55 on track to Retire at 58

CruiseChef

Confused about dryer sheets
Joined
Apr 19, 2021
Messages
8
Location
Sugar Land
You know, I never did save like crazy. For most of my career I put the minimum into my 401K that my company would match. Got divorced at 49 and lost a chunk of my next egg. Having said that I quit screwing around and got a good financial advisor and started pumping into the retirement. After a few good years on returns to my surprise. I am inline to retire earlier than I expected.

A large part of my comfort level is that I will be retrieving in South America where the cost of living is calculated at 51% cheaper than Houston Texas.

Any others planning on Retiring Abroad?
 
We hope to retire to Spain in a few years. Virus has pushed our timing back at least one, perhaps two years though. Our biggest concern w/Spain is taxes - especially the wealth tax in some regions of the country. COL is cheaper than where we are now but likely not as cheap as in South America depending on which country. Do you speak Spanish? I have taken the last couple of years to work on my language skills and, though far from fluent, can likely manage. We do NOT want to retire to an ex-pat enclave but prefer to integrate with the local culture as much as possible. If not, what's the point in going (IMHO). Good luck!
 
Hello Cruisechef,

Are you a cruise chef?
 
A large part of my comfort level is that I will be retrieving in South America where the cost of living is calculated at 51% cheaper than Houston Texas.

Care to share which country?

Any others planning on Retiring Abroad?

Will be retiring to a boat, somewhere outside the US, around 2024-2025. When we get sick of cruising (10 years?) we'll probably end up in Costa Rica or Panama. Considering buying some raw land in Costa Rica before we leave, but currently holding off until there is a bit more clarity on the fiscal situation there. Might end up in Vietnam if we get there on the boat and like it.
 
Welcome! DW and I are also looking at retiring overseas (Preferably Asia) and hopefully on a catamaran around 2024-2025! We're looking at cutting our teeth cruising along the ICW/East Coast/Caribbean and possibly South America first.

We've lived overseas for almost 16 years total (10 in Asia, 6 in Europe) already.
 
You know, I never did save like crazy. For most of my career I put the minimum into my 401K that my company would match. Got divorced at 49 and lost a chunk of my next egg. Having said that I quit screwing around and got a good financial advisor and started pumping into the retirement. After a few good years on returns to my surprise. I am inline to retire earlier than I expected.

A large part of my comfort level is that I will be retrieving in South America where the cost of living is calculated at 51% cheaper than Houston Texas.

Any others planning on Retiring Abroad?

Yes! We have dual citizenship (through grandparents) so no visa issues for us. Italy and Portugal are the final contenders, for various reasons. We love SA, but prefer a European vibe for day-to-day living.
 
We hope to retire to Spain in a few years. Virus has pushed our timing back at least one, perhaps two years though. Our biggest concern w/Spain is taxes - especially the wealth tax in some regions of the country. COL is cheaper than where we are now but likely not as cheap as in South America depending on which country. Do you speak Spanish? I have taken the last couple of years to work on my language skills and, though far from fluent, can likely manage. We do NOT want to retire to an ex-pat enclave but prefer to integrate with the local culture as much as possible. If not, what's the point in going (IMHO). Good luck!

I worked in Colombia for 3 years and just fell in love with it. I did take some Spanish classes in the beginning but being immersed in the country gets you up to speed pretty fast. Colombia also has a wealth tax but that relies 100% on what you tell them. They simply don't have the means to get that information unless you give it to them. And don't' keep your money in their banks.
 
We hope to retire to Spain in a few years. Virus has pushed our timing back at least one, perhaps two years though. Our biggest concern w/Spain is taxes - especially the wealth tax in some regions of the country. COL is cheaper than where we are now but likely not as cheap as in South America depending on which country. Do you speak Spanish? I have taken the last couple of years to work on my language skills and, though far from fluent, can likely manage. We do NOT want to retire to an ex-pat enclave but prefer to integrate with the local culture as much as possible. If not, what's the point in going (IMHO). Good luck!

Yes! We have dual citizenship (through grandparents) so no visa issues for us. Italy and Portugal are the final contenders, for various reasons. We love SA, but prefer a European vibe for day-to-day living.

Sounds like a plan
 
Yes! We have dual citizenship (through grandparents) so no visa issues for us. Italy and Portugal are the final contenders, for various reasons. We love SA, but prefer a European vibe for day-to-day living.

I love Italy, Positano or Salerno could easily have been my retirement spot of choice.
 
We took a 3 year pre-retirement in PDC Mexico in 2011-15. We found it about the same, 50% cheaper than Dallas. Our monthly was about $2k for everything.
 
Curious about taxation of income for those either retiring or doing "trial retirements" abroad..I thought I read that the US taxes it's citizens no matter where in the world they live. And that other countries tax based on where you live. Is that right?

Assuming so..do you wind up paying income taxes to both the US and the country you're residing in during retirement?
 
I have seen information about Uruguay that makes it a truly interesting place to consider retiring abroad.

It's safe, laid back, and financially stable. It seems to be Ex-Pat friendly as well, including taxation practices. I saw an Anthony Bourdain program about Uruguay and it seemed truly a paradise. Seems like California seasons. I'd consider going but I'm content where I'm at.

https://internationalliving.com/countries/uruguay/
 
Curious about taxation of income for those either retiring or doing "trial retirements" abroad..I thought I read that the US taxes it's citizens no matter where in the world they live. And that other countries tax based on where you live. Is that right?

Assuming so..do you wind up paying income taxes to both the US and the country you're residing in during retirement?

We stayed on a tourist visa for our time away with our residency in Texas. Very simple and no hiccups.
 
Sounds wonderful.
We seriously considered Mexico for our beginning years of retirement, but just didn't pull the trigger in the end.
 
it can be even less in Central America...

hey. I am new here; but a friend told me to go onto this site to share my experience. for now, in a nutshell... here is some info that may help you ...
i came to Costa Rica at 57. traveled around a bit and decided that it would be a good place to live (after 3 months in Nicaragua... which i loved; but their was a socio-political meltdown and it became unsafe and impossible to stay).
Cost Rica isn't too big... but the mountains and rurality of the country (outside of the capital, San Jose) make it seem very large.
I decided on a few good checklist items to keep a clear head when deciding where to look for a home to purchase... i am practical and not getting younger:
a) close to some form of public transportation (busses are great here) because i don't want CAR hassels. I live without a car and i love it.
b) a paved road but not a noisy highway. (it rains a lot)
c) a small town/village so there is, at least, a store for grocery items.
d) close (less than an hour by bus) to a larger town or city with Hospital; and various shopping needs.
e) a house on a good sized garden/lot that has very few CLOSE neighbors... the house can need some work as i come from a construction/architectural background.
f) not too close to 'Costa Tourisma' ... meaning, i don't want to be tempted by tourist cafes, restaurants, etc. etc. In other words, i wanted a more authentic living environment in order to learn the language, food & customs.

So... after seeing properties and spending a little time in the various regions (i did not consider the caribbean cost as it is hot and somewhat far from the areas i was interested in) ... i settled on the area west of Quesada and south of La Tigra/the Arenal lake and volcano. I am about an hour from both. it is totally agricultural with some lumber/logging. i am at the foot of the mountains that make up the chain that includes Monte Verde reserve; various rain forests; and the Arenal volcano nature areas. I am in a village of 150 on a dead-end (paved) road. we have two small stores. there are a few tiny 'cafes' that are called 'sodas'... local fare only. i am 300 yards from the main highway, where busses are avialable to ciudad Quesada to the east, La Fortuna (touristy but interesting) to the north, and San Ramon to the south. I can get busses to the capital, San Jose, from both Quesada and San Ramon.
we have a one-day/week clinic (you must join the health care system in order to get your residency) and there are hospitals in the larger cities already mentioned. bigger towns nearby have better shopping (veterinarian, food, produce, hardware supply, pharmacy, etc.) and there are taxis in the bigger towns that come to my village regularly. i used all local 'talent' to renovate and add onto my house and to do some hardscaping in the large garden (1/3 of an acre) i paid around $54,000 dollars US for the entire property ... which is 3 lots and a small house. Renovations; addition; and hardscaping... basically, the house was a total rebuild; and furniture/lighting/fixtures... came to about $30k. All in, about $84k. i did a lot of work myself and was included as one of the 'bodies' during construction.. which saved $$. It was really hard work and really FUN! I made good fast local friends... all of whom have become good connections to others.
i currently live off less than $500 a month... which includes $200 towards the 'caja' (healthcare system); my utilities (water, elec. wifi); and all my groceries and other household items, dog and cat food. i hire somebody to cut the grass... about $5/hour.
i am really happy here. never below 70 degrees, never above 90. I do not have AC nor heat... neither are needed. It rains a lot between May and xmas... but the rain keeps things clean, green, and usually occur late in the day to cool things off.
my life is gardening; walking the dog & hikes up into the hills; chats with neighbors; and just taking in all that is naturally wonderful about Costa Rica... the plants/trees; fruit!!!!!; birds... etc.
I hope this helps, at least a little.
 
hey. I am new here; but a friend told me to go onto this site to share my experience. for now, in a nutshell... here is some info that may help you ...

i came to Costa Rica at 57. traveled around a bit and decided that it would be a good place to live (after 3 months in Nicaragua... which i loved; but their was a socio-political meltdown and it became unsafe and impossible to stay).

Cost Rica isn't too big... but the mountains and rurality of the country (outside of the capital, San Jose) make it seem very large.

I decided on a few good checklist items to keep a clear head when deciding where to look for a home to purchase... i am practical and not getting younger:

a) close to some form of public transportation (busses are great here) because i don't want CAR hassels. I live without a car and i love it.

b) a paved road but not a noisy highway. (it rains a lot)

c) a small town/village so there is, at least, a store for grocery items.

d) close (less than an hour by bus) to a larger town or city with Hospital; and various shopping needs.

e) a house on a good sized garden/lot that has very few CLOSE neighbors... the house can need some work as i come from a construction/architectural background.

f) not too close to 'Costa Tourisma' ... meaning, i don't want to be tempted by tourist cafes, restaurants, etc. etc. In other words, i wanted a more authentic living environment in order to learn the language, food & customs.



So... after seeing properties and spending a little time in the various regions (i did not consider the caribbean cost as it is hot and somewhat far from the areas i was interested in) ... i settled on the area west of Quesada and south of La Tigra/the Arenal lake and volcano. I am about an hour from both. it is totally agricultural with some lumber/logging. i am at the foot of the mountains that make up the chain that includes Monte Verde reserve; various rain forests; and the Arenal volcano nature areas. I am in a village of 150 on a dead-end (paved) road. we have two small stores. there are a few tiny 'cafes' that are called 'sodas'... local fare only. i am 300 yards from the main highway, where busses are avialable to ciudad Quesada to the east, La Fortuna (touristy but interesting) to the north, and San Ramon to the south. I can get busses to the capital, San Jose, from both Quesada and San Ramon.

we have a one-day/week clinic (you must join the health care system in order to get your residency) and there are hospitals in the larger cities already mentioned. bigger towns nearby have better shopping (veterinarian, food, produce, hardware supply, pharmacy, etc.) and there are taxis in the bigger towns that come to my village regularly. i used all local 'talent' to renovate and add onto my house and to do some hardscaping in the large garden (1/3 of an acre) i paid around $54,000 dollars US for the entire property ... which is 3 lots and a small house. Renovations; addition; and hardscaping... basically, the house was a total rebuild; and furniture/lighting/fixtures... came to about $30k. All in, about $84k. i did a lot of work myself and was included as one of the 'bodies' during construction.. which saved $$. It was really hard work and really FUN! I made good fast local friends... all of whom have become good connections to others.

i currently live off less than $500 a month... which includes $200 towards the 'caja' (healthcare system); my utilities (water, elec. wifi); and all my groceries and other household items, dog and cat food. i hire somebody to cut the grass... about $5/hour.

i am really happy here. never below 70 degrees, never above 90. I do not have AC nor heat... neither are needed. It rains a lot between May and xmas... but the rain keeps things clean, green, and usually occur late in the day to cool things off.

my life is gardening; walking the dog & hikes up into the hills; chats with neighbors; and just taking in all that is naturally wonderful about Costa Rica... the plants/trees; fruit!!!!!; birds... etc.

I hope this helps, at least a little.



This would be good for your own introduction thread.
 
Good job! I'm 57.5 yrs also hoping to retire at 58.5 to 59. So far, on track too.
 
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