Hi @Sutita, thank you for the contribution! It is very interesting and resonates with things happening elsewhere too - seniors going to cheaper, sunnier countries for their retirements. Other parallel examples in and around Europe can be British seniors settling in the south of France or in Spain, French-speaking people going to Morocco (to avoid the language barrier), etc.
As Anne-Laure Fayard was evoking, it seems to me that one of the key questions around this are social / family connections.
How do you maintain family ties when your family is a 15-hour plane ride away? We tend to assume that this would be a concern for many retirees, but is it the case? i.e. does it make a huge difference if your family is +10 hours away vs. say 6 hours if they leave on the East Coast of the US and you're on the West Coast? If yes, would this make closer locations potentially more attractive? I have heard British friends whose parents have settled in France cite geographic proximity as a key element of their parent's choice...
Also, how easy can it be to meet people in your new country and build a network of friends/social acquaintances, provided you don't belong to a professional / academic network anymore? It would be interesting to ask this couple if they have made new friends in Thailand, and if yes, if those friends tend to be fellow expats vs. locals. In any case, there might be something to do around helping seniors who are moving to a new country integrate - building social networks for expats, organising events, providing language lessons, etc.
And finally, tying back to our theme, the financial needs of such an international population would be quite different from what's typically expected for seniors - easy international transfers, preferred exchange rates, ability to offer a good level of service and accessibility in both home and residence countries, etc. Again challenging the typical notions around +50 populations !
Hello Anne-Laure Fayard , thanks for the great contribution! It's very insightful. Building on it, and on my own parents' situation - which is quite similar in terms of age, country of residence, etc., I think it's important to point out that 50+ people are a very diverse population, in terms of situation, needs, expectations, tech skills, etc.
For instance, on planning: it shouldn't start before 50, indeed, but some people do start much later than others - that's a key difference in terms of needs and resources when you reach 50 or 60, to the tune of having people close to poverty vs. people who are quite financially secure. Their needs will be quite drastically different.
Also, I've very often heard my parents complain about being targeted only by offers designed for "old" people as soon as they turned 50 or 60 - when at that age, they were still very much active, up to date on technology, and full of projects big and small. It seems that being 50 or 60 today is not the same thing at all as it was 20 years ago, but that change isn't necessarily reflected in the financial offerings existing today.
And that actually leads me to question the segmentation of this challenge - we are talking about 50+ people, but perhaps there should be a more refined segmentation instead, e.g. the 50-70 yo vs. the 80 and older? I'm basing this on personal observations, but it really seems that there is a significant difference between people like Anne-Laure's or my parents, who are still on the younger side of the age group, and people who are over 80 years old or even much older, but sill still need the right financial products for them.