Brit in California. FIRE in 10 years

[patela6]

Been a long time since I've been on this forum. Got stuck (in a good way) on Boglegeads.org

If I'm financially ready to FIRE in 10 years ( mortgage done, kids in/thru college, 30 to 35 times expenses saved etc), my real questions below are about how/where to live to enjoy ER while making the most of advantages in various locations (read healthcare).

Ok, I can imagine we would like to live in various places short/medium term (e.g. SE asia, europe for short stays etc).

We dont envision selling our Norcal house (family, friends etc). I do imagine bouncing around (renting) in different locations around the world.

I also imagine wanting to stay in the UK for extended periods of time (family/friends/renting) as a second base to Norcal. Both my wife and I are from the UK. Healthcare/NHS would obviously be a benefit while there.

I'm looking for experienced folks here to give their thoughts/experiences/advice/pitfalls to a plan like this. How have you successfully achieved a relatively nomadic lifestyle while maintaining a base in the US? How did you handle your finances and healthcare? Anything you would have done in hindsight to be better prepared for this kind of lifestyle?

Thank you!!!

 

[patela6]

Bump!!

 

[TheHobbit]

I’m not experienced, but I’m coming up on FIRE in the next 12 months (knock on wood). My plan is to have the home base in a gated community, alarmed/internet monitored. I will then travel for 1-3 months at time a couple times per year.

I am debating having a second place someplace nice and warm, and preferably on a beach someplace. When I get island fever I’ll just fly back to my “home base”.

Finances, I’ll continue to use Schwab, which allows free ATM withdrawals world wide. Taxes, I will pay US taxes. For healthcare I have 8k budgeted per year, including insurance via ACA exchange, though 90% of my savings are after tax, so I expect to qualify for subsidies due to a very low MAGI.

Like you, I also have the advantage to retire back to a country with free healthcare, so I have a backstop should healthcare expenses out strip the tax advantages of living in the US.

Before I pull the plug, I’m also going to pay off all mortgages and buy a new car for the home base. FWIW, my AA is 70/30 as I’m going heavier on equities as I’m a bit skeptical 60/40 will be as kind to my generation as it was to prior (due to sustained low interest rates).

 

[patela6]

Appreciate your insight. Cheers

 

[Alan]

My wife and I are both dual US/UK citizens and retired at age 55 in Jan 2010. We had sold our house and moved to an apartment complex before retiring so we could “lock and leave” and travel extensively. It worked great for us, spending 5-7 months each year away from the SE Texas heat in cooler climates including N. America, England, Europe and Australia.

We decided to set up a house in England and split our time between there and Texas. However, reconnecting with family and friends when moving back to the small market town in Yorkshire where our children were born was so good that we made the move permanent.

 

[MichaelB]

B

I'm looking for experienced folks here to give their thoughts/experiences/advice/pitfalls to a plan like this. How have you successfully achieved a relatively nomadic lifestyle while maintaining a base in the US? How did you handle your finances and healthcare? Anything you would have done in hindsight to be better prepared for this kind of lifestyle?

Thank you!!!

There's no reason you cannot do this, if it's what you want. Our original plan was similar, but for a number of reasons we ended up spending the year between two locations, with short trips from both locations.

In your case, as you want to keep a base in the US, you need to enroll in and pay for Medicare, even if you're not in the US. That includes Medicare B and D and also supplemental coverage.

Being away frequently and / or for extended periods makes housing a bit more complicated. If your base is a single family home you can hire someone to oversee property while you are absent, but it will require attention when you are not there. A condo is much easier to just close down while you are away.

Finances are relatively easy to handle from just about anywhere.