trimatty471
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Post by trimatty471 on Mar 19, 2011 10:25:28 GMT -5
I know this topic has been discussed before but I am now thinking more about this.
Are you planning to retire outside of the US? Why? Where? When?
What steps are you taking to make this happen?
Lets discuss...
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Post by bobbysgirl on Mar 19, 2011 10:46:57 GMT -5
We thought of it before we retired. Two things prevented us from making the move.
1) Some countires don't want you if you have health issues. Made us think what would happen if we developed issues while living there.
2) There is so much unrest in the world that any country could decide that our land was theirs and ship us back to America, or worse.
And we didn't think 200000 for property in an undeveloped country was a bargain.
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Post by Savoir Faire-Demogague in NJ on Mar 19, 2011 10:56:47 GMT -5
I'd have to double check but there is many issues as poster #2 points out, including medicare, which does not cover you outside the US. There is also adapting to a foreign lifestyle and culture, not to mention you would likely be amongst the wealthy in the country of your choice and taxed appropriately.
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cronewitch
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Post by cronewitch on Mar 19, 2011 11:14:45 GMT -5
My brother says he might retire to Thailand he is 64 and will have about $2500 a month to live on. He can read and write the language which should help communications. He can rent a nice place with maid service and get food cheap. He is a little anti social with the family so never sees anyone now so wouldn't miss us. He lived there before but it was 40 years ago. He would have the internet so can feel less alone if he wanted to. He seems to really like poor people so he can feel like a big shot helping others and would be rich there but poor here. He has no material wants, doesn't want to own things or do things much. He currently lives in a motel he manages and spent about 15 years living in a room in mom's house while waiting tables or managing motels so isn't used to much lifestyle.
I would hate it, not really learn to speak or read and write and not feel at home ever in any country except maybe Canada and not too sure about that. I like being near family and seeing them every couple of weeks. I don't like thinking of being elderly and not having a single family member even know if I had a unmet need.
It might be a fun adventure until I was about 75 but I don't think I would like aging there and dealing with doctors and emergencies old and alone.
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Deleted
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Post by Deleted on Mar 19, 2011 11:38:24 GMT -5
One one of my trips to India, I read a newspaper article which was only slightly facetious, suggesting that the US "outsource" their nursing home businesses to India. Low COL, they respect the elderly, low labor costs, interesting place for the grandkids to visit, etc.
I don't think I'd retire outside the US. Too far from family, political instability in the countries most convenient to the US, and the other issues bobbysgirl mentioned. A couple of years ago I read about people in the UK losing their money when they bought houses in Spain for retirement; when the construction was just about completed they found out that the land hadn't been properly zoned and the builder had no rights to build on the property. So sorry. (Wonder what happened to all the major appliances and other materials when the houses were demolished.)
There are some enclaves in Mexico and Costa Rica full of happy retired Americans, but I don't want to be part of an isolated community in a foreign country. I know I could pick up Spanish, but I'd still be a gringo.
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TheOtherMe
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Post by TheOtherMe on Mar 19, 2011 11:43:13 GMT -5
I'm a bit adventurous and I would love to retire outside the US. However, my health insurance won't cover me and I'd miss my family too much.
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Deleted
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Post by Deleted on Mar 19, 2011 12:32:13 GMT -5
Like crone, there is a point when I would come back to Canada. But I am going to be going somewhere hot for a few years, like a decade or two. It is 15 or 20 years out for me so I have time to figure it out. The Southern States is one of my options. Texas is an option. As well as Mexico. I have some research to do though.
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TrixAre4Kids
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Post by TrixAre4Kids on Mar 19, 2011 12:59:19 GMT -5
Like crone, there is a point when I would come back to Canada. But I am going to be going somewhere hot for a few years, like a decade or two. It is 15 or 20 years out for me so I have time to figure it out. The Southern States is one of my options. Texas is an option. As well as Mexico. I have some research to do though. Me too, I'm looking to toasting my bones in some heat for awhile, yet there is a flip side to that. Humidity and bugs in the south. Texas gets crazy hot in the summer. Snowbirding sounding better and better, altho that is also problematical. With all that, I'm sure the perfect answer is out there somewhere. Perhaps a NotMSN commune? ;D
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busymom
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Post by busymom on Mar 19, 2011 14:12:03 GMT -5
Great idea Trix! Let's start a notMSN retirement community, complete with all things that would make all of us happy. For DH, I'd have to make sure there was a golf course nearby. What else do you think NotMSN folks would need to be happy (besides a warm winter)?
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TrixAre4Kids
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Post by TrixAre4Kids on Mar 19, 2011 14:18:30 GMT -5
Internet, calculators and alcohol............
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sapphire12
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Post by sapphire12 on Mar 19, 2011 14:21:24 GMT -5
I'm intrigued by retiring outside the US. I'm not interested in buying property, so that isn't an issue. I'm not all that interested in Medicare as it now stands, even if it will still be around. I've been to numerous countries and think I will assimilate into whereever I live fairly easily. Let's go. Oh wait, I'm not retired yet. Ah well vacations will have to suffice for now.
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TrixAre4Kids
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Post by TrixAre4Kids on Mar 19, 2011 14:46:12 GMT -5
Bah
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Post by Deleted on Mar 19, 2011 14:50:32 GMT -5
I would love to live in a foreign country. I am very adventurous and it would be exciting. I am not really close to my family so that wouldn't be an issue for me. We have thought about retiring in Belize or Costa Rica. We will probably just end up in Texas though. I have lived in Texas before and liked it. We are currently looking into San Antonio. DH retires in 4 years. As long as I am close to life and culture I will be ok. If he tries to move me out into the country I will probably go ape shit.
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so1970
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Post by so1970 on Mar 19, 2011 14:56:35 GMT -5
i would like to retire now as im still young enough to enjoy it then go to work when it stops being fun
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Post by bobbysgirl on Mar 19, 2011 16:21:04 GMT -5
Internet, calculators and alcohol............ All with BIG numbers and letters! ;D
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Deleted
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Post by Deleted on Mar 19, 2011 21:10:37 GMT -5
Why would it be exciting? All day long, breathe, breathe, breathe, no matter where you are. It would be exciting to me because I love to experience new things. I love learning about other cultures. I like trying new foods. That may not be exciting to you and that is fine.
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Peace Of Mind
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Post by Peace Of Mind on Mar 19, 2011 21:23:30 GMT -5
Back when I lived in the Philippine Islands I swore I'd retire there. But things have change so much since then. I've also checked into Panama City, etc. and found blogs of people who've done it. They all say great things about most of it, except they say simple things like banking takes almost all day! I'm very impatient and spoiled and having to wait for every little thing would make me crazy. So we purchased some gorgeous property on a lake here in Florida to build out there one day in an area we really love. There's no place like home. There's no place like home.
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calgal
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Post by calgal on Mar 19, 2011 22:03:59 GMT -5
I'm planning to retire in Honduras...in maybe 10 years. It's definitely not a place many people will consider retiring. It's a country with a lot of problems...high crime, corruption, extreme poverty. I've been going there about twice a year for the last 17 years so while I have not lived there, I'm pretty familiar with it. There is a family there that has become my second family so that's the main draw for me. They'll watch out for me and help me with residency and other bureaucracy. I've been taking community college Spanish classes for a few years to prepare for this. I'm far from fluent but can definitely get around. I plan to continue doing this until I move there. At this point my plan is to enroll in Medicare in case of a catastrophic illness that would cause me to return to the US. I'll check into other medical insurance as I get closer to actually moving there. I'll probably get a high-deductible international plan. Many ex-pats there just pay for their medical care without insurance.
I'll keep my current condo for at least a couple of years in case I really don't like it. After that...we'll see. I think I want my own place but my adopted family talk about adding on and having me live with them. That's another, "we'll see". I'm not sure I'll buy property there. Although it is possible for ex-pats to own property there, if I buy, I'll probably have my friends buy it in their name. I would want them to have it after I die and it'll keep things easier and avoid me getting the "gringo deal".
I think it will be cheaper living there but I am planning to have the same amount as I would need in the US. This will allow for more travel and will hopefully enable me to generously help my friends there. I love California but don't know that I want to retire here. I think the budget problems and government pension liabilities are going to cause taxes to soar. I don't want to return to the cold Midwest where I grew up and my siblings live. This seems like a good option...at least for the first 10-15 years of retirement.
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Post by straydog on Mar 20, 2011 3:48:58 GMT -5
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Gardening Grandma
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Post by Gardening Grandma on Mar 20, 2011 11:00:25 GMT -5
I'm open to it even though we've already retired. When my grandchildren were young, I wanted to live near them. But they are teenagers now and will soon be off on their own, so that tie is going away.
We've traveled quite a bit, but I haven't found anyplace I'd consider permanently living. We have talked about moving to Canada, which isn't far away or to New Zealand. I don't think DH would like living anywhere too exotic. We have some friends who plan to retire in Costa Rica - they go down there every year and love it. Not sure I could take the heat, but I'd like to visit.
Some other friends bought land in New Zealand planning to retire there. Unfortunately, he was recently killed in an auto accident. He was only 58. Life is so uncertain.
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TD2K
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Post by TD2K on Mar 20, 2011 12:37:25 GMT -5
I have a friend who retired to Thailand, he never considered retiring in the US. He's married to a Thai which helps obviously a lot with the language (he doesn't speak Thai) and the culture.
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schildi
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Post by schildi on Mar 20, 2011 12:45:35 GMT -5
That's what our plan is, to retire outside of the U.S (in Germany). Not sure what exactly will happen, but it's the plan. In our case it makes perfect sense, I think, and it could come with the option of getting our 401k money tax free. Hopefully.
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Post by mtshastawriter on Mar 20, 2011 17:43:25 GMT -5
While it's not out of the United States, retiring to the wilderness of Alaska sounds like heaven to me.
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kccini9
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Post by kccini9 on Mar 20, 2011 18:47:19 GMT -5
Since we are military and overseas, I see this alot. In most cases, it's guys who marry local women. They still get all the benefits of being retired, the healthcare, the shopping, etc. but live in a foreign country. I've known guys who retired, lived in the states a few years, then moved back to Germany with thier German wives and gotten jobs at military bases. It's the way to do it in my opinion.
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Post by Deleted on Mar 20, 2011 18:56:04 GMT -5
I couldn't do it because I am geographically challenged. When I first read this post, I thought they meant the Panama City that is unoficially a part of LA (lower Alabama). ;D
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Deleted
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Post by Deleted on Mar 21, 2011 1:54:08 GMT -5
"it could come with the option of getting our 401k money tax free."
Schildi, how do you figure it would be tax free?
I know Germany won't tax cap gains for stocks held for 1 year or more. But I think the US could. I've never gotten an answer to my questions about selling long held stock while we're here in Germany (these are individually held stocks outside a 401k).
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april47
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Post by april47 on Mar 21, 2011 8:09:36 GMT -5
I am retired and live in the Texas gulf coast where I have lived most of my life and all my family is. If money was no object, I would stay here six months of the year and have a place farther north for six months. I would like a place with cooler summer weather and a lot of history to explore. I would love the British Isles, Northern Europe, or around the Quebec area of Canada. Very expensive places unfortunately. When I win the lotto, I will buy a small flat near London and use it as a base to travel northern Europe and do the history thing until tired of it or too incapacitated by age . I guess it won't be possible since I rarely buy a lotto ticket.
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schildi
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Post by schildi on Mar 21, 2011 8:29:21 GMT -5
"it could come with the option of getting our 401k money tax free." Schildi, how do you figure it would be tax free? I know Germany won't tax cap gains for stocks held for 1 year or more. But I think the US could. I've never gotten an answer to my questions about selling long held stock while we're here in Germany (these are individually held stocks outside a 401k). Bonnap, I am thinking Roth conversion(s) while effective U.S. income is zero or very low.
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973beachbum
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Post by 973beachbum on Mar 21, 2011 9:42:07 GMT -5
I want to retire in Belieze. Close enough I can come back when I want. Far enough away to be warm and beautiful all year long. Prices on homes from the 1960's in the US. And as a former British colony they speak English.
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ameiko
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Post by ameiko on Mar 22, 2011 0:13:54 GMT -5
Regarding political instablity... where do you get the idea that the US is so stable? We are seeing increasing class warfare, interracial strife, and foreign invasion by often violent criminals along our southern border. Depending on where you go, leaving America can be a flight TO safety!
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