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Home Retirement/Living

Escape Plan

Kathleen Peddicord by Kathleen Peddicord
Nov 02, 2008
in Retirement/Living
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How To Retire Overseas
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The Retire Overseas Escape Plan

Want to get out…start over…move on?

One day post the U.S. presidential elections, here are your best options:

1. Invest in the apartment of your dreams on the Continent

 If Continental living is your long-term plan. Do it now.

First, your U.S. dollars have more buying power in euro-land right now than they’ve had in two years. I wouldn’t bet on this continuing indefinitely, but, today, you have a window of opportunity to stretch your Greenbacks in this part of the world.

Second, markets are down across Europe. Prices are soft, and sellers are open to offers.

Third, foreigners can finance.

Where would you like to retire? Paris…Rome…Florence… Madrid? Buy a modest apartment in your favorite Continental city today…with financing. Put enough down to ensure that rental income from month one is enough to cover your mortgage and all related expenses (insurance, taxes, building fees, utilities, and rental and property management fees). Rent the place out until you’re ready to move in yourself. This works for nearly any retirement horizon, but the further you are from that red-letter day, the more time you have to use someone else’s money (your renters) to pay down your mortgage.

2. Buy a building lot

in the country where you eventually want to end up. This makes particular sense if you’ve got a three- to eight-year retirement horizon, because it allows you to buy early, even pre-launch, in a new retirement community overseas, meaning you should get the best possible price on your lot. Then, by the time you’re ready to retire, the community should be fully built out, all amenities and infrastructure in place.

Unless you want to use the place for vacations in the meantime, you’re far better off buying the lot now but waiting until your retirement is, say, a year off to build your home. Buying or building a house today means carrying costs each year between now and when you eventually retire.

This strategy can work nearly anywhere, but is particularly appealing in a place like Nicaragua, Ecuador, Panama, or Uruguay…all highly affordable retirement havens with great weather (Panama City aside) and no shortage of developers working hard to cater to the foreign retiree buyer. Furthermore, those developers are hungry right now. Show up today with cash, and you’re certainly in the driver’s seat.

3. Think really exotic…and cheap.

How could you escape today…even if you’re young and not super-wealthy? Look beyond the typical overseas retirement havens to more exotic choices…like India, Bali, Sri Lanka, and Thailand. These are places where you could retire comfortably on just a few dollars a day.

 

Kathleen Peddicord

Tags: retire overseasRetire Overseas Plan
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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