Advertisement: Want more customers?
Recent Notes and Tags
Top Searches: • retiring in puerto rico • retire in puerto rico • puerto rico retirement • retirement in puerto rico • retire puerto rico • retire to puerto rico • retiring to puerto rico • retirement puerto rico • puerto rico retirement communities • retirement communities in puerto rico • best places to retire in puerto rico • best place to retire in puerto rico • puerto rico retire • puerto rico retirement plans • puerto rico retirement homes • is puerto rico a good place to retire • puerto rico retirement living • puerto rico retirement system • americans retiring in puerto rico • retirement communities puerto rico • retirement homes in puerto rico • puerto rico for retirement • senior living in puerto rico • retiring puerto rico • puerto rico retirement community • retiring in puerto rico taxes • where to retire in puerto rico • how to retire in puerto rico • retiring in puerto rico where to live • retirement living in puerto rico • benefits of living in puerto rico • retireing in puerto rico • |
plus and minuses of retirement in puerto ricoThis forum post has messages dated from 05/10/05 through 05/22/12, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. Puerto Rico - Retirement
• Page 1 (Original Post) • Page 2 (Newest Replies) •
| plus and minuses of retirement in puerto ricowhat are the advantages of retiring to puerto rico as opposed to any place in the usa?whatadvantages are there? |
| hi,I was thinking the same thing. I have a Puerto Rican friend who moved back and thought it was great. I visited him and it is nice place, the people were extremely friendly. I'm going back maybe in January but it's difficult trying to deceide where to look for property. I think to live as an American would be expensive, livivng with the locals would be fun but it's not the America I'm use to. Not to say it's not good but different. I haven't traveled much but so far Pureto Ricans are the nicest people I've met. Keep in touch and let me know how you make out. Rick |
| From a personal finance standpoint, there really is no advantage as compared to living in any other state - if you are asking from the tax standpoint, etc. There is a difference though in that in Puerto Rico you'll be fully taxed by the State government (PR Hacienda), as opposed to the Federal government, which does this through agreement with PR. The aforementioned assumes you are a resident of Puerto Rico and is regardless if your income comes from Social Security or whatnot. The agreement portion comes in when you file your Federal Taxes and put in the "Foreign Tax Credit" form for being taxed in Puerto Rico. Yes, it sounds as if it where a foreign country arrangement and in a way it is. Despite being a US territory, for tax purposes in Puerto Rico they have a fiscal automony in taxation. PR taxes are pretty steep, so all in all, your total % of income taxes may be greater than the combination of state-and-federal in one of the US states. Aside from that... advantages include great weather, beaches, a beautiful country, and a totally different culture. |
| Hi. My wife and I have owned a condo in Playa Azul (Luquillo) for many years and have been coming down several times a year on vacation. We love it. We are now trying to evaluate the +- of leaving NJ where we now live, to become permanent residents in our soon to happen retirement. I need to get a better handle on tax issues and estate planning issues among others. We will of course check with the appropriate professional advisers but would welcome any anecdotal insights. |
| Saludos. It is my understanding that when you move to Puerto Rico, you only pay your federal taxes and no local taxes if your pension is coming from the mainland. Could anyone clarify this point of taxation? I am very grateful. |
| My husband and I have been living in Florida for the last 23 years and even though we loved it, the property taxes and expenses are so great and my husband is retired, that we are seriously considering moving to Puerto Rico since my family is there and they believe that it would be a lot easier for us financially since we would not have to pay for rent or property taxes. Is anyone aware of who to talk to or a website (calculator) regarding the amount of taxes to pay the government regarding pension and social security. We are confused on how to review this information? Thank you so much for all the information!!!!! |
| I am a 55 year-old disabled female vet (USAF) who lives on a fixed income of approximately $1500/month. I no longer have a lavish lifestyle nor do I wish for one. I just want to live near the beach and fishing. In the US, I do not pay taxes n my Social Security Disability earnings and I have a choice of Medicare or Veterans Administration health care. How would this change in Puerto Rico? Thank you sincerely, Debra Barr |
| I have heard that if you reside as a primary residency in your home in PR, you do not pay property taxes, like in the states. |
| As I understand it if you live in PR as a US military retiree, your retirement pay is exempt from the US Former Spouses Protection Act and as a result the ex-spouse cannot get a distribution of up to 50% of your military retirement. |
|  I have been living in PR since 1993, for more than 7 years I worked and paid local taxes SS and Med. Then I was not needed anymore and fired. now I am soon 70 and would like to know how to survive.. when I asked I was told by Social Security here that what I have paid during the years working is not enough so to receive any Social Security benefits... obviously the company let me go just in time.. being from Europe I have other ideas of how to treat people. Is that correct? Is people over 65 without income not protected in any way? How to get medical insurance? Need your help! soliel |
| "my best advice"
PR is not a third world country like most of the people still think. It can be very expensive like in the US depending on your lifestyle. If you want to live on a budget, I suggest you move to a third world country that will give you more money for your dollar, euro, pound etc... In PR if you want to pay rent it will cost you from $650.00 and up in the city limits and much less than $650.00 if you are away from the city limits, over an hour or more from San Juan. I believe that the tax code for primary residence just change. If you own a primary residence and is worth less than $200, 000.00 you will not paid taxes for that residence, not too sure about that. There is now a sales tax, income tax and property tax when applicable. The property tax is not really that expensive but it can add up. Some locals can be annoying. The crime rate when up drastically because of the recession. The government is not the impossible to control it but lest face it, who can stop criminals. Traffic is one of the worst I have ever seen. But overall the people are very nice and the food is probably the best in the world. Lots hidden places to go, caves, beaches, remote islands, forests, but you have to know your way around it. Best if you know some locals that can show you the ins and outs. If you are a VET, you have a veteran hospital in San Juan and some regional locations in the island. The Federal Government rules the island because of territorial status to the US, you will find the same agencies and services that the US has to include US Customs. If you want to live on a budget go to Philippines (PI), Dominican Republic (DR) or others countries in Central/South America or Pacific. PI and DR are very flexible in immigration and very low cost of living. Hope this help! Ray |
| "love my island"
in puerto rico if you are more than 62year old you can go to the show in puerto rico parks , coliseon show for 50% stiker price , college and puerto rica university are 50% lower for the veterans and inmidite family, iven the college credits are around 49 dolars per credit, you the goverment susde electri, water, to the elder more 62, |
| "Moving to Puerto Rico/Porta del sol."
I have done alot of research for about 3 years. My husband & I brought property in Aguada, PR. The people are really friendly. My husband has retired, we are going to move beacuse NJ is getting really expensive and the life style in PR is full of life...There's only one life to live... |
| "Is PR alot like living in Mexico???"
I 'm sure beaches are great. What I'm wondering is there music in plazas or parks is there volunteer work to be done. Are there special arts and crafts done on the island???? Is there good public transportation in the city or from town to town? What is the name of the local news paper?thanks in advance for your help. |
| "Would liek to consider retirement in Puerto Rico"
I am thinking of retiring in Puerto Rico and have a small business doing laser engraving making arts, signs, etc. Is this sort of thing desirable or possible, feasible? Also, would be retiring on social security + and wonder if this is possible and how much it would cost to live there for rent, food, safety, etc. Anyone with information would be welcome, especially someone with island experience either American or local or anyone else. Thanks again. Chuck |
| "former resident of Puerto rico"
I think to go to live in PR is not only been cheaper to live but the adventure of living in a different culture. But San Juan is the culture center and financial center but I do not like the life style and to expensive but its nice to visit.Find a small town over thre. But for job opportunities you can go to a bigger town. I seen some very successful entrepreneurs from the mainland us. Some people from the states like Rincon. But do not know how many older retired people are there. |
| "Massachusetts Resident "
I just turned 66 and live in Massachusetts. The cost of living is very high. I will receive social security of 1525.00 and have savingsamd AN IRA. I am looking for a way to cut my cost of living. I will be able to get medicare in Puerto Rico. I am not sure how part D works in Puerto Rico. In Massachusetts it is 177.50 per month plus 110.50 for part B If you can direct me to any literature or web-site that would help me detmine costs I would very much appreciate it J.D. Loftus |
| "Senor"
I was born in Puerto Rico and grew up in Brooklyn, N.Y. I have lived in South Florida for over 30 years now. I am retired now and collecting Social Security. My spouse still works.We both love Puerto Rico (she is puertorican too) and would like to explore it further too, in regards to retiring there. Puerto Rico has many beautiful beaches all around the island. It has beautiful mountain homes with the most beautiful views of mountains and beaches. The weather is good year around and cooler in the mountains, of course. We checked out Supermarket prices in San Juan and it is more expensive than in Florida. Cars are more expensive to buy and to maintain because they have to import any parts you need, so they have to charge YOU more to stay in business. In the big cities (like San Juan) traffice is worst than in New York! It is much slower and safer in the countryside. In Puerto Rico, they don't have strict laws about your property and businesses. Therefore, the buildings are not painted often enough, and the houses are painted even less. The streets have pot holes and are very narrow in most metropolitan areas. I think Florida makes more sense, in many ways, sorry. |
| "i am moving back after retirement in nyc"
I was a cop in PR for 8 years and cam to NYC to the NYPD .. i have 7 years left and let me tell you if you like the beach and a no crime town one of the best town in pr is rincon pR small town with everything near the airport is 25 min aguadilla jetblue flys there and spirit air.. if ur a vet the town of mayaguez that is 15 min away has a big new vet place that take care of that and it is alittle expensive if u want to buy a place near rthe beach but the cost of living is cheap.. because u shop with the locals |
| "moving to puerto rico"
Puerto Rico is a beautiful island full of great beaches, mountains and the most hospitable people in the world. With a culture that rusns for over 500 years. In regard to move to the island and live there in a permanent basis I think takes special circustances and planing.The Island is the closest thing to America but still has an strong LatinAmerican culture. The island infra-structure and maintenance is poor at best and public services are second rated in quality. The public attitude is being Puerto Rican is first and American second and maybe some dont even know that that they are Americans. I understood if you are on Social Security while living in the Island the recipient gets less that if they were in the mailand US. I think the best place to retire is the US itself and nothing can beat that. And yes we can talk about that. |
| "Puerto Rico as a retirement option"
Puerto Rico is a Commonwealth of the United States that used to be a colony of Spain. The Puerto Rico's government structure is a copy of the United States system. If you plan to retire from any job and would like to look at Puerto Rico as an option, I highly recommend that you do your homework and obtain as much information as you can before retirement. Search on internet, visit Puerto Rico and search for information as you visit the island. Take a notebook and do the old "good and not so good", it works. Determine the kind of lifestyle you want to have and if retirement money would satisfy your needs in Puerto Rico. Puerto Rico is for puertorricans because they understand the system. Once you understand the system, you become part of it and live better. As I stated, Puerto Rico is americanized and have many things in common however, is not located in mainland, so life style is a combination of american and local activities. Definetly, Puerto Rico is an option for retirement and local and foreign people are always welcome to reside in PR. |
| "Ret Msg, US Army"
We would like to know everything that we need to know about retiring to PR. We are very simple people & are not looking for an extravagent lifestyle, just comfortable & affordable. |
| "maybe I can help"
I live in Denver and will be relocating to my home in Isabela. There is a lot you need to learn if you want to move to Puerto Rico.If you buy a home for example, the property tax is exempt if you own only one property it is your primary home, you do not rent it, and you have to apply with the tax department for the exemption. Then you have to wait for them to approve it.I have been waiting now for about 8 months. You will have to pay property tax until you get the exemption, they are not cheap.I pay on a 1300 sq. ft. house over $1, 000 a year. If you want to buy a house check out all the locations around the Island. Land is not cheap, but constuction cost are , maybe half to 2/3 less then in the states. The best buys are to find a bank owned property, make an offer and fix it up.I got a home for 65K , put 20K into it , it is now worth around 160K.I am on the cliffs in Isabella with a 160 degree view of the ocean.I was very lucky, but I shopped for 5 years.I have owned my home for 5 years it is almost payed off, I hope in 18-24 months and off I go. I am available if any one needs help, please e-mail me and I will try. Markxpr@gmail.com |
| "Retire in Puerto Rico"
It is a great place... caribbean island... so why not? But it is the usa... and there may be more interesting adventures in other islands or other countries.What exactly are you looking for? Expert Page: What is social engagement? |
| "Puerto Rico vs the world?"
How does retirement in Puerto Rico compare to other places in the Caribbean, Latin America, or other parts of the world like Southeast Asia?What advantages does Puerto Rico offer the baby boomer over those areas? Expert Page: What is social engagement? |
Reply Options Share your opinions, advice, questions or comments on this post. | Be Heard: Forum reply options: We encourage everyone to share their opinions, comments, thoughts and information, please consider sharing... Please register or login in to reply to this post: It is quick, easy and offers many advantages when using our site. |
Social NetworkingShare this with your friends on facebook, twitter and Google+ | | Social sharing because it feels good:
| |
|
RelatedSome related posts that may be of interest to you. | Related posts: Related posts on other sites: Related eBooks: |
• Page 1 (Original Post) • Page 2 (Newest Replies) •
|
