How To Retire Overseas
The Two Most Valuable Things I’ve Learned In My Dozen Years As An American Abroad, Part II
Aug. 26, 2009
Panama City, Panama
PLUS:
- Crooked Baggage Handlers, Phony Police, And Taxi Payoffs...Bangkok Travel Tips...
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Dear Live and Invest Overseas Reader,
Here's the second most valuable thing I've learned in my years as an American abroad: You've got to show up. Woody Allen once said that this is 80% of life.
Do your research, make your plans, then take the leap. Don't spend your best and healthiest years analyzing and planning. These are years of your life that you'll never recover.
I've met many people who've been thinking about living or retiring overseas for years. They can tell you how to get a visa, where to open a bank account, how much to budget for rent, and the per-square-foot price of buying a home in a dozen different countries. Still, they're deliberating, weighing the options, not quite sure that the time is right. To these people, every one, I've said, just do it. Pack your bags and go for it. What's the worst thing that could happen?
A couple of years ago at a conference in the Dominican Republic, for example, I met a gentleman, an American from Tennessee, who explained that he had been researching opportunities in that country for two years.
"I'm convinced the DR is a place I want to be," he told me, "but I'm just not sure the timing is right."
"Have you considered other options?" I asked.
"Well, before I started looking closely at the Dominican Republic, I researched Costa Rica for four years."
"What did you end up doing there?"
"Oh, I never did anything. After four years of looking, prices had risen so high that I figured it no longer made sense."
"Ah, well, that happens," I offered.
The truth is, it happens a lot. I have business associates who follow a strategy they refer to as, "Ready, fire, aim." I think it works for life, too. That is to say, as friend and 20-year retiree overseas (since the age of 35) Paul puts it, "You can plan to retire overseas...or you can retire overseas and then make some plans."
Carry out your due diligence. But realize that, all the while you're researching, your life is passing. That gentleman from Tennessee I met in the Dominican Republic was so worried that another, better option might come along that he could never bring himself to carry through with any one particular choice. He was a smart guy, but he continually second-guessed himself, his thinking, the timing, and the options. He kept researching and investigating and scouting, trying to identify the right time to move and the best place to go.
There is no "right" time, and there is no "best" place.
On the eve of our third international move, to Panama City last summer, a friend asked, "Why Panama? Why now?" I think she was looking for a clear-cut response that would have made the case for why right now is the right time and for why Panama is the best place, and I fear I likely disappointed her. Panama makes a lot of sense for a lot of reasons, but is it the best place for me or you or anyone thinking about spending time or money right now? Who could answer that question? Not me.
I can only tell you, as I told my friend, why we're in Panama right now: Because it's a better place to do business than France. For us, right now, that's a reason. I'm building a publishing business, and my husband is building a real estate business. We like France, and we were happy in Paris, but we're not stupid. And, frankly, I think you'd have to be at least a little daft to try to indulge entrepreneurial inclinations in that part of the world. France is the least entrepreneur-friendly jurisdiction I know.
Why did we settle in Waterford, Ireland, a dozen years ago? I was relocated to Ireland by the company I was working for at the time, but why Waterford specifically? Because my then brand-new husband was considering investing in a real estate development just outside that city. That project didn't pan out, but, meantime, the choice had been made, and Waterford became our home.
Why did we begin spending time in Paris? Because our daughter suggested it. She was interested in studying in France, so we took the opportunity for a family sojourn on the Continent.
Sometimes life takes you by the collar and pulls you along. Sometimes it waits for you to create your own momentum. I say again, there is no best opportunity, and there is no right time. So here's what you do: You do something right now. If your life's circumstances aren't conspiring to pull you in the direction of new horizons, get yourself up to start chasing them.
"But...but...but," you may be thinking. But what? What's holding you back?
You're worried you can't afford it? I've shown you that you could retire and live well in Cuenca, Ecuador, on less than US$700 per month, in Leon, Nicaragua, on less than US$1,000 per month, or in Salto, Uruguay, on as little as US$1,100 per month.
Perhaps you're worried it'll be a lot of hassle and work. You're right. It will be. It's easier to stay put and to do nothing. But where would that leave you at the end of the day? What stories would you have to tell? What adventures to remember?
Maybe you don't like the idea of moving far from your children or grandchildren? Don't. Try Panama or Mexico. A new life in either of these countries could put you no farther from your loved ones than a move to Oregon, say, or southern California. You (and they) could even drive to Mexico for visits.
Perhaps you're generally scared to death. What are you afraid of? That your new life won't work out as you hope and expect? So what? You could always return home. Or move on. Again, there's no "right" place, and trying different places on for size is part of the fun. For some, like our Intrepid Correspondents Paul and Vicki, it is the fun.
On the other hand, maybe you're not worried your living and investing overseas plans might fail. Maybe you're worried they'll succeed. Where would that leave you?
I can't imagine. But you can.
Kathleen Peddicord
P.S. I'm out the door now to the airport to catch a plane to New York to spend time with my daughter, who's preparing to start her third year of university study in that city. While I'm in town, I'll also meet with the editor and publicist for the book I'm writing for Penguin (from which today's essay is excerpted). More soon, from the Big Apple...
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"Corruption and theft at the Bangkok airport continue to torment travelers," writes Intrepid Correspondent Paul Terhorst from that part of the world.
"Last week, the Thai prime minister, who's been silent on the subject, went out to the airport and ordered his people there to clean house. I take that to mean that nothing substantive will be done--it's easy to make speeches, hard to find culprits. I'd bet that the scams will get worse in the coming months.
"Three areas cause most concern: crooked baggage handlers, police, and taxi drivers.
"Vicki and I avoid baggage problems by traveling with carry-on luggage only. I suggest you do the same. If you must check luggage recognize that anything run through the Bangkok airport luggage system is liable to get stolen.
"The police or phony police have been arresting tourists on trumped-up shoplifting charges, then extracting huge sums to let them go. See details at www.thaivisa.com. As a result, Vicki and I never go into airport shops, duty free or otherwise. If you must buy something, recognize you're liable to be arrested for shoplifting or otherwise shaken down.
"Finally, here's my tip of the day: Instead of taking a taxi from the regular, authorized arrival area, go up the escalator to the departure area. On the sidewalk there you'll find a line of waiting taxis, just like down below. But these drivers haven't had to pay anyone off. They also know you're a savvy traveler, exiting the airport the way you did. Drivers will be happy to turn on the meter if you ask, and happy to take you where you want to go via the most direct route."
"Kathleen, I lived in Singapore. Very expensive, as you say. Johore Bahru is cheaper, again, as you say, but not so safe.
"Enjoy your e-mails."
-- John H., United States
"Kathleen, it's high time you put some 'seas' in your Overseas Opportunity Letter! I've been subscribing to your publication for some time now and always enjoy learning about the ideal dry land locations for retiring and living ashore. I own a 34-food cruising sailboat and plan to visit many of the locations you've covered firsthand by boat.
"I'm sure the things that Melinda L. and her husband propose to write about would be of great interest to sailing retirees like me. Articles that incorporate local conditions for mariners would benefit all retirees and give a more complete and comprehensive view of the areas being explored.
"I'm particularly interested in the availability of marinas and dockage. The basics should include: short- and long-term slip rental, available draft, fuel prices for gasoline and diesel, and available amenities. Cruising magazines often cover exotic ports along with interesting narrative, but most often fail to report the type of information necessary for the cruising sailor to make informed destination decisions.
"I'll be cruising many of the ports in Central and South America this fall and would be glad to share any nautical information I've gleaned with your readers.
"Thank you for all your efforts in providing such useful information to retirees.
"Smooth Sailings, all."
-- John G., United States
Very much look forward to hearing more soon, dear reader. |
