Thinking about retirement?

[Frank Dernie]

I came across my notes on daily "comfortable" retirement costs in some different countries that are not too cold by my standards calculated from 2020 data presented in a graphic previously posted. Obviously inflation has altered the results but possibly this offers orientation for these select countries.

Here are those particular old ciphers in 2020 US$ amounts per day for a "comfortable" lifestyle average expenditure presented from lower to higher : India = $33.70/d; Colombia = $39.36/d; Mexico = $46.96/d; El Salvador = $52.58/d; Dominican Republic = $52.76/d; Morocco = $52.97/d; Indonesia = $53.07/d; Albania = $53.27/d; Guatemala = $61.95/d; Philippines = $67.46/d; Costa Rica = $67.66; Cyprus = $77.55/d; Panama - $78.38/d; Puerto Rico = $86.53/d; and the USA (on average) = $109.86/day.

What it makes apparent is that, for example, since on average Colombia (in 2020) was $7.50/d less expensive than Mexico the potential (2020) savings was $2,738/year to retire there 5 years ago than in Mexico. Of course this does not include all outlay a retiree may and/or is obligated to make beyond personal in country "comfortable" living expenses.

Have you tried looking into the value of the quality of life taking account of things such as corruption, health care and personal safety?
Money isn't everything, particularly as you get older IMO.

 

[Frank Dernie]

I love my life the way it is. I demoted myself to a subject matter expert to avoid corporate politics at this stage in my life. So fortunate I was allowed to do that... initially the questions were many, but after the dust settled... I love the work I do. They'd have to kick me to the curb for me to retire but there's no indication of that.

In fact I am working on setting up a consulting business with a colleague of mine. I don't want to retire anytime soon, or perhaps ever. I already slowed down with my self orchestrated "demotion" and it is perfect. I am 62. My Pic is current. I know things get chancy and I have lost some close friends in the last years, so I have zero illusions about my life being any longer because I kept myself healthy and no one can guess my real age. But I made the adjustments that help me feel happy about where I am in life.

Oh I won a local natural bodybuilding competition a few weeks back (for the age group), but I don't want to put my body through that again. Getting a six pack at 62 is draining and probably not healthy.

I make markedly less $ than 15 years ago. But 15 years ago I also found myself regularly contemplating suicide - I kid you not at all. I was spent and unhappy and knew marriage was ending etc etc. I was super lucky to make the adjustments I did...

Never take anything for granted. And make sure you have always something to do that you genuinely love and keeps you engaged. My Dad retired at 66 and died at 67. I think he felt without purpose after retiring.

I loved my work and consider myself to have been lucky to have made a good living at my hobby but I retired 15 years ago and have enjoyed my grandchildren in a way I missed out on with my children when they were small - I was always working.
My Dad died at 53, probably due to the stress at his work.

 

[respice finem]

An important and often forgotten factor. No day will ever come back, and every day can be our last.

Carpe diem.

 

[Ken1951]

I have thoroughly enjoyed retirement. While I sometimes miss the incredible kids I had the privilege of working with for 20 years I certainly don't miss the crapahoola that regularly came down from the powers that be. Not my school administrators as I was supremely lucky to have wonderful people there at every school - just the "suits" above them. My parents lived to 89 and 94 and enjoyed their retirement and had horses up until about a year before my dad died. We were just in France and are going back again in April with a first stop in Amsterdam for the two museums we want to see and tulips. I love France, but I also loved Ireland, London, and Scotland. Time is fleeting, and as @Frank Dernie said above - pay attention to safety as well. My late MIL lived for 28 years in Guadalajara and we traveled a fair amount in Mexico - but not now. I won't go back.

 

[Pr0phet0ffD00m]

An important and often forgotten factor. No day will ever come back, and every day can be our last.

Carpe diem.

And all these people counting cents on the dollar of costs of living...Just imagine this and you'll forget about all your worries about the future. Today's troubles are enough. Or if you are addicted to fear, imagine a nuked world...

 

[PristineSound]

And all these people counting cents on the dollar of costs of living...Just imagine this and you'll forget about all your worries about the future. Today's troubles are enough. Or if you are addicted to fear, imagine a nuked world...

But on the same token, if you didn't saved enough to retire, no working days will come back neither. You are then left with poverty level social security.

 

[RexrothPigeon]

Just imagine this and you'll forget about all your worries about the future. Today's troubles are enough. Or if you are addicted to fear, imagine a nuked world...

Most of my dearest friends lived this way (literally, impoverished artists, musicians, etc.) and now that they're old they're in real trouble. Can't retire, struggling under debt, living increasingly uncomfortable and stressful lives, worrying about the next medical expense.

I'm not saying we should live in fear. I'm not saying that planning and saving for the future always works out. But barring early demise, all of us reach an age at which our bodies (and sometimes our minds) can't keep up with the demands of hard working life. The happiest old people I know are the ones who at least somewhat prepared for that eventuality.

 

[Soandso]

Money isn't everything …

Yes of course.

Quality of life seems to me a personal matter. Myself I enjoy home made meals, walking activity and nights at home. Restaurants/cafes and access to gyms are not relevant to my living. As for activities like sightseeing, museums and concerts - well by now I've pretty much been and done enough.

Safety is something I've dealt with spending 30 years of my working life outside my native country (USA). My ASR identity handle is "Soandso" taken from the lyrics "I'm just a lucky so-and-so" because consider myself lucky to be alive after what lived through. These days I just know that I don't want to fall badly.

Health care needs is a very good point. Certainly each retiree will have individual particulars beyond generalization of getting old. Personally I wouldn't consider retiring in some of the remote or steep places I enjoyed when young because definitely do consider accessibility factors. Should I realize my mind is "going" I've a long term plan involving having helped financially put someone through their national medical school who became a district Medical Doctor. I've sold them my house there at a bargain price and retain a habitable shack on even larger adjoining land I still own which their family (the Mom down the road is local head nurse at small town's hospital) could receive as compensation for looking after me with arranged auto-payments covering my living expenses under terms of a nationally legal "do-not resuscitate" Will executed while I was still competent.

Money isn't unlimited for me as a retiree and I've no pension. Since wish to remain living independently as long as capable I don't want to out-live my nest egg or risk it in speculative financial strategies. I'd say my current USA small size (under 200,000 population) urban rent in a warm year-round region (my lifestyle preference) is my largest single uncontrollable inflationary expense. I could cut rent in half (or more) by moving back to Latin America where have linguistic capability, lots of life-experience in and which is relatively more convenient to get back stateside (I've Medicare for inside USA situations) than other landmasses around the globe.

For me neither Europe, Africa, Asia, DownUnder nor South America are where I'd move my retirement residency to at my age as a USA citizen of modest means. Others' personal parameters may make certain of those desirable retirement options and I wish them well if ever go.

 

[respice finem]

And all these people counting cents on the dollar of costs of living...Just imagine this and you'll forget about all your worries about the future. Today's troubles are enough. Or if you are addicted to fear, imagine a nuked world...

Well, it's not that simple either. My take is, to view the (unknown) rest of my lifetime as a "can", not a "must". Practically meaning, to prepare for the "scenario" of living longer than expected, and shorter too. The latter is easier, write a testament early. But outliving your money is not a good plan (IMHO).
That said, being owned by this money and things your own isn't one either. I'm trying to keep things simple. Regarding going to exotic countries, YMMV. The grass is always greener on the other side...

 

[pablolie]

Well, it's not that simple either. My take is, to view the (unknown) rest of my lifetime as a "can", not a "must". Practically meaning, to prepare for the "scenario" of living longer than expected, and shorter too. The latter is easier, write a testament early. But outliving your money is not a good plan (IMHO).
That said, being owned by this money and things your owned isn't one either. I'm trying to kep things simple. Regarding going to exotic countries, YMMMV. The grass is always greener on the other side...

The fact we perceive desirable longevity as an equation of savings in $ is a pathetic, systematic failure in our social system. If that's the approach, be effing honest about it and provide us with a dignified, lawful way out *anytime* *we* choose. It disgusts me our pets have more peaceful, graceful exits than our pathetic collective wheezing to death in an anonymous and sterile hospital or hospice place. But of course prolonging death is great business for the "health" system scam... cutting corners and often denying treatment yet then keeping one in the twilight zone as long as possible to collect $.

I want to die looking at the night sky lying on my surfboard on a gentle day at the beach... and if the system doesn't catch up, I'll guess it will not be entirely painless, but godd*mit, that *is* the way I will go when a doc tells me my number is up soon. Never doubt it. I will not go in a hospital or hospice place.

Zero fear. Plenty of amazing souls' energy waiting there for me.

 

[respice finem]

After a few decades as a doctor, I can tell: Nothing is ever certain, not even one's own attitude. When the day comes, to choose between medically intensive "prolongation of life regardless of its quality", and death, very few patients will choose the latter. And, not everybody will be in a position to decide (because of dementia etc.). That's why it's important to write your will down early enough.

 

[pablolie]

After a few decades as a doctor, I can tell: Nothing is ever certain, not even one's own attitude. When the day comes, to choose between medically intensive "prolongation of life regardless of its quality", and death, very few patients will choose the latter. And, not everybody will be in a position to decide (because of dementia etc.). That's why it's important to write your will down early enough.

In my case, it is absolutely, 100% certain that it will be my own will, and no one else's. It is a powerful choice when we can do it on our own, but often circumstances may dictate otherwise. Those close to me know I'd hate them if they don' respect my DNR directive and follow it. I am 62, I have no children, I am well insured, and I never want to be me in a severely compromised way if I can avoid it.

About 10 years ago, I seriously contemplated suicide for all the wrong reasons. Now I love my life and appreciate the gift and feel downright ashamed I was so stupid to let divorce get me so down back then. But when the parameters change (I am a very healthy 62 now), I know I'll end up taking stuff into my own hands. It ain't quitting when your body announces it's quitting you.

Always like your contributions, btw.

 

[PristineSound]

The grass is always greener on the other side...

One key thing that prevents my wife and I go to another country for retirement is healthcare. One may think that is silly talk from an American, when healthcare in the US is so "poor" when there are no universal healthcare in the US.

I won't dabble into what would be perceived as politics and I hope no one else will either.

But being an American who has seen enough people in his life who uses the healthcare system here in the US, I would be afraid to go to another country, first world or otherwise, and get sick or injured.

 

[RexrothPigeon]

One key thing that prevents my wife and I go to another country for retirement is healthcare. One may think that is silly talk from an American, when healthcare in the US is so "poor" when there are no universal healthcare in the US.

This is what prevents my wife and I from returning to the US (I expatriated decades ago). Healthcare where we live is so good, so easy, so affordable, and, yes, universal, and the older we get the more likely we are to make use of it.

 

[PristineSound]

This is what prevents my wife and I from returning to the US (I expatriated decades ago). Healthcare where we live is so good, so easy, so affordable, and, yes, universal, and the older we get the more likely we are to make use of it.

Which country is this?

 

[RexrothPigeon]

Which country is this?

Sorry, I'd rather not say, but it's a developed country.

 

[PristineSound]

Sorry, I'd rather not say, but it's a developed country.

I have great experience in the US with healthcare for myself and family members. The big caveat is that we are so fortunate to have what they called a "Cadillac" plan from our employers.

I'm afraid of retiring early because then we have to buy healthcare before Medicare, which is quite expensive. And I am not sure about Medicare in itself.

 

[Gorgonzola]

I'm 80 y/o with with one life-limiting condition that I know of. I retired 15 years ago so I'm probably at least 2/3 thru my retirement right now. Yet I still have to worry about spending too much money.

The big worry even at this late stage is my wife & I might out-live our money. In the first place we're not rich; In the second place my wife's prospects of living well into her 90s are much better than mine. In the third place inflation is a big worry; I have a smallish pension from one-time employer but it's payments don't increase at the rate of inflation.

 

[Doodski]

In my case, it is absolutely, 100% certain that it will be my own will, and no one else's. It is a powerful choice when we can do it on our own, but often circumstances may dictate otherwise. Those close to me know I'd hate them if they don' respect my DNR directive and follow it. I am 62, I have no children, I am well insured, and I never want to be me in a severely compromised way if I can avoid it.

About 10 years ago, I seriously contemplated suicide for all the wrong reasons. Now I love my life and appreciate the gift and feel downright ashamed I was so stupid to let divorce get me so down back then. But when the parameters change (I am a very healthy 62 now), I know I'll end up taking stuff into my own hands. It ain't quitting when your body announces it's quitting you.

Always like your contributions, btw.

That's the kind of commentary that makes me want to read your posts. You say it like it is, no fake rubbish and no spin. I had a serious bout of mental illness that went on for decades. It was brought on by severe long term abuse both physically and mentally when I was young. I escaped the situation by working a full time job afternoons/evenings, going to school days and renting a tiny bachelors suite from age 14 onwards and living away from my abusive parents(Stepfather). Later in life I compensated by working up to 74 hours a week every week for years, never taking holidays and I worked out/cross-trained like a madman burning off all the bad thoughts and feelings. I never made time to just think things through and do whatever needed to be done. I totally did not understand what was happening to me. Then over a fair amount of years slowly in small bites I gradually improved and then one day I woke and I realized that I have become a figure that people respect because I respect them, am not dwelling on mind sick stuff anymore, I feel like being with people and I can easily focus on complicated stuff without my mind wandering and losing focus. In brief I had become un-sick so slowly that I never even realized it was happening. I was really down when I was down and one day I saw something that really disturbed me, it was really ugly and creepy and I was awake near all night thinking about stuff and this image kept going through my mind and it was so annoying that if I had a gun and could have easily off'd myself I might have done it. That is how mind sick I was. First time and last time I just wanted to be gone because the stuff was so annoying. I had 2 divorces and the first one was a relief because she was a idiot and a fool and the second one was bothersome because in about 95% of everything we where great but there was that 5% that was too obvious to be ignored and the divorces where nothing compared to the mental illness I felt from many years of abuse when I was younger. So, I understand the feelings you had from your divorce and how that can change a person. I decided some time ago that I would not become embittered by my earlier life and that conscious decision even through the major mental illness made things more bearable and gave me hope and got me through to the now where I feel very good. I see retirement ahead of me, have good feelings about it, have realized that attempts to slow it down(cosmetic surgery) are futile and I have accepted the aging process and am at peace with it and look forward to many years of just going about my days with a good attitude, a light heart and a serious mind with strong intention. If I had felt this calm for most of my adult life things would have been so much better. But hindsight is always clear and the future unknown so I embrace that now knowing that I am able and capable of dealing with most everything that comes down the pipe. I have not made a directive and maybe I should get that done. I just never think about that stuff.

 

[PristineSound]

A story of an elderly who is still working at 80 making $16/hr. Never really learn much about how to handle money and a series of life circumstances.

A lot of people here are saying your time is more important, so stop thinking about money and go retire.

Well. . .just make sure you do everything you can, so that your don't end up like this.

Work hard, save hard, thrifty hard and invest hard. Invest, invest, invest.

I'm 82 and earn $16 an hour working at a boat store. I don't have much saved and can't retire, but everything will work out.

This as-told-to essay is based on a conversation with Patricia Wheatley, 82, who earns $16 an hour working at her friend's boat store in Pennsylvania.

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