Can I retire in a low COL country with $500K?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Check out the leanfire and expatfire subs on reddit. $500k would be extremely lean, but if you let it compound for a few more years, it's possible.

Possible, maybe. A good idea? Probably not. Living one unexpected expense away from bankruptcy hardly seems like a recipe for a rewarding and comfortable retirement.

Spend less, save more.

What if I’d rather live large in a third world country than live frugally in America?

The Baltics are not third world. Living on countryside is extremely cheap.

Terrible weather

[Anonymous]

Wouldn't you want to consider a place where there's reasonablely good medical care in anticipation of aging? Costa Rica and Georgia are the 2 last places that come to mind

[Anonymous]

Create alternate streams of income. Rent out a room or two in your house, pet-sit, get another job, become a vegan, sell stuff in etsy, become a youtuber. Live on 1/2 of what you make. You will be fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Check out the leanfire and expatfire subs on reddit. $500k would be extremely lean, but if you let it compound for a few more years, it's possible.

Possible, maybe. A good idea? Probably not. Living one unexpected expense away from bankruptcy hardly seems like a recipe for a rewarding and comfortable retirement.

Spend less, save more.

What if I’d rather live large in a third world country than live frugally in America?

It depends on how you define "living large". 3rd World countries implicate a host of potential issues from economic and political instability and undemocratic governments, to poor quality/limited availability health care, lower life expectancies, limited public services, poor infrastructure, public corruption, pollution, and crime. Obviously, not all of these issues are present in every 3rd World country, but they define the term. You may be relatively wealthy in such environments while still experiencing a relatively poor overall quality of life compared to retirement in a 1st World country.

It depends on what you value. If you prioritize cheap food and housing and household help over all else, go for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Check out the leanfire and expatfire subs on reddit. $500k would be extremely lean, but if you let it compound for a few more years, it's possible.

Possible, maybe. A good idea? Probably not. Living one unexpected expense away from bankruptcy hardly seems like a recipe for a rewarding and comfortable retirement.

Spend less, save more.

What if I’d rather live large in a third world country than live frugally in America?

It depends on how you define "living large". 3rd World countries implicate a host of potential issues from economic and political instability and undemocratic governments, to poor quality/limited availability health care, lower life expectancies, limited public services, poor infrastructure, public corruption, pollution, and crime. Obviously, not all of these issues are present in every 3rd World country, but they define the term. You may be relatively wealthy in such environments while still experiencing a relatively poor overall quality of life compared to retirement in a 1st World country.

It depends on what you value. If you prioritize cheap food and housing and household help over all else, go for it.

And, don't forget that immigrants to such countries may not be welcomed and may not easily integrate into society. There will be cultural, language, and possibly ethnic/racial distinctions you'll never fully overcome because you're not a native. The host country population will generally be less educated than you may be, since you're coming from a 1st World country. You may never be able to fit in.

[Anonymous]

You can if you live their equivalent of a middle class lifestyle rather than the American version.

When I was in Georgia, I saw a very lovely lifestyle. Amazing food, beautiful cities and countryside, lots of religious events, etc. However, even MC professionals often drive beaters or didn’t have a car at all. Women had few articles of clothing because it was so expensive. It was not uncommon for a woman to repeat an outfit twice in the same week. MC US lifestyle looks luxurious there.

A former coworker retired young (55) and went to Mexico. Culturally everything was fine, but she was blowing through her savings at an alarming rate because she was trying to live like her friends in the US. She had to come back to the US and is now working FT at 68.

[Anonymous]

Anonymous wrote:Wouldn't you want to consider a place where there's reasonablely good medical care in anticipation of aging? Costa Rica and Georgia are the 2 last places that come to mind

Costa Rica has amazing health care. People go there for medical tourism.

[Anonymous]

Costa Rica has good cheap medical care. I've lived in several countries both first and third world. The U.S. has - by far - the worst health care system I have ever encountered. Even if you ignore expense - a $30 hospital visit in Taiwan or Costa Rica costs about $750 here. The doctors are not asking me about insurance companies - the admins are not rude - i don't sit in dingy waiting rooms with sick people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wouldn't you want to consider a place where there's reasonablely good medical care in anticipation of aging? Costa Rica and Georgia are the 2 last places that come to mind

Costa Rica has amazing health care. People go there for medical tourism.

$500,000 is probably not enough for even a very frugal American to retire in costa rica. Though I guess a lot depends on how long you think you'll live.

[Anonymous]

Anonymous wrote:Wouldn't you want to consider a place where there's reasonablely good medical care in anticipation of aging? Costa Rica and Georgia are the 2 last places that come to mind

Suggesting that Costa Rica doesn’t have “reasonably good medical care” does nothing but embarrass you by showing your ignorance. Have you ever even left ‘Merica?

[Anonymous]

Ecuador, Vietnam, Malaysia

[Anonymous]

I stayed in a town in Mexico that was popular with American retirees for about a month learning Spanish. I made friends with a few. They were very cheap when it came to getting lunch and things like that. So my perception is that they don’t even have a middle class lifestyle in this low cost country. For me it would not be worth it

[Anonymous]

No. Especially not in 30 years. Start saving. Even if you want to move to a cheaper country you've got to have enough money to move back if necessary.

Just put your saving on autopilot. It will be more money sooner than you think.

[Anonymous]

Anonymous wrote:I stayed in a town in Mexico that was popular with American retirees for about a month learning Spanish. I made friends with a few. They were very cheap when it came to getting lunch and things like that. So my perception is that they don’t even have a middle class lifestyle in this low cost country. For me it would not be worth it

I’ve spent a lot of time in Latin America, and by and large North American expats (USA and Canada) are weirdos, outcasts and nobodies who couldn’t make it up north and moved to Latin America basically to exploit the locals and engage in sex tourism. Most don’t even bother to learn Spanish, and yes they’re cheap AF. It’s all rather depressing and disgusting. I cannot stand them, and frankly they embarrass me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wouldn't you want to consider a place where there's reasonablely good medical care in anticipation of aging? Costa Rica and Georgia are the 2 last places that come to mind

Costa Rica has amazing health care. People go there for medical tourism.

$500,000 is probably not enough for even a very frugal American to retire in costa rica. Though I guess a lot depends on how long you think you'll live.

+1 one of my dear friends lives in Costa Rica as an expat, he is rich. It is actually quite expensive to live in the safe scenic expat part and while there is excellent private medical care (often provided by expat doctors) you need to be able to pay for it.