Retirement Planning

Retiring Abroad Doesn’t Have to Be Scary (Here’s A Story to Prove It)

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http://www.myretirementrehab.me/podcast/retiring-abroad-doesnt-have-to-be-scary/

When it comes to retirement planning, most people default to the established model of putting their savings into traditional investment vehicles, crossing their fingers, and hoping for the best. One problem with this approach is that you are effectively putting your future in the hands of the market and/or your investment manager.

In this episode, we talk about an alternative retirement strategy that involves leveraging certain professional, cultural, and financial benefits that come with living and working outside of the U.S. In other words, we share some ideas around how you can accelerate your retirement timeline or extend your financial runway by becoming a U.S. expatriate.

We start by covering Ian’s personal transition from the U.S. to Dubai, which was initiated by an employment opportunity that required him to relocate indefinitely. Next, we talk about some of the benefits and sacrifices that come with expat lifestyle and share some resources for helping you determine whether retiring abroad is an attractive option for you. Finally, we discuss a few different ways to test the waters for retiring abroad and share an example from a real-world couple who is making the leap right now.

Key Takeaways

Retiring Abroad Offers a Substantial Number of Benefits

Relocating to another country can feel like an overwhelming proposition, but it also comes with a host of attractive benefits. For starters, you can move to a country where the exchange rate for the U.S. dollar is favorable, which can instantly multiply the value of your nest egg.

Additionally, you open yourself up to a whole new world of personal and professional networks, job opportunities, and cultural influences. Tune in to the episode to hear us discuss all of these benefits – and more!

You Will Also Have to Make Certain Sacrifices

Of course, moving abroad doesn’t come without its own set of challenges and sacrifices. Most people are worried about leaving behind their friends and family, but we talk about how technology and the global economy has made it easier than ever to maintain strong, long distance relationships and foster new relationships with people around the corner or around the globe.

You Don’t Have to Jump in Head First

There is a common misconception that retiring abroad has to be an “all or nothing” effort. While there are certainly people who are passionate about the expat lifestyle, there are many more who aren’t quite ready to make the leap. If you find yourself in the latter group, we share some advice and resources for testing the waters by exploring retirement opportunities in a temporary or part-time arrangement.

It’s A Realistic Opportunity for Anyone Who Is Interested

If you’re sitting there thinking, “This sounds great, but I could never make it happen,” then think again. We share the story of a real-world couple who has sold most of their physical assets and are relocating to Mexico as the first step in their journey to retiring abroad.

Just like Ian, these folks have taken their control of their future by liquidating their assets and moving abroad to instantly increase the value of their nest egg and extend their retirement runway. It’s a viable path for them to take and you can do the same!

Resources and Recommendations

Numbeo – The cost of living calculator that Ian recommends for evaluating a potential
https://www.numbeo.com/cost-of-living/

Retire Abroad: 49 Questions Answered – Ian’s first book that answers all of the most common questions around living and working abroad

Online Business Basics: Fund Your Retirement – Ian’s second book that provides guidance and resources for building a location independent business that can fund your retirement lifestyle

Additional Retirement Rehab Resources on Living Abroad
http://www.myretirementrehab.me/is-living-abroad-your-retirement-fix/

Retirement Rehab Homepage
http://www.myretirementrehab.me/

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