Why Retire Overseas?
No Right Reason, No Best Time…
June 7, 2009
Panama City, Panama
PLUS: This Cost-Of-Living Thing Is An Utter Enigma...Should You Buy In Fortaleza, Brazil?..Should You Buy Pre-Construction?...Off The Radar On Mexico's Coast...
AND: How Much Money Do You Need To Retire Overseas?...
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Dear Overseas Opportunity Letter Reader,
"We'd been talking about moving to Panama for a couple of years. I decided the time was right. Our kids were off at college. I was ready to leave my marketing and PR position in California. I wanted to start the adventure we'd been dreaming about for so long.
"I approached my husband to say, 'It's time. Let's go for it!'
"He told me that he'd decided he didn't want to move to Panama. Instead, he wanted to get a divorce.
"So we got a divorce. And I was faced with figuring out what to do on my own.
"I came to Panama anyway," explained my new friend Friday evening. "I haven't looked back, and I'm having the time of my life."
Our Intrepid Correspondent Paul Terhorst took early retirement and began his overseas adventures more than 20 years ago because the accounting firm he was working for decided to pull him out of Argentina. He and his wife had grown to like Buenos Aires, where Paul's firm had assigned him a couple of years earlier. When his superiors told him the BA posting was over, he told them his retirement had begun.
Another friend took early retirement about seven years ago, when the engineering firm he was working for was bought out by a larger one. He saw the corporate restructuring as a chance for a bigger change. Instead of moving up the company ladder, he and his wife moved down south, to Cuenca, Ecuador.
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, seven years later, 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.
Why now Panama? Because it's perhaps the best jurisdiction in the world right now for starting a new business.
There are no right or wrong reasons for picking yourself up and heading off into the great unknown of a new life in a new country. And your reasons don't have to make sense to anyone but you.
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 place 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'll show you in these pages that you could retire and live well in Cuenca, Ecuador, on as little as US$660 per month or in Salto, Uruguay, on as little as US$1,100 per month.
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?
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 would put you no farther from your loved ones than would a move to Oregon, say, or southern California. You (and they) could even drive to Mexico for visits.
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.
Maybe it is the fun.
On the other hand, maybe you're not worried your retire 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. What else this week?
- Cost of living is one of the first and most important considerations to address as you research the possibilities for a new and better life overseas. It's also one of the most complicated. Frankly, this cost-of-living thing is an utter enigma. How much would it cost you to live in Panama? I can't answer that question for you. You've got to arrive at an answer yourself. Here are two (very different) guideline budgets to help with your ciphering. The answer to the question, How much will it cost me to live in Panama? has everything to do with where, exactly, in Panama you decide to settle...
- Mexico Correspondent Akaisha Kaderli shares details of her favorite off-the-radar beach town in that country: "My husband Billy and I debated as to whether or not we should share details of this with you," she explains, "but here goes...
"You know that one particular safe harbor, that majestic place where life is simple and straightforward, a location where you can kick back and let the world turn without you?
"That's Caleta de Campos. You won't find it on most Mexican maps. It's a small village perched on high cliffs around a picturesque bay, a rustic but dazzling beach town..."
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