Dominican friends planning retirement

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Chip

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I am good friends with a Dominican couple in Orlando that are ready to retire. They are now worried that their SS and small amount of savings will not be sufficient to pay their bills and are looking to relocate to the DR. I have told them I will rent out the bottom floor of my house for US175 a month with water, sewer and electricity and that my monthly costs are around US1500 a month. They prefer to stay in the States because most of their family live their but they say Obamacare has increased their health insurance a great deal plus inflation and other factors have put many small business owners out of business so they cannot derive any income that way. I expect many Dominicans that we are seeing returning from the US are in the same situation. They also asked me if the HOMS here in Santiago takes Medicare. Does anyone know the status on that?
 

AlterEgo

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There was a lot of talk about HOMS accepting Medicare, as well as one of the Clinics in Santo Domingo, but nothing ever came of it.

If they are on Medicare, their insurance costs shouldn't change under Obamacare, ours didn't. [Please keep that aspect of your question out of this thread]
 

Tarheel

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I am good friends with a Dominican couple in Orlando that are ready to retire. They are now worried that their SS and small amount of savings will not be sufficient to pay their bills and are looking to relocate to the DR. I have told them I will rent out the bottom floor of my house for US175 a month with water, sewer and electricity and that my monthly costs are around US1500 a month. They prefer to stay in the States because most of their family live their but they say Obamacare has increased their health insurance a great deal plus inflation and other factors have put many small business owners out of business so they cannot derive any income that way. I expect many Dominicans that we are seeing returning from the US are in the same situation. They also asked me if the HOMS here in Santiago takes Medicare. Does anyone know the status on that?

You are full of it Chip.
 

Criss Colon

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Because his post is ONLY yet another way for him to "Obama Bash"!!!!!!!
And "Bad Mouth" the USA!!!!!!
In short, It's Contrived!
That's "WHY"!!!!!!!

"Good Call",....."Tar"!
 

Africaida

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blablablablablablabalbalabalbalabalabalablabalbalablaballablabla

Does HOMS takes Medicare ?

The rest was irrelevant (except that the bottom floor of Chip house could be had for a whopping $175/month)
 

DRob

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Aug 15, 2007
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Seems to me like your friends really did not do much planning.

...and as a result, there won't really be much of a "retirement."

Being poor at any age is not good, particularly in a third world country. Depending on how close they really are to retirement on the basis of age, your friends might be well advised to think about another plan (part time work, living with family, etc....)
 

Africaida

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Most immigrants have the dream of going overseas and someday retire back to where they are from.

The reality is that most never move back for different reasons: lack of planning, underestimating the cost of living, close family too far, cultural differences,......
 

tommeyers

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I am wondering: aren't they covered by Medicare and won't they get Social Security? And although Medicare cannot be used here Miami is close ; and healthcare is cheap here. With social scurity if they get 500 per month they will earn the median income in this country and their ss will probably be over 1,000 per month.

So, I think they are fortunate not unfortunate.


And Chip if this is just some made-up story then get lost!
 

Chip

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I am wondering: aren't they covered by Medicare and won't they get Social Security? And although Medicare cannot be used here Miami is close ; and healthcare is cheap here. With social scurity if they get 500 per month they will earn the median income in this country and their ss will probably be over 1,000 per month.

So, I think they are fortunate not unfortunate.


And Chip if this is just some made-up story then get lost!

If someone tells you the sky is falling would you believe them? :)

Seriously if you want a character reference just go down the street from El Dorado to the Supermercado El Calvo on 27 and ask for the owner.
 

DRob

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Back on topic:

1k/month for two elderly retirees is a slim budget, even if they are perfectly healthy. Chip, I hope your friends have some assets they can sell to raise funds and perhaps buy an annuity to boost income. The usual suspect assets include the business and any real estate they may have.

If they can't comfortably sustain income of north of 2k per month (even with you heavily subsidizing their housing expenses), I'd strongly encourage you to have them reconsider, else you may quickly end up with two more mouths to feed.
 

Chip

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Back on topic:

1k/month for two elderly retirees is a slim budget, even if they are perfectly healthy. Chip, I hope your friends have some assets they can sell to raise funds and perhaps buy an annuity to boost income. The usual suspect assets include the business and any real estate they may have.

If they can't comfortably sustain income of north of 2k per month (even with you heavily subsidizing their housing expenses), I'd strongly encourage you to have them reconsider, else you may quickly end up with two more mouths to feed.

Rob

Thanks. The reality is they would come back to the DR if they can't make the numbers work in the States. As they are Dominican I so no reason they can't live on less than US1500 a month comfortably with health insurance. BTW, they have a house with possibly 40-50k in equity in Orlando but will have a hard time paying the mortgage after the husband would go on SS. They don't want to have to depend on their children if need be.

BTw, the husband grew up in Salcedo and his mom still lives there and the wife in SD. My parents in law live in the campo in Moca off less than RD15k a month.
 

tommeyers

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Back on topic:

1k/month for two elderly retirees is a slim budget, even if they are perfectly healthy. Chip, I hope your friends have some assets they can sell to raise funds and perhaps buy an annuity to boost income. The usual suspect assets include the business and any real estate they may have.

If they can't comfortably sustain income of north of 2k per month (even with you heavily subsidizing their housing expenses), I'd strongly encourage you to have them reconsider, else you may quickly end up with two more mouths to feed.
Drob don't you think that 2xmedian is doable? It is thin but the housing is less than 20% and Dominican food is a lot less than gringo food. Seriously.

It is unclear to me how an annuity boosts income.
 
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