Don't want to spend your retirement in your home country - there are a couple of hundred choices out there!
So retirement is a long way off for me - but there is one thing that I do know - I shall not be living out my retirement years in Australia. The place has become too expensive to live comfortably on a superannuation and pension - whereas instead of just existing here on an income that only gives me a meagre lifestyle, I can live very well in other places.
Malaysia is one country that encourage retirees, and Spain attracts a lot of people from the UK (but still not that cheap). I love both of these places, but there are more choices out there.
My criteria would be a cheap country with good health care, a strong or fascinating culture, and good, cheap access to other countries as well.
Are you considering the idea? What is your criteria and what places interest you?
Reply to this I have an appartment in the city centre of Dublin. It will be payed for by the time I am of retirement age, so someplace rent free to live. At the moment I imaginge my future to be living there for part of the year and travelling or hanging out in some other country/countries for the rest of the year.
I imagine myself living in cheap cabanas, guesthouses...... in various parts of the world for a month at a time and then a bit of moving around and then another cabana and then back to Dublin for a month or 3 and then the cycle starting again. 😊
Reply to this So - long way off? - 20-30 years?
I don't know if we can count on anything being the same then as now - will countries like Malaysia still be considered cheap? - things have changed so much in the last 20 years - Ireland used to be a cheap place to live. Then again - will it even be possible for some of us to ever stop working?
I guess some things will remain true though;
There will be places that are cheaper to retire than others.
There will be retirement lifestyles that are less expensive than others.
Are there more?
I hope my retirement is a little like the one you imagine Mel - I hope to be exploring and experiencing new things as long as I live.
Reply to this Reitrement for me (in the usual employee sense) will be approximately 20 years in the future. I'm planning ahead ;-)
There is a tradition in Australia for retired people to buy a caravan/campervan and drive around this large country for months on end - they are termed the "Grey Nomads". However, since I have already done this in my younger years (wanted to see my own country first), my preference is to travel overseas.
Basing oneself in Australia for such an overseas travelling lifestyle may not be the wisest, as it is a long way to anywhere from here. Travelling to and from foreign lands is easier and cheaper from Europe and Asia than from Australia, so those places are more suited to that sort of lifestyle.
Reply to this I'd like to retire in Spain or Portugal in a little villa in the countryside, close enough to the city centre so that I can go there for night outs, or to go shopping. But as mentioned before, retiring in Spain isn't exactly cheap and I don't imagine Portugal being that much cheaper. I suppose that gives me motivation to work harder because both countries have absolutely beautiful countrysides! And the coastlines are gorgeous. Actually, maybe that would be my only criteria...maybe in the end it doesn't matter where exactly I settle down at, but I have to be close to the water and beach : ). And if all else fails, I wouldn't mind staying in Canada. Move out west to Vancouver where there's a nice shoreline and good health care!
Reply to this Ireland used to be a cheap place to live.
That must have been before my time. It is shockingly expensive now. It is only managable if you have a mortgage or have fully payed for someplace to live. Rent is way out of proportion with what people get payed.
And things like food cost only around 70%!i(MISSING)n Germany of what they cost in Ireland. And everything else costs more too.
One thing though is that in Ireland people pay a lot less income tax than they do in Germany but the wages are also lower.
I hope my retirement is a little like the one you imagine Mel ..
I have a fantasy about being a little old lady with a long grey braid and long flowy clothes wandering around the world with my second outfit and a few books in my backpack. And, travelling will be peaceful then I hope. Touts and sexual harassers hopefully wont bother a little old lady.
My biggest fear is that I wont be able bodied all my life. I spoke with one old traveller on the internet, and the travel sites are the only travel experience he has these days because of a very disabling disease. But, most of the women in my family seem to live pretty long and be healthy until they are quite old.
So, I am going to own the appartment in Dublin so have someplace to live. And I will spend my old age pension on living simply and on budget travel. I will also have savings that I have been working on and will continue to do until I have plenty of time to spend them. But, they will have to be enough to ensure that I have options all my life. I dont want to have 10 more years to live and not be able to afford to travel as much as I want.
My big question is, at what age should one blow those savings and just not be sensible anymore, because the savings are to live with and not to leave behind. Anyone got any opinions on that one? We cant really guess how long we are going to live can we. But maybe it does not matter. Maybe the thing to do is to keep making budget travel plans and keep stretching the savings as far a possible. Things will surely work out, if I do that. Any other opinions?
Reply to this I don't know if we can count on anything being the same then as now....
When I talk about places I want to spend time in when I am old, my boyfriend says he is willing if they have Heavy Metal clubs there. Then he looks disgruntled, when I tell him there might be no Heavy Metal clubs anywhere in the world when we are 70. :D
Reply to this My big question is, at what age should one blow those savings and just not be sensible anymore, because the savings are to live with and not to leave behind. Anyone got any opinions on that one? We cant really guess how long we are going to live can we.
I worked and saved good ......... then called it quits at 47. Yeah, 47. I am comfortable with my savings, have no mortgages, no big house to maintain, and confident I can still take on small "projects" to earn for my next trip --- some with a little bit of luxury, but mainly on budget. Making as many budget travel plans to stretch the savings as far as possible is a good plan. But don't forget to "reward" yourself every now and then if you can afford it. If you worked all of 27 years like I did, you deserve it! C'est la vie.
Reply to this 'Retirement' would be nice right now - i don't want to wait till i'm 65 to stop working!
How much would you need in the bank to be sure of stopping work?
What would give you confidence to chuck it all in?
A property?
$100,000?
How much do people who have retired have saved up?
Reply to this Yeah Liliram, that sounds a bit like my plan too.
I would have hated this thread, around 10 years ago. People were always talking about the future and preparing for it. It used to bug the hell out of me, because I didnt have it figured out and was having enough confusion with the present let alone the future. Now, I think I do have it figured out and am more comfortable with this question. I was talking with a Polish guy when I was in Kyrgyzstan about this topic, and he was pretty uncomfortable with it, because he was just considering buying an appartment in Poland, but was still very unsure about how his future would work out.
Reply to this What would give you confidence to chuck it all in?
A property?
$100,000?
It would actually be possible, but wouldnt leave you with much of a margin of error. The rent you would charge for a London property would be way more than needed to cover the mortgage. So, I suppose you would need savings of whatever the down payment would be. 20,000 maybe.
Example: My mortgage repayments for my appartment in Dublin are 300 per month. Then there are 200 per month payments I have to make to the people who look after the building. I can possible ask over a 1000 Euros per month as rent, if I really want to make money from it. That is what renting such and appartment in that area costs. Then you could live there some time in the future when you have payed off the mortgage, give it to your kids or sell to get a nice heap of travel money.
Of course you would also need to have reliable tennants, or else you would earn less. I have never milked the landperson thing, so I dont know exactly how much money I could make if I put the effort into it.
I wouldnt fancy living off my tennants though. I prefer when having them is optional. Neither do I want to charge those ridiculous inflated rents. I would prefer to just have a nice considerate tennant and charge them less.
Reply to this I have advised quite a few on this. First off, no mortgages to pay if you are out of a job (read: retired) or do not have a regular job (read: consultant). In my case, my savings are (1) in a foreign-currency long-term instrument which yields me a semi-annual interest earning ; and (2) in property which you can rent out.
The first investment earns me enough to allow me to go off on budget trips. The second investment gives me a rental income that takes care of my day to day expenses. I take on projects from time to time so i can have "extras", but this is optional on my part. No work, no pay. If you can save to invest in something that earns you enough to cover your basic expenses, and then take on projects to earn you your trips, then you got it worked out!
Oh yes, back to Shane's question. I would still live here in manila because I figured my earnings can cover my living expenses here , but not elsewhere in Europe.....like Paris, where I dream to live. 😉
Reply to this What kind of projects do you take on Liliram? Giving financial advice, I presume?
Reply to this First off, no mortgages to pay if you are out of a job (read: retired) or do not have a regular job (read: consultant).
Thing is, the mortgage repayments usually cost much less than renting, here in Europe. In some countries, if you become unemployed the social welfare will give you an allowance so you can hold onto your house. If you dont have a mortgage, then they give a rent allowance. And, with some professions there is so little job security. You just dont know that you will have the job, in a year, let alone long enough to pay off your mortgage.
Another useful thing in some countries, is that you can suspend mortgage repayments altogether or for some of the time, if you run into financial difficulties. So managing to buy a place to live gives financial security overall.
And if your house is big enough, you can share with a tennant and get an income like that.
But, this is in Ireland. I am just presuming it is the same in other European Union countries. Maybe it isnt.
Reply to this But, where do you live Liliram? Doesnt it cost as much as mortgage repayments would?
Reply to this Maybe it is different in other countries, mell. I live in Manila, and mortgage payments here approximate one's rental expenses. Before i retired, I made sure I have no debts to pay. That's one burden off my mind.
I am in finance. I did an investment management project for small banks before , until it took so much off my time so I gave it up. I earn a little off retainer fees which require me to attend once a month meetings. That explains why I cannot go off on trips on long stretches. No meetings, no per diem allowances, no budget for my energy bills, food marketing, etc.
I remember reading somewhere here in the forum that one can lead a simple life, and do with LESS. That is what i try to do. Do with LESS.....so I won't feel compelled to go back to the labor market. Life is too short to be working all your life! 😊
Reply to this Thanks Liliram 😊
I remember reading somewhere here in the forum that one can lead a simple life, and do with LESS. That is what i try to do. Do with LESS.....so I won't feel compelled to go back to the labor market. Life is too short to be working all your life!
That is pretty much my policy too. Live simply and below my means, and then there will be savings for things like travel. 😊 When I have fewer family responsibilities, I will have my savings to travel with. That is one of my hopes.
Reply to this I'd like to retire in a place called La Paz, Baja California. Aside from the fact that it's very near US, mainly the people there also know our language. I also happen to speak a little Spanish so I guess it would really be great to know their culture and way of life. The place is very fantastic. I am already preparing for my retirement and I already am paying for a house there. So at the time I am retired, I already own the house. Just the thought of it makes me really excited. I have a Roth IRA as additional security in the future. It's good to have one. Top 5 good reasons a Roth IRA is perfect for you
1. Make tax-free withdrawals upon retirement with a Roth IRA
2. Social Security won’t enable you to maintain your standard of living
3. Roth IRA beats 401k mutual funds
4. Flexibility is always nice
5. Diversity in numbers
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