dementia
- Their only current income is social security, which is less than $2K/month (Unless they rent the U.S. home to have a second source of income)
- Both have lived in the U.S. for over 40 years and obtained their U.S. citizenships. But both were born in Colombia and have retained their Colombian citizenship as well.
- Current savings are just under $12,000
The reason we are considering this plan is to avoid the high cost of future medical care costs in the U.S. (although we are taking steps to qualify them for assistance under Medicare—which I should add is their only form of health insurance).
But qualifying for these services requires them to maintain their assets at below $4K.
The second reason is to create a second source of income, which I believe would allow them to live more comfortably (US dollar goes farther in Colombia) while helping them build a savings fund.
So my questions to you...
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Have you gone through the process of relocating parents or other family members to their home country for similar reasons?
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Did it work out for you?
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Is there anything that I should consider related to their personal finances that I might be overlooking with this plan?
Thanks for your feedback.
Submitted October 08, 2017 at 10:46AM by atomicdustbin http://ift.tt/2kvLOm2
