For Jeremy Teitelbaum, the weather in Pereira, Colombia, is like “eternal spring.” The 56-year-old never tires of the cool breezes, light rain and steady sunshine.
Teitelbaum moved to the city about a year ago, after health fears led him to leave a career as a speech communications instructor in San Luis Obispo, California, and move overseas.
“I don't think there's really anything to be nostalgic about the United States,” he said.
He's surviving on a $3,423 teacher's pension, according to documents reviewed by Business Insider. Teitelbaum won't be able to start receiving Social Security until he turns 62 in six years, but for now, his pension covers all his basic needs in Pereira, and he said the cost of living in Colombia is much cheaper than in the United States.
As the cost of living continues to rise across the U.S., it's becoming more common for seniors to move abroad. Retiring overseas offers travel experience, and many find it saves money. BI spoke to people who have relocated from overseas. Texas to Panama, California to Italyand Minnesota to Mexico.
According to the Social Security Administration: More than 700,000 U.S. workers According to the latest available data, more than one million people will retire overseas in 2022. This trend comes as millions of Baby Boomers are living off fixed Social Security or pension income with limited savings. With such tight budgets, many will struggle to afford necessities like housing, food and healthcare as they age.
Teitelbaum wouldn't rule out part-time work, but for now he says he's financially comfortable and enjoying retirement.
“It's a very relaxed lifestyle,” he said.
Teitelbaum said living in Colombia is cheap and he plans to continue traveling.
Teitelbaum keeps busy: She volunteers several hours each week to teach English as a second language and takes Spanish classes, but she also walks her dog, swims, hangs out with friends, and takes day trips to nearby towns and attractions.
His rent for his studio apartment is less than $500 a month, and his utilities, water and cell phone bills add up to about $150 a month. The rest of his budget goes to groceries, eating out, social activities and any medical needs. Teitelbaum says the cost of living in Colombia is 25 to 50 percent lower than in California.
Teitelbaum said his teacher pension will be reduced when Social Security kicks in. Still, he's confident he'll have enough income to live on in Pereira, and he has several thousand dollars in savings he can draw on if any unexpected expenses come up.
Not all seniors can afford to retire abroad, and some can't afford to live on their pensions or Social Security income, but Teitelbaum has no plans to return to full-time work anytime soon, nor to move back to the US.
Teitelbaum hopes to travel to Machu Picchu, Buenos Aires and possibly Italy next, but wherever he calls home, he said he plans to visit Los Angeles for the holidays with his daughter.
“No matter where I am in the world, I always come home for Thanksgiving,” he said.
Have you chosen to retire abroad? Are you willing to share your experience? If so, please contact this reporter. allisonkelly@businessinsider.com.