Capitalizing on the "Silver Dollar" Opportunity: Retaining Foreign Workers into Retirement

 

The competition for attracting retirees seeking to spend their retirement savings, often referred to as "silver dollars," is set to rapidly increase in the coming decade, according to a report by HR consulting company Mercer. The report, titled "The 'Silver Dollar' Opportunity: Competing for Retirement Capital," highlights the potential for emerging and established expatriate destinations to retain foreign workers into retirement.

Mercer's findings indicate that established and emerging retirement destinations hold a distinct advantage due to their existing expatriate populations and the growth potential of these communities. To fully leverage this advantage in the race for "silver dollars," Mercer suggests that countries adopt policies specifically designed to incentivize expatriate workers to remain in their jurisdiction throughout their retirement years.

By implementing targeted measures, countries can tap into the economic potential of retaining foreign workers into retirement. The spending power of retirees can stimulate local economies, generate job opportunities, and contribute to overall economic growth. Moreover, these policies can enhance cultural diversity and social integration, enriching the fabric of society.

To become attractive retirement destinations, countries can consider a range of measures. These may include providing tax incentives for retirees, ensuring accessible and affordable healthcare options, maintaining a high quality of life, and establishing robust social support systems that cater to the unique needs of retirees.