Author Topic: Retiring outside the US?  (Read 5528 times)

ichangedmyname

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Retiring outside the US?
« on: October 26, 2013, 07:59:37 AM »
We're planning to retire to my home country where the COL is low. I am all for it since it means I'm closer to family.

I would love to hear about the lifestyle in different countries once you've retired. I have delusions of grandeur where I retire in a small farm house in Tuscany... but that's not gonna happen LOL

Anybody here chose to retire outside the US? Please share the ups and downs. Thanks!

oldtoyota

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Re: Retiring outside the US?
« Reply #1 on: October 26, 2013, 10:17:02 AM »
What is your home country?

Last night, I was researching countries where the dollar is strong. Argentina sounds nice. I have an acquaintance who relocated to Bolivia.


2527

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Re: Retiring outside the US?
« Reply #2 on: October 26, 2013, 11:38:01 AM »
I think there are huge differences between going back to one's home country and going to a completely new country.  (I kind of have experiences with both.)  If you are going back to your home country, you can speak the language and function in society, and you will have your relatives and friends to experience (which can be good or bad or both).  If you are going to a completely new country, you will have the language and functional aspects to learn, and it will be an expatriate experience. 

FuckRx

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Re: Retiring outside the US?
« Reply #3 on: October 26, 2013, 12:41:27 PM »

I have a 70 yo super healthy guy with his wife who lived in San Diego all their life and after retiring bought a house in mexico, they come across the border on occasion to see their doc and to see some friends. he is very happy, says it's much cheaper and mellow lifestyle.

ichangedmyname

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Re: Retiring outside the US?
« Reply #4 on: October 26, 2013, 09:25:13 PM »
Oh I forgot to mention. We're gonna retire in the Philippines.


limeandpepper

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Re: Retiring outside the US?
« Reply #5 on: October 26, 2013, 09:56:59 PM »
We're planning to retire to my home country where the COL is low. I am all for it since it means I'm closer to family.

I have thought about something like this, too. Returning to my home country could make a huge difference to FI projections and plans. I would also consider living in another country outside of home, maybe not for the long term but for a year or two, in a slow travel sort of way. My Mandarin is decent, this opens up possibilities such as Taiwan and China. Maybe Macau or Hong Kong too (my Cantonese is not great, but functional) but I think COL there is higher than several other Asian countries. I wouldn't mind trying out other countries which are more unfamiliar in terms of language or culture, either. My boyfriend pretty much only speaks English but he is just as open in this respect. In fact, he enjoys culture shock and has traveled to more Asian countries (and grittier ones) than I have!

expatartist

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Re: Retiring outside the US?
« Reply #6 on: October 27, 2013, 03:34:26 AM »
A general rule is if retiring in a place where you've only been on holiday, rent for a year at least before buying anywhere. We plan to retire in the Mediterranean region. Where exactly will depend on EU and taxation residency laws at that time. To keep our options open, our plan is to buy properties in several countries, including at least one outside the Eurozone. We are leaning towards Sicily because we have grown roots there, but who knows where things will be in 10 years' time.

FuckRx

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Re: Retiring outside the US?
« Reply #7 on: October 28, 2013, 10:53:04 AM »
Oh I forgot to mention. We're gonna retire in the Philippines.

that's awesome! :) I love PI

ichangedmyname

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Re: Retiring outside the US?
« Reply #8 on: October 28, 2013, 11:11:30 AM »
We're planning to retire to my home country where the COL is low. I am all for it since it means I'm closer to family.

I have thought about something like this, too. Returning to my home country could make a huge difference to FI projections and plans. I would also consider living in another country outside of home, maybe not for the long term but for a year or two, in a slow travel sort of way. My Mandarin is decent, this opens up possibilities such as Taiwan and China. Maybe Macau or Hong Kong too (my Cantonese is not great, but functional) but I think COL there is higher than several other Asian countries. I wouldn't mind trying out other countries which are more unfamiliar in terms of language or culture, either. My boyfriend pretty much only speaks English but he is just as open in this respect. In fact, he enjoys culture shock and has traveled to more Asian countries (and grittier ones) than I have!

Please verify if this is true or not but I heard that residents of Macau get some sort of stipend or free money just by living there.

My husband is American and we lived in the Philippines in the first 2.5 years of our marriage. He loves the food, he speaks the language well enough that he can have conversations with people and also get to where he's going without getting lost LOL

dcheesi

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Re: Retiring outside the US?
« Reply #9 on: October 28, 2013, 11:48:33 AM »
A general rule is if retiring in a place where you've only been on holiday, rent for a year at least before buying anywhere. We plan to retire in the Mediterranean region. Where exactly will depend on EU and taxation residency laws at that time. To keep our options open, our plan is to buy properties in several countries, including at least one outside the Eurozone. We are leaning towards Sicily because we have grown roots there, but who knows where things will be in 10 years' time.
Very good point. My brother and his wife both dreamed of retiring to the Caribbean (yeah, they're parrot-heads :). When they couldn't afford Key West, they moved to Vieques, a small, less developed island off of Puerto Rico where the housing and general COL was ridiculously cheap.

At first it seemed like the classic old-school Caribbean lifestyle out of a Jimmy Buffett song; but after a couple of years he just couldn't stand it anymore. Constant humidity (you were damp from the moment you stepped out of the shower until you went to bed at night), crazy local politics, and lack of development (including unreliable basic utilities) finally wore them down.

They returned to the States (proper), but it took them a couple of years to unload the house they had bought; local laws & politics had made it very difficult to sell property, especially if it involved a non-local. If they had rented, I think they probably would have moved on a lot sooner than they did.
« Last Edit: October 28, 2013, 11:50:52 AM by dcheesi »

imbros

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Re: Retiring outside the US?
« Reply #10 on: October 28, 2013, 11:58:49 AM »
Yes, planning to retire in an island in Aegean.

TrulyStashin

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Re: Retiring outside the US?
« Reply #11 on: October 28, 2013, 07:04:05 PM »
A general rule is if retiring in a place where you've only been on holiday, rent for a year at least before buying anywhere. We plan to retire in the Mediterranean region. Where exactly will depend on EU and taxation residency laws at that time. To keep our options open, our plan is to buy properties in several countries, including at least one outside the Eurozone. We are leaning towards Sicily because we have grown roots there, but who knows where things will be in 10 years' time.
Very good point. My brother and his wife both dreamed of retiring to the Caribbean (yeah, they're parrot-heads :). When they couldn't afford Key West, they moved to Vieques, a small, less developed island off of Puerto Rico where the housing and general COL was ridiculously cheap.

At first it seemed like the classic old-school Caribbean lifestyle out of a Jimmy Buffett song; but after a couple of years he just couldn't stand it anymore. Constant humidity (you were damp from the moment you stepped out of the shower until you went to bed at night), crazy local politics, and lack of development (including unreliable basic utilities) finally wore them down.

They returned to the States (proper), but it took them a couple of years to unload the house they had bought; local laws & politics had made it very difficult to sell property, especially if it involved a non-local. If they had rented, I think they probably would have moved on a lot sooner than they did.

There's a reason many countries are designated "Least Developed Nations."   Caveat emptor, for sure.

dcheesi

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Re: Retiring outside the US?
« Reply #12 on: October 30, 2013, 03:47:05 PM »
There's a reason many countries are designated "Least Developed Nations."   Caveat emptor, for sure.
The funny part is that Vieques is part of Puerto Rico, so technically they were still in the US. But the difference in development and lifestyle just between Vieques and the main island was huge.

ichangedmyname

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Re: Retiring outside the US?
« Reply #13 on: October 30, 2013, 08:56:06 PM »
My other concern is withdrawing money from say your 401k or even your investments. I assume there's going to be charges.
Anyone knows anything about this?