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These articles do a good job of showing the benefits, but little to show the downside. Yes, many countries have a much lower cost of living, but they have very shaky economies, and very shaking financial systems. If you are able to keep your money in cash without risk of robbery, and avoid law enforcement, you could live quite well. I will use my mother in law as an example. She is from the Dominican Republic. She visits often, however when I asked why she wouldn't retire there, her response was direct and to the point. She said that the United States really protects it's citizens, and in DR, the authorities just don't care. She maintained a separate bank account back home, unfortunately, the bank closed, and the money she had just disappeared. About $3,000.00 dollars. Just gone. No FDIC to replace the deposit. She was also assaulted during a robbery, and went to the police. They didn't even take a report, they scolded her for walking by herself through the neighborhood.
I'd seriously consider it a plan B. If anything ever happened to my current job and I had to give up getting any decent job as a Chemist (a distinct possibility) I'd consider using my net worth to retire early and move abroad to make it work.
I have to keep working and I have younger children who need their dad here in the USA but I plan on retiring abroad to similar places with SS income and income from a small pension I have. By the time I hit retirement age, only the top 1% will be able to retire comfortably in the USA.
Find out if there is an existing US expat community in your target country. If there isn't, cross it off your list. If there is, get in touch with representatives. They will be able to provide you with what will be quite a long list of do's and don'ts to consider prior to making your move. At the bottom line, very few of these supposed havens are actually even livable for an aging person accustomed to life in the US. A lack of any viable health care support will rule many places out right off the bat.
A lack of any viable health care support will rule many places out right off the bat.
A lack of viable healthcare is likely going to rule the US out right off the bat. One trip to the hospital or insurance premiums will wipe out your retirement savings.
I'm sorry to hear of the poor state of your finances. But in this country, a simple 911 call is likely to be enough to deliver you (or anyone else) into competent medical care within a matter of minutes. If you live in a more than sparsely populated area, you will likely have nearby the full range of medical facilities and specialists needed to monitor and care for any health condition at all. In these cheap-cheap foreign retirement havens, this is only rarely the case. For many expats, what stands in for 911 is a quick flight back to the US. Much better here to look before you leap.
Last edited by VendorDude; 11-21-2017 at 07:53 AM..
I just read an article about the happiest places to live, and it seems like Costa Rica is one of the happiest places. I can't/won't go there, but it's a nice thought.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by VendorDude
I'm sorry to hear of the poor state of your finances. But in this country, a simple 911 call is likely to be enough to deliver you (or anyone else) into competent medical care within a matter of minutes. ... For many expats, what stands in for 911 is a quick flight back to the US. Much better here to look before you leap.
A 911 call will put many in the USA poor house.
Millions of us lost our post age 50 HC with lay-offs. A?CA took our affordable HC options away, and replaced $300/ month with $1800 high deductible ‘non-affordable’ options. Leaving international HC as our only option. (Along with 15m others) https://patientsbeyondborders.com/
As an expat I have met hundreds who have successfully used international healthcare for decades. Many from countries with national HC, have done this for 50 yrs. I meet and greet them everyday in Thailand.
I also sadly know too many in USA who have gone broke by making that 911 call.
No fault of their own... or of poor financial planning.
They had plenty, but plenty is not enough in USA. Hospitals and Drs. (Actually the lawyers...) take the house, the assets, ... and leave the surviving spouse impoverished. Happened to 3 of my deceased friends, might happen to you.
Life happens, enjoy the ride.
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So who can quit their jobs and live on savings?
