Are you a late-career professional with a less than stellar nest egg? Your retirement concerns are valid, and you’re not alone. The financial crisis hit us all hard, but there are still ways to find a retirement fix.
One of my favorite options: moving abroad.
Here’s why and how it could become your retirement fix.
Lower Cost of Living
When I was living in the US, I felt like I had little control over my retirement savings. I could only cut my expenses so far, and definitely couldn’t raise my corporate income. I spent all day worried about retirement and having enough money. Living abroad, that all changed. I was in a crisis for retirement savings, but pulled myself out of it, thanks (in part) to the lower cost of living I now enjoy.
Today there are many developing countries where you can live comfortably on a fraction of what you did in the US. If your nest egg is small, it will stretch a lot further in one of these countries. Some (like Thailand) offer special visa programs for retiring expats.
Why should I retire overseas?
Since you’re reading this post, you probably already have some inkling of the benefits of retiring overseas. The thought has crossed your mind, and now you just need to do your research and decide if it’s a path you really want to follow.
But if you need more than one reason “why” you should retire overseas, you’ll probably find it here. Retiring overseas has become a wildly popular option for a lot of reasons:
You can stretch your retirement savings longer
This is the biggest reason to retire overseas for many. Your nest egg isn’t quite as big as you thought it would be. Or more realistically, living has become more expensive than you thought it would be.
Retiring overseas in a more affordable country is the fix. Housing, food, medical care, everything comes at a discount price. You can stretch your retirement savings longer, and reduce the chances you’ll need to rely on your kids for help later down the line.
A change of scenery
You could easily live another 20 years after retirement. Possibly 35. Do you really want to spend your Golden Years cooped up in the same old town you’ve always lived in?
Thanks to commercial flight the world is at your fingertips, and you aren’t even old yet. You can relocate, experience a new culture, food, people, scenery, way-of-life. And you can start doing some of that living you
Don’t Get Worried About Retirement Healthcare Costs
One of the main reasons many need a retirement fix is healthcare costs. Medical treatment in the US is the most expensive in the US, and insurance coverage probably won’t improve anytime soon, especially for older people.
Healthcare costs in retirement is the biggest question mark for many. The total cost for a couple over 65 to pay for medical treatment over a 20 year period averages $218,000. Have you saved enough?
That’s why moving abroad is a great retirement fix. Not only is the cost of living low, but healthcare costs haven’t been subject to artificial inflation. Meaning you can pay for a hip surgery out of pocket.
Sure, your Medicare benefits won’t transfer over, but remember that old age is when you’ll likely need the most medical treatment in your life. The tradeoff is worth it, especially in countries like Thailand. Their hospitals are world class, full of Western-trained doctors and nurses delivering a 5-star medical experience, all at a price you can afford.
Fight the Inevitable Retirement Concerns
Not having enough money isn’t the only reason some of you are worried about retirement. There’s also the prospect of job loss, a serious reality for many, thanks to robots and Millennials.
Many people lament how the “robots are taking their jobs,” myself included. But it does come with some perks. You can start an online business, or control your assets remotely, all thanks to the internet.
Because my employer and age capped my income, I decided to develop additional streams of income as a retirement fix. Much of the extra cash I earn flows through the internet, so no matter where I live, I can still count on that money. In my opinion, it’s the best business to start over 50.
This is completely thanks to technology.
Do something similar as part of your retirement planning, and you can boost your savings and continue to earn money after your corporate career ends.
Starting an online business or investing in other assets online while you’re still working your corporate job is a great way to fight the inevitable. If you eventually do lose your job, you’ll already have other income to fall back on. Plan to move abroad, and you can stretch it very, very far.
If you’re looking for a retirement fix, there are a lot of reasons why moving abroad could be your solution. And I didn’t even mention the life-enriching experience of living in a different culture.
If you don’t know where to start, we can help. Join our subscriber list to learn more about making smart retirement decisions and having enough money for your future.