Boomer Moves to Peru For Better Retirement

Retiring in Peru

According to a November 5 posting over at CNBC’s Consumer Nation, Boomers are in denial about retirement savings.

They have suffered massive individual wealth destruction in the last two years in spite of relying on financial advisors.

The lesson is obvious: take control and cast your net of options wider.  According to Lynne Ford, head of Wells Fargo Retail Retirement, the results of the recent Wells Fargo Retirement Fitness Survey cry out for people to take more control over their own retirement.

And some boomers are doing just that — assessing their own situations and making changes for the better by thinking outside the box about retiring abroad.

For example, what started out as dating online turned into a steady relationship which naturally evolved into a new lease on life in Peru for baby boomer Norman Gilkey, a health insurance executive from Seattle.

Since 2006 Gilkey has been spending a couple of months a year in Lima, Peru getting to know Martiza Defilippi, 52, her extended family, and experiencing the Peruvian culture.

“It’s really quite amazing how similar our backgrounds are,” said Gilkey, “including that we both ‘had to’ play accordion and dance tap and ballet when we were kids.” They plan to marry in the States during the winter holidays this year.

Gilkey’s travels and the relationships he has formed within the Peruvian community opened his eyes to the positive aspects of retiring in Peru.

The Gilkeys plan to travel back and forth between Peru and the Pacific Northwest because his adult children and grandchildren live in Seattle. Home base will be in Peru where they will be able to live a much more affordable and better quality of life than in the States.

Gilkey, like many boomers, lost a lot of individual wealth in this economy. “I thought my retirement was secure, “ he said, “but the company I work for is shrinking. In one week I lost half my retirement. These big companies are killing us. It’s sad. We all did what we were supposed to do and this is the result.”

Cost Benefit Ratio Retiring in Peru

Gilkey can live on his U.S. Social Security in Peru and buy a condominium in a gated community for about $30,000 to $60,000 or a penthouse for between $100,000 and $140,000. “My accountant and money managers tell me that if I wait until I’m 66 to retire I won’t live long enough to profit from the extra $200 to 400 a month, so I’m making the move now,” he explained.

Gilkey has developed resources that will benefit others looking to explore opportunities to live in Peru. “Maritza has a brother in the tour guide business, and one of her sons is a cosmetic surgeon,” he said.

Insider Resources Benefit Boomers Retiring Abroad

“Like any country you go to, if you go to the agents you’re going to get taken because they’ve got to make their money.” Said Gilkey, “but I know ways in and around Peru that will make it a better experience for less money.”

If an expat from your own country is your local guide, it’s like having a friend meeting you who can show you the ropes, like where all the nice stuff is. So Gilkey is going to promote himself as a trusted resource for other North Americans looking to explore the concept of retiring in Peru.

“You fly into Lima Peru at night,” said Gilkey, “there are no daytime flights. I always get in at 11:45 p.m. and by the time I get through immigrations, it’s 1 a.m. I know first-hand how nice it feels to have somebody there so that you know everything’s handled.”

Networking With Expats

Other expat Americans are becoming valuable resources for their fellow boomers looking to make a smart move in a sluggish economy. For example former FedEx executive, Martin Frankel has made a good business, www.expat-connection.com out of helping North Americans transition to living in Buenos Aires, including offering access to low-cost, high-quality health care.

So I say: “Go global, boomers, and get yourselves out from under the yoke of working harder and longer for less of a lifestyle.”

–ilene little

Visit the Peru Destination Page to learn more about the pros and cons of retiring in Peru. Search for other popular destinations on the interactive map on the THR Community Page.

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