Author Topic: CNN- Best Places to retire abroad...... is their budgets realistic?  (Read 3570 times)

medinaj2160

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http://money.cnn.com/gallery/retirement/2015/07/24/retire-abroad/index.html

I came across this article yesterday and I was surprised on how low their budget is to live abroad on those locations.. Do you guys think their monthly budget is realistic? which city would you guys consider?

I am originally from Bogota Colombia and I would consider moving to Medellin specially since the Colombian peso is taking a beating lately compared to the dollar.


forummm

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #1 on: July 25, 2015, 09:01:55 AM »
I can't speak to these specific cities, but it should be doable to retire on under $2k/mo in many places. Even in the US. The MMMs spend about $2k/mo. And there are a lot cheaper places to live in the US than where they live. We spend only a bit above $2k/mo to live now.

Here's a thread about retiring abroad from one person's perspective:
http://forum.mrmoneymustache.com/welcome-to-the-forum/the-reality-of-retiring-to-a-'tropical-paradise'/

tvan

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #2 on: July 25, 2015, 09:13:08 AM »
I plan to semi retire in the Philippines one day. And I'd say yes you can most definitely survive there on these budgets or less.

limeandpepper

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #3 on: July 25, 2015, 09:41:14 AM »
I have to say, I'm surprised as well, considering that the numbers are for a couple. It may be doable for frugal people, but articles like these usually do not assume that everyone is frugal. I am particularly astonished to see that they estimate a couple's monthly expenditure at USD 1,185 in the south of France, but I haven't been there, so hey, maybe it really is that cheap.

I see here that the numbers include:

Quote
Monthly budgets consider the following costs: rent for a one-bedroom apartment, groceries, utilities, cable, Internet, phone services, and entertainment (eating out twice a week and two trips to the movies a month).

So, no medical, no transport, no insurance, no trips back to visit family/friends, no non-essential purchases of gifts or other items, or even for things like furniture, bedding or kitchenware (but perhaps the apartment is fully furnished, though it doesn't specify that), etc.
« Last Edit: July 25, 2015, 09:57:20 AM by limeandpepper »

mozar

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #4 on: July 25, 2015, 10:09:52 AM »
I spend $2k a month
« Last Edit: May 10, 2018, 01:04:20 PM by mozar »

Zikoris

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #5 on: July 25, 2015, 11:36:43 AM »
Hmm... given that we spend $1400-$1500/month right now in Canada, I have a hard time believing it would cost MORE than that to live in Mexico, especially given that I've traveled there and seen what some of the basic things cost - bus fare was around 50 cents a trip, groceries were a fraction of what they cost in Canada, etc etc.

vivek440

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #6 on: July 25, 2015, 01:17:56 PM »
Useful article. Thanks for sharing it. Sometime back I shared the cost involved to live in India.
You might want to go through it for another perspective.

http://forum.mrmoneymustache.com/welcome-to-the-forum/retire-in-india-$200-000-own-residence-is-all-what-you-need-!!!/msg672507/#msg672507

Albert

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #7 on: July 25, 2015, 01:20:02 PM »
I'm not familiar with any of those cities, but I can tell you that for a very comfortable retirement in most of Eastern Europe (including also some travel, insurance, transportation, clothing etc) would be 20,000 euros a year for a couple plus a paid off house/apartment. The price of latter obviously varies a lot, but in many fairly nice places a two room apartment goes for 50-70k (much less if in remote areas). It's possible to do for less, but then you are taking risks particularly if you are old. Of course a knowledge of the local language is a must if you want to take full advantage of everything those places have to offer.

In general however I would not advise anyone to retire to a country they have never lived in or their parents do not come from. It's culturally a lot more difficult than you imagine.

forummm

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #8 on: July 25, 2015, 01:48:30 PM »
In general however I would not advise anyone to retire to a country they have never lived in or their parents do not come from. It's culturally a lot more difficult than you imagine.

Some of the opinions expressed in the thread I posted above were similar to yours. There was also a recommendation to live in a place for a while before buying property there--just to make sure you really want to stay there.

2Birds1Stone

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #9 on: July 25, 2015, 07:18:06 PM »
Been averaging about $1300/month here for the past year. Long Island, NY =)

Granted that is with employer health care......but $2000/month in LCOL areas or other countries with a weaker currency is more than doable.


MrSal

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Re: CNN- Best Places to retire abroad...... is their budgets realistic?
« Reply #10 on: July 26, 2015, 08:49:34 AM »
http://money.cnn.com/gallery/retirement/2015/07/24/retire-abroad/index.html

I came across this article yesterday and I was surprised on how low their budget is to live abroad on those locations.. Do you guys think their monthly budget is realistic? which city would you guys consider?

I am originally from Bogota Colombia and I would consider moving to Medellin specially since the Colombian peso is taking a beating lately compared to the dollar.

Yes. they are and I am from the country where the #1 place listed in that website.

1400 dollars is more than enough to have a good living in Portugal. Especially in Algarve, which other than Summer, prices are cheap.

You can go out at night in a restaurant and eat for 6-7 euros a good full size meal - like soup, main course and even desert.

You can have wines in a restaurant as cheap as 3-5 euros per bottle.