Retiring Outside the U.S. No Longer a Foreign Concept

[TotallyOz]

Retiring in another country used to be a foreign concept to most Americans but it

[Guest fountainhall]

That

[TotallyOz]

I recently read on another site that there are some guys in their 60s living in Thailand without any healthcare coverage at all. One poster put forward the view that if you stay fit and lead a fairly heathy lifestyle, the amount you save in healthcare premiums will more than cover your costs here in Thailand - even if you require major items like open-heart surgery. That is a gamble I certainly would not be prepared to take.

 

I agree. That seems like rolling the dice with your life. I have seen firsthand the treatment that you get in Thailand if you don't have coverage or you don't have money. If you have one or the other, you will be fine and well taken care of. However, to go without either is nuts. IMHO

[Jason1988]

Americans retiring outside of the US is not a new concept. Back in the early 1980's I went on a tour to Lake Chapala Mexico that was the home of many American and Canadian retirees. They were attracted to that area as the medical care is very good with the teaching hospital being a short drive away in Guadalajara. The university of Guadalajara medical school also owned a large hotel in Lake Chapala. The The Hotel Real de Chapala is located in Ajijic Jalisco, 50 kilometers away of Guadalajara City just 25 minutes from the International Airport of Guadalajara, on the shore of Lake Chapala, with 85 rooms among them 5 Suites. Ajijic is and was an artist's area with many interesting places to visit.

 

When I read these articles in International Living I often wonder how many people think that living outside of the USA is a new idea. Actually, it is quite an old idea that is being brought back to life because of the recession.

 

Photo of Lake Chapala

[Guest fountainhall]

UK retirees have been basing themselves outside the country for even longer. To begin with, it was the rich and famous escaping the ridiculously taxes at home. Then the increasingly affluent middle class began to like the idea of escaping Britain's cold winter weather and purchased homes in warmer Mediterranean countries like Spain, Portugal, France and Italy, homes which would go on to become retirement destinations. The expanding European Union introduced a degree of reciprocal healthcare cover making it even more attractive for those registered with the British National Health Service. The flood-gates opened with the advent of low-cost carriers making it cheap and easy to stay overseas, yet still get home regularly to see family and friends. Whole retirement communities sprang up, particularly near beaches and golf courses in Spain.

 

Yet, the boom and the dreams of many have been followed by bust. Airlines like Ryannair gave up many routes when local airports raised their landing fees. Suddenly, that 20-minute drive to the airport for a cheap flight became a much, much longer trek and a more expensive ticket. Worse, new retirees having purchased their unbuilt dream homes began to discover that developers were going bust with increasing rapidity, and they had little legal recourse. Suddenly, the retirement overseas option became less attractive to a whole lot of people.

 

In the end of the day, there is surely little difference between Mexico, Thailand or Spain. The keys to retiring overseas are (1) health

[Guest]

Is International Living worth the subscription? I recently saw a link to that & am contemplating a subscription.

 

I'd like to at least semi-retire abroad before reaching 50.

[Jason1988]

Is International Living worth the subscription? I recently saw a link to that & am contemplating a subscription.

 

I'd like to at least semi-retire abroad before reaching 50.

 

I have enjoyed the magazine for quite a while now. Is it worth it? Probably not. It's geared more to those that are looking for investment opportunities abroad. Changing their lifestyle from corporate america to a slower pace in another country.

 

A few years back they had some articles about retiring in Thailand. I believe that it was focused on Chiang Mai. If memory serves me right it was about 30% less to retire in Chiang Mai than Pattaya or Bangkok. Unfortunately, for many they would be bored to tears.

 

The best thing you can to to make sure that you retire young is to shore up your finances, invest wisely and learn to trade stocks or currency as an example. An online business is also a great way to have a nice income to accompany your savings, investment and pension, etc.

 

On another thread you mention an underwear interest. A friend of mine had a shop like that and over the last few years took it online. He has since closed up his shop and derives a substantial income from his web based business. He sells brand names but if I were him I'd include another brand of my own that would give me even more profits.

 

There are so many ways to retire young and all it takes is the intestinal fortitude to start a course of action.

[aussie_]

The best thing you can to to make sure that you retire young is to shore up your finances, invest wisely and learn to trade stocks or currency as an example. An online business is also a great way to have a nice income to accompany your savings, investment and pension, etc.

 

There are so many ways to retire young and all it takes is the intestinal fortitude to start a course of action.

 

I have been looking at various options of where best to invest funds upon retiring to live in Thailand after moving from Australia. There are so many taxation and other considerations that I have decided to see a tax accountant/financial advisor before making any big decisions. It would be interesting to hear from any Thailand retirees or others about your tactics regarding maintaining your financial security when moving/retiring to Thailand.

[Guest lonelywombat]

reply to aussie

 

You need to give more info than that to get even the slightest help. How old are you. Do you have DIY super.Do you own property in Australia and do you plan to sell.

 

I am currently assisting a self funded retiree who has his own DIY fund , invested mainly in banking shares with a yield of just under 7% with 100% dividend imputation , worth another 3%. His fund is still in accumlation mode and he is trying to transfer as much into his fund as he can afford.

 

That is vastly different to another whose lump sum on retirement is just over 2 years salary. he owns nothing. His main worry is how to qualify for the maximum old age pension.

 

Both could ask the same question and get vastly different replies.

 

My advice to you is to not do anything permanent, until you are certain you can live in LOS and not die of boredom. Your money is safer back in OZ , the tax regime is easy to understand and if you get sick make sure you have a place to come home to for you free medical benefits.

[Guest fountainhall]

I am currently assisting a self funded retiree who has his own DIY fund , invested mainly in banking shares with a yield of just under 7% with 100% dividend imputation , worth another 3%.

I sure would love to have some information on that fund!

[aussie_]

Thanks for the advice Lonely.

 

I have just been reading the following thread on Thai Visa forum which is quite interesting for those considering retirement in Thailand:

 

My link

[Guest]

The best thing you can to to make sure that you retire young is to shore up your finances, invest wisely and learn to trade stocks or currency as an example. An online business is also a great way to have a nice income to accompany your savings, investment and pension, etc.

 

I've been investing in stocks for a long while, but the only currency element to my portfolio is international stocks. I'm not smart enough to trade currencies. An on line business would be a good next step, particularly if I can configure it to avoid being tied down to living on one country.

 

I was wondering if a magazine like International Living might contain some useful articles on tax havens & the like.

[Jason1988]

International Living does have information about tax havens, camouflage passports, investments, etc. Unfortunately, once they have you on their email list you get bombarded with all types of offers. Some are good and others are not. Even some of the information by their authors is suspect. If you do subscribe, be aware that there is a possibility of scams.

 

My suggestion is always to look at everything on offer, do your own research, then make your own decision. If it were that easy to become wealthy, there wouldn't be so many schemes to take unsuspecting people in. Always remember that greed usually overrides common sense.

 

Slow methodical investing doesn't give the huge returns that you can achieve in a successful business but for the average Joe, it is the only way to get to your goal.

[Guest]

Don't worry, I never spend money on anything without doing my own research. After all, many journalists cannot even add up, including some of the financial ones.

"International Living" could be given my almost redundant AOL address,which would cure the spam problem.

 

I presume you consider it to be good enough to renew the subscription?

[Jason1988]

Don't worry, I never spend money on anything without doing my own research. After all, many journalists cannot even add up, including some of the financial ones.

"International Living" could be given my almost redundant AOL address,which would cure the spam problem.

 

I presume you consider it to be good enough to renew the subscription?

 

For me yes, but I view reading publications as enjoyment, not for the information as it is sometimes flawed. I enjoy doing my own research.

 

As an example The Wall Street Journal is a newspaper that business people read for information. I can't tell you how many timed they were wrong. Due diligence is the keyword here. With any investments there are risks. Many have seen their financial foundation be reduced 30%-50% in the last few years. It's just starting to come back for some. But for others, they've lost a bundle.

 

I've always had a sixth sense about investing and have beat the market. I wish I could say the same on visits to Las vegas!

[Guest]

I've always had a sixth sense about investing and have beat the market. I wish I could say the same on visits to Las vegas!

Actually, I have made good money from gambling, the only way I know how. Buying & selling shares in bookmakers such as William Hill, Ladbrokes & 888.