I agree that the big question is whether the US dollar will retain strength over the next decade. Every penny we have (except for a few minor 401Ks) is tied up in our house (we live in San Francisco) -- otherwise we'd be investing in real estate outside the US now. We're hopeful that the SF real estate market, like New York City, is reasonably secure. Though the rate of increase has slowed dramatically here, houses like ours ("painted lady" Victorian in a decent neighborhood in the city) haven't dropped, unlike some of the less-expensive, but equally over-heated housing. Because of our house, we are "house poor" -- no discretionary income for savings, and our travel now is courtesy of frequent flyer miles and hotel points thanks to my job. Our hope is that, once my working life is over, we can cash in on the house and we can leave the US, we can find a city that will allow us a reasonable life-style and the opportunity to travel. Of course, there's no way to tell what the future holds -- an earthquake could wipe us out and social security could evaporate.
Assuming our assets stay in tact, BA seems to offer a solution: a beautiful, affordable, sophisticated city with an active cultural life, an international sensibility, and close to an international airport serviced by a large number of airlines. Other cities on our short list include Beijing and Barcelona. BA has better infrastructure and a slower-paced lifestyle than Beijing, and is less expensive and feels more international than Barcelona -- I'm sure everyone here has heard this often, but BA reminds me most of Paris, a city we both love but could never afford to live in.Bigbadwolf raises some interesting points. As erratic as things in Argentina may be, politically and financially, I'm not sure, at this point, that the U.S. is any better. My wife and I travel internationally quite a bit, and the one thing that has been rather stunning to us lately is the extent to which the American quality of life has deteriorated in comparison to a number of countries in Europe, Asia and South America. My wife is from China, and has already been through one major cultural adaptation when she moved to the U.S. She's confident that she could handle another one. As for me, I've always enjoyed my time abroad, and I'm not one of those American tourists who says, "[name a country] was fun, but it sure is good to get back home to the U.S." Particularly, if my choice is between living well and maintaining our current lifestyle by living as an ex pat, or living a tight, financially constrained life by staying in the U.S. ("early bird" specials, movie matinees, limited travel, etc.) I will happily embrace a new culture, and even a new language. Frankly, I think the challenge of doing so will help keep me mentally young and engaged which, I think, is the secret to successful retirement and aging. Starting a great new adventure at age 60 or 65 should ensure that the last third of our lives is rich and rewarding.