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Living abroad for a few years in the cheaper countries...
Old 11-30-2020, 03:21 PM   #1
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Living abroad for a few years in the cheaper countries...

Hi friends,

So I wanted to get some thoughts, I am close to the glorious early retirement and have always wanted to live abroad, in my pension system if I leave at 20 years (public safety) my pension is around 65k, verses 25 80k, I have saved from real estate and construction work, and various side jobs so I'll have around $1 million in 401/457 (hopefully w no major dips), mortgage paid off, no kids, no divorce payments. I'm considering leaving at 20 rather than 25 and living in south america or cheaper parts of Europe for 5 years instead of working 5 more years. I could rent my house out for $2500 a month (minimum). My thinking is to not touch my 401/457 and live soley off rent and a bit of pension, thus making the package perhaps even better than working 25 years.

What's been the general experience in moving to cheaper countries and renting out your primary?

Any... I wish I knew I should think about? I.e. Dual taxation?

I'm fluent in 3 languages and hold dual citizenship to live in the EU, South America a bit more complicated but doable to legally stay.

Thanks as always for any thoughts or feedback.
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Old 11-30-2020, 04:58 PM   #2
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Sounds like you know what you want to do. You don't grow younger and healthier. Go for it and follow your dreams. With the pension and savings you'll be good either way if healthcare isn't an issue.
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Old 11-30-2020, 05:34 PM   #3
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Do you have an idea of which countries you might wish to live in?
We strongly considered Mexico, but just didn't pull the trigger in the end. Just like some very cheap places in the USA, one needs to know the medical expertise availability, safety of the area and cultural behavior, just to name a few aspects to check out.
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Old 11-30-2020, 05:39 PM   #4
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I like this idea and am possibly thinking of doing the same in the early part of my retirement while I'm still healthy enough to enjoy it. Health care insurance if will be much cheaper which is a large factor as well.
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Old 11-30-2020, 06:17 PM   #5
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I would like to do something like this if I were single.
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Old 11-30-2020, 07:00 PM   #6
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If I retire in Europe I get "free" healthcare from my dual citizenship. I'm not well versed on this but know enough that it's better than lower income level us healthcare but not equal to top care. Travel health insurance policies are suprisingly cheap for long term. I currently don't have any healthcare issues and may not to do this if I came down with something. So I'd stick to something like this or local healthcare for catostrophic

Countries I've looked at:

Southern Italy (super bargain prices)
Mexico
Colombia
Ecuador
Peru (this one has gotten a little more expensive)
Costa rica (also more expensive now from when I began looking)
Serbia
Paraguay
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Old 11-30-2020, 07:07 PM   #7
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Based on your listings, have you also looked at Panama?
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Old 11-30-2020, 07:47 PM   #8
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Originally Posted by JoseSantiago View Post
Hi friends,

So I wanted to get some thoughts, I am close to the glorious early retirement and have always wanted to live abroad, in my pension system if I leave at 20 years (public safety) my pension is around 65k, verses 25 80k, I have saved from real estate and construction work, and various side jobs so I'll have around $1 million in 401/457 (hopefully w no major dips), mortgage paid off, no kids, no divorce payments. I'm considering leaving at 20 rather than 25 and living in south america or cheaper parts of Europe for 5 years instead of working 5 more years. I could rent my house out for $2500 a month (minimum). My thinking is to not touch my 401/457 and live soley off rent and a bit of pension, thus making the package perhaps even better than working 25 years.

What's been the general experience in moving to cheaper countries and renting out your primary?

Any... I wish I knew I should think about? I.e. Dual taxation?

I'm fluent in 3 languages and hold dual citizenship to live in the EU, South America a bit more complicated but doable to legally stay.

Thanks as always for any thoughts or feedback.
I have lived in Peru for the past 16 years, although it has changed greatly it was an amazing experience. Due to covid and the lack of tourists, rental prices have dropped to extremely reasonable levels. Overall, other costs are the equivalent of Florida prices. For a single guy Colombia would be my first choice!
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Old 11-30-2020, 07:50 PM   #9
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We have thought about that, though our window may be narrow. My wife can retire in 2028 (at 60), at which time I would be almost 63. The main reason we would do it is cheaper health care between the time neither of us was working, and the time I reach Medicare eligibility in late 2030 (as things are now). But the cost of moving for 3-5 years doesn't seem worth it. I'm just holding on and seeing what happens with health care here in the next 5-8 years.
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Old 11-30-2020, 10:59 PM   #10
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Years ago we considered that but after delving deep I discovered that to maintain our quality of life there wasn't much in the way of saving. I have Fed retirement and Fed health insurance which can be used out of the US so that wasn't the issue. The parents of my niece, who are Mexican, don't even want their daughter to visit so Mexico isn't an option.

You are better off finding a place in the US with a low cost of living.
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Old 12-01-2020, 12:08 AM   #11
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Based on your listings, have you also looked at Panama?

I love Panama, def would consider it
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Old 12-01-2020, 08:22 AM   #12
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We loved the lifestyle of Mexico. We weren't afraid to drive the country and saw some awesome places over the 3 years, full time. Also close to Belize. We just drove over and spent a few weeks there.

We still spend a month there every year on average. I'd consider any of the countries you mentioned. Costa Rica is one on the expensive side... DW just visited friends in Tamarindo in Dec.
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Old 12-01-2020, 08:44 AM   #13
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Quote:
Originally Posted by JoseSantiago View Post
Countries I've looked at:

Southern Italy (super bargain prices)
Mexico
Colombia
Ecuador
Peru (this one has gotten a little more expensive)
Costa rica (also more expensive now from when I began looking)
Serbia
Paraguay
Serbia seems to be somewhat of an exception here.
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Old 12-01-2020, 01:59 PM   #14
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Serbia seems to be somewhat of an exception here.
Wasn't on my radar till this summer. I went mainly because lack of restrictions and it turned out to be a blast, and pennies on the dollar compared to most of Europe.
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Old 12-01-2020, 02:25 PM   #15
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Wasn't on my radar till this summer. I went mainly because lack of restrictions and it turned out to be a blast, and pennies on the dollar compared to most of Europe.
How about Croatia, Romania, Bulgaria? All nice.
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Old 12-01-2020, 02:38 PM   #16
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For a single guy Colombia would be my first choice!
No doubt about it. Great place to be a single man.
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Old 12-01-2020, 07:16 PM   #17
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I vacationed in Panama in Dec 2000 . The heat and humidity made Miami look like Alaska. Driving road rules in Central and South America are strictly optional. Cops can get bribed, money talks if one gets in that situation.
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Old 12-01-2020, 09:04 PM   #18
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How about Croatia, Romania, Bulgaria? All nice.
Haven't been... Yet.
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Old 12-01-2020, 11:44 PM   #19
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Haven't been... Yet.
We liked this place:

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Old 12-02-2020, 12:43 AM   #20
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Appreciated 😊
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