Are you a late-career professional with a less than stellar nest egg? You’re worried about retirement, and you’re not alone. The financial crisis hit us all hard, but there are still ways to find a retirement fix.
One of my favorite options: moving abroad.
Here’s why and how it could become your retirement fix.
Lower Cost of Living
When I was living in the US, I felt like I had little control over my retirement savings. I could only cut my expenses so far, and definitely couldn’t raise my corporate income. I spent all day worried about retirement and having enough money. Living abroad, that all changed. I was in a crisis for retirement savings, but pulled myself out of it, thanks (in part) to the lower cost of living I now enjoy.
Today there are many developing countries where you can live comfortably on a fraction of what you did in the US. If your nest egg is small, it will stretch a lot further in one of these countries. Some (like Thailand) offer special visa programs for retiring expats.
Don’t Get Worried About Retirement Healthcare Costs
One of the main reasons many need a retirement fix is healthcare costs. Medical treatment in the US is the most expensive in the US, and insurance coverage probably won’t improve anytime soon, especially for older people.
Healthcare costs in retirement is the biggest question mark for many. The total cost for a couple over 65 to pay for medical treatment over a 20 year period averages $218,000. Have you saved enough?
That’s why moving abroad is a great retirement fix. Not only is the cost of living low, but healthcare costs haven’t been subject to artificial inflation. Meaning you can pay for a hip surgery out of pocket.
Sure, your Medicare benefits won’t transfer over, but remember that old age is when you’ll likely need the most medical treatment in your life. The tradeoff is worth it, especially in countries like Thailand. Their hospitals are world class, full of Western-trained doctors and nurses delivering a 5-star medical experience, all at a price you can afford.
Fight the Inevitable
Not having enough money isn’t the only reason some of you are worried about retirement. There’s also the prospect of job loss, a serious reality for many, thanks to robots and Millennials.
Many people lament how the “robots are taking their jobs,” myself included. But it does come with some perks. You can start an online business, or control your assets remotely, all thanks to the internet.
Because my employer and age capped my income, I decided to develop additional streams of income as a retirement fix. Much of the extra cash I earn flows through the internet, so no matter where I live, I can still count on that money. In my opinion, it’s the best business to start over 50.
This is completely thanks to technology.
Do something similar as part of your retirement planning, and you can boost your savings and continue to earn money after your corporate career ends.
Starting an online business or investing in other assets online while you’re still working your corporate job is a great way to fight the inevitable. If you eventually do lose your job, you’ll already have other income to fall back on. Plan to move abroad, and you can stretch it very, very far.
If you’re looking for a retirement fix, there are a lot of reasons why moving abroad could be your solution. And I didn’t even mention the life-enriching experience of living in a different culture.
If you don’t know where to start, we can help. Join our community to learn more about making smart retirement decisions and having enough money for your future.
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