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Any retirees move overseas to reduce cost in retirement and do you regret it?

#11
(12-12-2018, 07:04 AM)JJNL Wrote: As you enter retirement, access to quality healthcare has to be a top priority..  Many americans who retire to third world countries, think they can dial 911 and an ambulance will be at their house in 10 minutes, BIG mistake

I would probably call Uber or Grab, etc. instead of an ambulance...Maybe even in the US, depending on circumstances.
 
Getting prompt care can also be an issue in the US.  I had a medical issue in the last year and if I was not able to get to a facility quickly, I do not know what would have happened.  My brother built a retirement home in the countryside, more or less, and it is probably at least 45 minutes from his house to anything.  I would not do that.
 
My wife and I also have a house in Southeast Asia, and spend about 3 months of the year there.  There is reasonably good medical care available and at much lower cost if you are near the big city.  But availability is certainly something that needs to be taken into account.
 
I visited Pattaya a couple of times in the 1990s. Believe this is where many of the troops went on R&R during the Vietnam War and it still had a bit of that feel. (e.g., Bars with kickboxing). 
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#12
The "canal zone" as it was commonly called from 1903 till 1999 is now part of Panama. A recent report indicates that Panama has the highest hourly wage than any other country in Latin America, I own a condominium in a golf community and use it sporadically, as many places abroad--it is much easier to get into them than to get out of them. I had mine listed for over one year without a single offer and have lowered the price significantly. During the last year or so I have noticed a rapid escalation of the prices of food at the grocery stores and restaurants, much about the same as an equivalent restaurant in the USA. A few pluses for retirees and expats---25% discount on air travel originating from Panama, prescription drugs, main meal at a restaurant (only the main dish and nothing else). Electricity in Panama is very expensive, cable w internet the same as the USA (about 80-87 a month), Uber's are very inexpensive and so are taxis.  This rapid change in prices is due to increased taxation to the numerous business that cater to locals and expats alike. Before making a final decision one should visit and rent for at least one month to capture to 'touch and feel" of the area you are contemplating to call home.
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#13
I have lived and worked abroad in several countries, and have toyed with retiring abroad. I have decided not to for a number of reasons. First and foremost is my grandson. Moving abroad, I might see him only once or twice per year, and that would be heartbreaking. It's also hard to impossible to move your pets with you, and waiting for them to die first could take an unknown number of years. When I've traveled on vacation, I've been keenly aware of the new things to experience and enjoy: new foods, amazing sights, warmer climate, whatever. But when you've lived abroad you also quickly become aware of the things you give up as well. You don't see your friends anymore. In most countries you must speak another language, all the time. That can be anxiety producing, especially with situations like seeing a doctor. And as much as I love Italian food for instance, I get tired of it by the time I've been in Italy for a week. When you get a craving for Chinese food in Rome, you quickly find the choices are slim to none; Italians as a rule like Italian food.
 
As to the financial side, I've heard and read all about what bargains expats feel they experience when they retire abroad. Yet look closely at Youtube videos as they show you around their South American apartments for instance and you see what they're leaving out. It's extremely expensive to move your belongings: furniture, books, cookware... so you have a big garage sale and sell it all first, and figure you'll buy things after you move. But the choices abroad are usually not as good, and often more expensive than what is available in the US, so expats find themselves with a futon on a cheap pine frame, and a couple of paper-shade lamps, and some cheap aluminum cookware that quickly becomes pitted. If you live in Peru, you can buy Peruvian foods fairly inexpensively. That's great when you're buying fresh fruit, at least at first. But then you buy the local ketchup and mayo, and notice they don't taste at all like Heinz or Hellman's.  You can special order them or have them shipped from the US, but that then negates any savings from your cheap local veggies.

   

A number of American cities are actually as economical to live in as popular foreign expat cities. It's worth taking the time to compare the cost of living index in places you might consider living. There are some unbelievable bargains in some cities for instance in the rust belt, such as this small brick house in excellent condition in Western PA which sold recently for $38,000 and has very low taxes. Try to top that in Belize, Panama.. wherever. Just below it is a similarly sized and quality house in Belize that was "just reduced" to $40,000.

   

   
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#14
One of the few things I can agree with you on, is if you are going to miss your grandson, or need a life that included everything American....then probably it would be a good idea to stay put. But comparing Peru???? that is more a 2nd or 3rd world country....nothing like the rest of SA....most places you can find Heinz products here....about the only thing I can't find is peanut butter but that is because most South Americans do not like the taste of peanut butter....I couldn't even find good peanut butter in Europe......but that isn't a deal killer....one item....but it is not impossible either....there are always friends traveling to the USA and they always bring me a supply of it.
 
And a 38,000 dollar home???? While it may be true...what kind of town is that and good is the quality of living there? It even looks very similar to the house of my mother's that just sold for $240k in a small town in MA...and it is cheap to live there...but the house price of 38k...I would hve to question the value and low taxes???? Ha....my ocean front villa tax bill this year went up a lot and was about $835...a similar type house in my old area of residence in Fl would cost me about  $15-18,000 a year and that area had a lower cost of living than the national average.....but hey...for 38-50k I can find you a nice simple house like you picture but it is within walking distance or a short bike ride to the beach in town that has much to offer and that would be considered expensive because it is high tourist area.
 
And food quality.....consider the steak houses in Brasil or Argentina.....they would rival or even surpass the best steak houses in NY and at half or less the price. Or, how about a complete fish dinner with the whole fish filleted and grilled and all the fixings including an appetizer and a simple dessert and coffee for about $5 each....that's the price I paid this week...and it was a bit pricey, but that is the way it is a beach resort town...you pay higher prices.
 
No comparison....SA life is not like American life.....but if you want a different life at a fraction of the cost.....SA is not bad place to be!!!!
 
I would highly recommend travel to places here is SA outside of Peru!!!!!
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#15
I moved to Brazil 15 years ago by choice. The lower cost of living was an added benefit. On a vacation, I fell in love with the place, invested in some ocean front land, it was a perfect property and  later after moving here my wife and I designed and built our own home on it. We invested in other properties along the way. Back then we didn't have a great deal of savings or investments, but as it turned out we made a small fortune. There are many places in all of South America where is it closer to first world rather than third world living, but at half the price. Everyone will have different ideas of what kind of place they like, big cities, small towns, coastal beach resorts, and everything in between. The only thing that could be a barrier is the language, but if you are open to learning something new, SA can be an amazing adventure, a retirement some can only dream about, and maybe an opportunity to turn a retirement in great instead of just mediocre. 


There are some places where you might even get by with English such as Santiago, Chile, I was quite surprised by this country the first time I visited, it is more first world and there is a fair amount of English spoken there.  Other places that were really enjoyable is Buenos Aires, which is closer to old world Europe than anything else, or Montevideo, Uruguay or if you prefer a beach atmosphere in Uruguay, Ponte del Este is the place to be which gets the more wealthy tourists from around the world. There are even some really nice places in Columbia if being closer to the USA is important to you. You can be a few hours flight into Miami from places like Cartagena or Santa Marta.......forget what the media portrays of these places to be........it is much more, and I find it to be a better quality of life....you have all the first world conveniences at half the cost.
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#16
I've stayed in touch with many ex-pats that I've met over the past several decades of travel. Some in S. America, mainly Brazil and Peru, some in C. America, mostly Mexico. Several have gone so far as to become Permanent Residents or Citizens of their chosen locale. As stated by several, the most obvious and frequent reason to repatriate is health and health care. Being closer to family is second on that list. My friends that have relocated in a more permanent fashion have done so to participate in their local economies.

One has started his own Hotel which is becoming a small resort, I'll visit him via Moto in November (hey riders). If financial reasons are your main consideration, I'd recommend you reconsider strongly. Otherwise, you might have a similar experience as Matt Damon in Downsizing. Or maybe that's the type of experience you're looking for.
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