A Life of Travel
Burton’s passion for travel started early.
“I started going to Mexico in the seventies,” he said. “I’ve been traveling around Mexico with a backpack for 50 years, and I’m still doing it. I love Mexico. I’ve been going there forever. I speak the language. I fit in there.”
Over the next five decades, Burton continued visiting Mexico. It was natural that he incorporated it into his retirement plans.
“I basically am able to live off of my Social Security, for one thing,” he said. “We live in Mexico most of the year, and we own our place down there, so we don’t have a lot of expenses.”
Mexico’s affordability is a significant draw for retirees like Burton. In 2023, a “comfortable house in a good neighborhood” typically costs around $150,000 anywhere in Mexico, according to International Living. The website also said a couple can afford housing, utilities, a housekeeper, food and a car for less than $2,500 a month.
“It’s very inexpensive,” Burton emphasized. ” You don’t have to spend a lot of money in retirement, living down there.”
How Annuities Helped Burton Safeguard His Lifetime of Savings
While life in Mexico allowed Burton to stretch his retirement savings, he sought ways to safeguard his hard-earned nest egg and protect his future of travel as he approached retirement.
“I had been sticking like about 30% of my salary into retirement accounts every year for ages,” he said. “I just wanted to basically safeguard it — that money is total peace of mind for me.”
Burton had an advantage that most people don’t when planning for retirement. He worked with two certified public accountants, including one who sold investments. So, he was exposed daily to people’s financial plans.
“I’ve seen an awful lot of people with annuities [while] doing their tax returns,” he said. “I probably did 30,000 tax returns in my career.”
Burton said finding a decent fixed rate of return became his primary motivation. He knew about other alternatives, like stocks, bonds and investment funds, but he didn’t want to put all his retirement savings into the market.
“I just wanted that retirement money in a safe place,” he said.
Annuities Work for Burton. Will They Fit for Your Goals?
While Burton is content with how annuities fit his retirement lifestyle and goals, he acknowledges they’re not for everyone. He says people need to ask themselves some serious questions when planning for retirement.
“What are you trying to do? I mean, are you trying to build up money? Are you trying to be safe? I mean, there’s a lot of factors,” he said.
Burton’s daughter recently came into some money, and he helped her go over her choices for savings and investment. Since she is pretty risk-averse, he suggested she put it in a money market account with high interest rates to get a good return. He has an account paying 5.3%, about the same as his annuity.
Burton also stresses that you should talk to a financial advisor or other professional before buying an annuity or making other investment options.
“You could do your own research with the internet, but you really wanna talk to somebody you trust,” Burton stressed. “In today’s world, you really need to run it by somebody you trust.”
Throughout his career, Burton advised his tax clients never to allow anyone to convince them to invest in something they don’t fully comprehend.
Living the Dream, Secure in Retirement
Burton’s story is a testament to the power of early planning and prudent financial decisions. By dedicating a significant portion of his income to retirement savings, he ensured his golden years would be free from financial worry. Moving to Mexico for part of the year and investing in annuities have allowed him to live comfortably and securely, embodying the dream of many retirees.
“If anybody that has a very moderate Social Security that doesn’t know how they’re gonna live in the states, anybody with a thousand dollars a month, at least currently, can live in Mexico and live comfortably,” Burton said.
Burton’s retirement adventure reminds us that retirement isn’t a one-size-fits-all. It’s about finding what brings you joy and securing your financial future. Burton has achieved both with careful planning, and his story inspires others to do the same.
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