In reading the many posts re PRs financial meltdown one question begs to be asked, for me anyway: Would retiring on the island at this point be an act of financial suicide?
Having explored many Latin American options (albeit online) over the last year I find myself, like so many others, seduced by PRs beauty, diversity, energy and proximity to the mainland. No stranger to life abroad, often in so-called third world countries, I am not put off or frightened by "substandard" services, amenities and infrastructures. With reasonably comfortable savings and assets (which wont go far at all stateside), as well as saleable skills to offer as a way of earning supplemental income, I had been thinking PR might be a perfect fit. Now I'm wondering if "substandard" might be making a shift towards "non-existent" island-wide. I have been very excited at the prospect of life in PR but find the bloom is falling off the rose. I don't want this to be the case and would welcome your honest thoughts and insights re the sustainability of life long-term quality-of life in this troubled paradise.
PR Bankruptcy: to move or not to move..
Possibilities, possibilities ..... Anything is possible!
For a retiree, likely these are major concerns that could occur or that are already occurring to some degree or another:
1) Doctors leaving the Island, new doctors just out of school looking to get better pay and learning from others.
2) Taxes going thru the roof in order to pay debt
Number 1 is already happening, but I think enough will remain, bigger problem with Specialist. While some will remain, some will leave, you can hedge the exit of the Specialists by using a health plan that covers you in the mainland, Florida is 2 hours away, NY & Boston about 4 hours away, a little more than trying to drive to San Juan. As to regular doctors .... Just need to wait a little longer. Quality of Medical will not really suffer, but availability and easy access yes.
Number 2, Governments always have a excuse to raise taxes but the ability of the common folks to pay it is not that great. The average Puerto Rican will be affected the most, but take solace that there are a lot others in worse shape than you. Taxes can only go up to a point after that it creates trouble for the government as the people will raise hell.
Quality and repair of roads has always been an issue, Electricity cost - get solar, water put a cistern or a well, food prices - plant more food and raise chickens.
Only #1 above is somewhat of a concern to me. But I am still moving in.
Thank you Rey! I have read your many posts and you obviously have a good handle on what youre talking about. In a way it's a toss up: when life in the US becomes completely unaffordable for the average person, then the wisdom of moving to a place with less than sterling, but semi-affordable amenities is rendered moot. Ain't no such thing as a free lunch after all..
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