Retiring Abroad: Yay or Nay?

Hello monkeys,

This thread would probably be directed more to our senior monkeys, but nevertheless, I read an article on CNBC about retiring abroad.

Here's what they have to say about the matter:


"Outside the U.S., the cost of living can be half what it is in the States, especially in regards to health care," Prescher said. (For example, Numbeo.com's latest Cost of Living Index Rate listing ranks Puerto Vallarta, Mexico at 37.12 on its scale, with New York City being 100; Columbus, Ohio coming in at 72.12; and Reno, Nevada, at 61.75.)

Each year, International Living publishes a short list of the best countries in which to retire. Called the Annual Global Retirement Index, the list takes into consideration factors such as health care, cost of living and climate, and then calculates a final score for each country.

The first two seems reliant on money, so that's why there's a pretty cool (yet strange?) list they put here:


World's Best Places to Retire
  1. Malta
  2. Portugal
  3. Nicaragua
  4. Spain
  5. Malaysia
  6. Colombia
  7. Costa Rica
  8. Ecuador
  9. Panama
  10. Mexico

Source: International Living

EDIT: Mexico being the first and Malta being last, not sure why it started at 10 and ended at 19

Funny enough, I didn't expect the top 5 countries to be Lat Am... @AndyLouis" maybe you can chime in about the country you're in now. What's the plus and minus for someone who's looking to retire there?

Personally speaking, if I did make it rain, I'll probably pick something like Switzerland or New Zealand. Great places and people, the weather was decent, healthcare should be great at these places too.

What do you monkeys think? Or is it still better to stay in your home countries, near families and friends?

 

I have traveled extensively (20+ countries) and have genuinely enjoyed my times in other regions and cultures. However, as a patriot and veteran, I love me my US of A.

Retirement in another country would be great. But, I would not do it without a place to call home in the US. Especially in places like Mexico (or other latin American countries / developing countries), the dental and healthcare are significantly lacking in some areas. Yes, the cost of living will be decreased. But, what does that mean? When you pay higher costs to live, you generally have access to a variety of things which are inaccessible if you're living on a beach in Sayulita.

For me, I would probably pick Italy, Spain, or Argentina. I've spent time in all three and love the food, culture, and wine. The girls are hot too, but i'll probably be married.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

Exactly, still seems great to retire back in our home countries where everything seems to be familiar (culture, language, friends, families, places).

I was wondering on what metrics were they relying on. The first 6 countries don't seem that "ideal" to retire in.

I've only been to Italy. AMAZING food and wine, can't say much about culture though. Loved the mix between history (Rome, Florence, etc) and the fashion (Milan). Miles and miles of countryside also seemed very idyllic and peaceful.

 
Isaiah_53_5:
I have traveled extensively (20+ countries) and have genuinely enjoyed my times in other regions and cultures. However, as a patriot and veteran, I love me my US of A.

Retirement in another country would be great. But, I would not do it without a place to call home in the US. Especially in places like Mexico (or other latin American countries / developing countries), the dental and healthcare are significantly lacking in some areas. Yes, the cost of living will be decreased. But, what does that mean? When you pay higher costs to live, you generally have access to a variety of things which are inaccessible if you're living on a beach in Sayulita.

For me, I would probably pick Italy, Spain, or Argentina. I've spent time in all three and love the food, culture, and wine. The girls are hot too, but i'll probably be married.

Ha, you nailed my list of overseas retirement places. I could easily retire in any of Italy, Spain or Argentina. I'd pick a small village in wine country and relax, read, ride my bike and maybe restore an old house...

 

Upon retirement, I would love to live in a Spanish/Italian speaking country 8/12 months of the year to wine and dine and work on my language skills again....

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

We've been talking about moving to the Philippines, Belize, Panama within the next 5 years. Also New Zealand and Australia, but those would be less for money reasons.

heister: Look at all these wannabe richies hating on an expensive salad. https://arthuxtable.com/
 

Both Belize and Panama have a legal system very similar to the U.S. The government isn’t going to fuck you over and they have strong property rights. You can run U.S. businesses pretty comfortably from there. Belize speaks English (so do the Philippines) and Panama speaks Spanish and most people there speak English decently as well. I speak decent Spanish already. Belize is already a hot spot and I think Panama is where Belize was 10 years ago.

heister: Look at all these wannabe richies hating on an expensive salad. https://arthuxtable.com/
 

Everything depends upon circumstances, but if I can convince my wife to leave the US in retirement I'd imagine our time would be split between the US and Belize. Belize is such a great country and easy for Americans. English is the native language, very stable country, fair rule of law, etc... It's a beautiful country and most areas would have low Cost of Living. Plus its still a relatively quick/cheap/easy flight to be back to the US on little notice if you need for any reason.

Given that we have kids and my wife isn't overly adventurous I'd guess we'll actually just have a place in the Chicago suburbs or Michigan and maybe a Condo in Florida or just travel.

twitter: @CorpFin_Guy
 

Interestingly enough, there's actually people retiring on cruise ships where they just travel from place to place around the world. Like buying a condo but aboard a boat. You get to see the world and have all the amenities you're used to (gym, movie theater, etc) there too.

http://www.cruiseretirement.com/ https://www.nytimes.com/2017/02/24/business/retiring-on-a-cruise-ship.h…

 

While I don't even have a FT offer yet, I love these discussions. Someone here said New Zealand: I've been there and would love to retire there. Another option would be a fully self sustaining island and live like it's the feudal age.

It's funny. Some people(like a close family member nearning retirement) have worked all their lives and think retirement is going to solve all issues of their currently dull life. On a trip to the USA visiting a ghost town in Nevada I really discovered that this is not the case. A retired guy managed a ghost town for 8/12 months of the year, lived in Vegas the other months (this town btw: http://www.ghosttowns.com/states/ca/cerrogordo.html). The guy was always passionate about history and now, in retirement, could do what he loved most. Loved his approach to retirement: staying active doing a job he loved.

 
silverace:
While I don't even have a FT offer yet, I love these discussions. Someone here said New Zealand: I've been there and would love to retire there. Another option would be a fully self sustaining island and live like it's the feudal age.

It's funny. Some people(like a close family member nearning retirement) have worked all their lives and think retirement is going to solve all issues of their currently dull life. On a trip to the USA visiting a ghost town in Nevada I really discovered that this is not the case. A retired guy managed a ghost town for 8/12 months of the year, lived in Vegas the other months (this town btw: http://www.ghosttowns.com/states/ca/cerrogordo.html). The guy was always passionate about history and now, in retirement, could do what he loved most. Loved his approach to retirement: staying active doing a job he loved.

Fun fact - Colorado has 1,500 ghost towns and 271 currently incorporated towns/cities. There are over 5x as many ghost towns as "living" towns.

 

Health care is free in Ecuador, and it doesn't cost much to gain residency. That makes it hugely attractive to older folks. In fact, Ecuadorians are starting to complain about the strain that so many incoming American retirees are putting on their safety net.

It's #1 on my list, but also looking at Nicaragua, Colombia, Brazil, and Guatemala as options. Essentially places where the dollar is strong and the people friendly and beautiful.

 

I went to the Philippines recently, and although it is super cheap and beautiful on the coasts, the infrastructure is abysmal. I didn't experience it but heard rolling blackouts are pretty common. Everything going on with the IS supporters, militias, and the gov't is also pretty concerning. My top pick so far would be Italy. Still need to visit Spain, but I think that would be my #2 pick.

Array
 
Dealova:
Yes, Duterte and IS is ripping the country apart, it doesn't seem really stable at all. Exactly, Italy seems to be the consensus of many people here!

Although, I've heard from a few people here and there that Italy isn't as perfect or majestic that foreigners perceive it to be.... Any Italians can chime in?

I'm not Italian, but I've spent plenty of time there. There is a pretty big immigration problem, but that primarily affects the cities. The government is somewhat corrupt and many people don't pay their taxes. That said, it's generally safe, the people are fantastic, it's fairly inexpensive, food/wine is amazing, and in the country, life is slow, which is what I want in retirement.

 
ai215:
I've often thought about retiring to Spain. Super central to all of europe, awesome lifestyle/culture, lower COL. I'd probably end up in Madrid or Sevilla personally

pssshhh

Mediterranean Sea or bust

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

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