Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an adviser, as this allows you make smarter investing decisions.
My husband and I are in our mid-50s. He recently retired with a pension that covers 150% of our very comfortable lifestyle in coastal Southern California. It has annual COLA , 100% survivorship for me as his spouse, and over 60% is tax-free. We also have over $300k invested in simple index funds. A financial planner we recently hired *still* felt the need to express his concern about our ability to fund long term care for one or both of us. Thanks for addressing this issue so directly. The US system is absolutely broken when a couple in our position is worried about such things. It’s good to know that there are options in other countries, but also super sad that people have to literally leave their homeland to have a chance at dying with dignity.
I'm in a similar situation to you. My wife and I both make six figures and have been for a long while now. My 401(k)s (I've got 3) are in a very good position and she also has her retirement account. In our case, she's the one with the great pension. We honestly could live just on that. Assuming social security still exists when we retire (if the politicians actually cared to do the right thing and fund it, like removing the artificial cap on taxes), we should both be getting a pretty good amount of money from that too. Seeing people close to me have to navigate our healthcare system in old age, however, lets you realize that unless you've got $5 million saved up, having to go in a nursing home can easily wipe away a $2 million nest egg. Most people, when they see that their health is declining, transfer their funds to their loved ones, then the nursing homes can't go after their money. I've ALWAYS said that I'd consider going overseas, like mentioned in this video. Thailand isn't the only country. I heard the Philippines is very good as well, as well as Mexico. I will bring up one more point not mentioned to much. I run a few times a week, walk the others and throw in weights once or twice a week. The longer you can stay in shape, the longer you stay out of a nursing home, which is obviously good. If you have a family history of Alzheimer's there are strains of marijuana that combat that.
Most retirees from my husband’s occupation die within 5 years of retirement, even as they are required to hang it up by age 60. So yes, our new job has become to stay alive as long and healthy as possible💪🏼 🥗
Wish more people would listen to this advice. I myself 44 turning 45 in may have a 5 year plan to get to that 300-500k and leave the states my mother was born in the caribbean and the cost of living in her island is like 1/4 of what it is in the US.. I much rather live a comfortable life there with 1200 to 1500 a month than struggle until 72 here in the US where folks retire one week and die the next.
Rob and Allie, as someone who had managed my mother's care for a decade in a skilled nursing facility, I can corroborate your cost information. $12 - $15k a month, which wouldn't have been doable without Medicaid. While it's something we don't really want to discuss, I think that you have provided some much needed information for living in Asia. Thank you for this as It's great to hear that we have options! Looking forward to the next great video!
My wife is 11 years younger than me. The cost of end of life care should I need it worry’s me. I don’t want to burden her or leave her bankrupt. This might be the solution I’ve been searching for. Thanks for sharing.
Thank you for the air quotes on "because we're older". I am early 50s and realize it came up quick and I still feel too young to be old. Great video. The whole housing in my retirement years has been on the forefront of my mind in trying to figure it all out. So thank you for the video.
Great content! Although I always wonder how you both manage to spend time with your children in the USA and also plan when/if they have kids? Will you find your way back (permanently) to spend time with your grandchildren? This is what holds us back.
This is a nice option. I don't think I'd only want to see my family infrequently by living there. I would rather exhaust my savings & be able to see my family rather than leave an inheritance. After all it is the money I earned for my needs, not my families future wants.
Financially, my wife and I are in a very good place. I've been saying for a long time, however, that you'd be nuts not to consider retiring overseas. There are a lot of countries that have great retirement/assisted living setups, not just Thailand. The idea of living in a retirement home in the US is a good way to lose all of the wealth you've spent your whole live building up. I will say this, however: this is why I lift weights, run, walk and try to eat right to keep the weight down and myself in shape because staying able-bodied is the surest way to keep your hard-earned money in your pocket.
What other places/cities abroad (if you don't mind sharing) would you think others should consider for long term care abroad purposes? I am a caretaker to my mom (I'm 45) who is disabled post stroke. She used to be in a nursing facility but I took her out as it was beyond dismal. I am considering moving us abroad one day. Or perhaps if I end up needing long term care then going into a facility abroad myself as the costs here in the US are just so very high.
Wealth? You definitely can't take it with you. Want to leave it to your kids? Put everything in a trust and move that to the kids. Then your assisted care facility can squeeze blood from a stone.
Great content, as always! Great options for those that have a passport, that have travelled internationally, and realize as Great as our country is, the American way is not the only way. The key take away is to get your passport and get out there NOW. Visit some of these places, remove your tourist hat and imagine yourself living there.
Hey Rob and Allie, Absolutely. Have given this issue thought as i'm 64 and my wife is 60. Will be visiting several areas including where you have suggested in 2025. Planning is critical. There's a saying 'if you don't know where you're going any road will get you there.' Not a high degree of Success will be achieved. Thanks as always for the wake up nudge. I think we will be back in Japan in October/November as we loved it so much last month. JP Porto
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
Melissa Terri Swayne; is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Great advice and support! Love what you guys do and hope you both get to keep doing it for decades to come! Might have to ask the boss if I can work remotely for a month or two...and check out a couple countries! I probably should ask the boss if it's ok to work remote from other countries too.
I've done (worked abroad remotely for a month to 'scout' a place) and it is a great thing to do. It allows you the opportunity to better understand if you'd like to live in a particular place in a more practical and realistic way than visiting a place for a few days or a week on a typical vacation.
I'm Australian but your advice is still largely relevant for us. Here we have something called compulsory superannuation where every employer must put 10% of your salary into a pension fund account. You can also add more from your after tax pay. There's also a basic pension as well which is means tested.
Very useful information. Thank you for starting the discussion on this "not talked about enough" topic. I'm adding Sunshine Residences to my things to research. Keep up the great job. We appreciate the information greatly! 🙂
WOW! at 77 (wife) and 81 this still makes a lot of sense to figure out. Unfortnately we are month to month on social security with $0 to $100 (one hundred) in savings. I want to figure this out in the next year or so while we are still in good health and end of life is not that far off for us.
The main thing is to live below whatever that dividend payment pays. If you can get $2500 a month, you should move somewhere cheap and not touristy. You should attempt to live off $1800-$2100 a month and reinvest the rest for more shares. The whole FIRE movement where as soon as they can live off a number, and quit their jobs is dumb. Quit when you have at least 20% more than you'll need and let that 20% grow to offset inflation as well as old age costs. Maybe spend 2 months just staying cheap and local and making a fun game about how little you can spend to survive. At least you'll know. I watch Josh Scandlen's videos about early retirement all the time, and he emphasizes the 3 phases of retirement. The GO GO Years where you can hike mountains, go diving, have adventures, and want to make up for lost time. Those years will require some budgeting, but Phase 2 is the SLOW GO years, and you'll need less money. You'll likely be settled in places a lot longer and rolling leftover money into investments to help with the 3rd phase. That phase is the NO GO years, where you are stuck between doctor visits, and can't go too far anymore. You aren't driving cars, your friends and family are dying around you, and you are watching a lot of TV to kill time. You need less in the middle phase than the beginning and end of retirement phases.
Since I am already considered over the hill by some, I have started looking at this option. So glad to have someone else support my numbers and ideas. I have found some great options, but like you advise, I will need to go there first. Thanks!
$500k is definitely enough, especially in Mexico, South America, and Southeast Asia. I have family in San Diego, so it'll be nice to have as a home base.
Thx Very Informative. The two issues i can envision for people above a certain age are a) Long Term Visa & b) Pre existing condition. Can you address these concerns. Thx keep up the good work.
Excellent points. May be best for some to move in advance of needing long term care rather than attempting to do it when the need arises. Still, that leaves the issue of the long term visa if you have not lived there long enough by the time the need for care arises.
Wow those prices are incredible! Maybe live there for some of your senior years and then have long term care insurance back in the states so you can die with your children nearby. Unless I was mentally gone I wouldn’t want to be so far from my kids for their sake if nothing else. They would want to be there at the end and having to travel across the world first would make that unlikely.
My situation is that my pension barely covers my costs here. I am planning to got to Bangkok for a month in the near future to try out living there.. I have a home that I can sell and that will give me a good sum to put into my portfolio. I lived in Germany for over 30 years and loved it. I think I will be able to adjust to another culture. The language will be a problem, but I'm willing to try that.Plus there are other places that I can test if Thailand doesn't work for me.
I need hope! My husband and I are at an impasse. I want to sell everything and slow travel, he wants to stay and die in his own country. I don’t want to go alone.
Here's another alternative that Americans often overlook: You can probably afford in-home care outside the US. For example, it's a common approach in Spain. You often see older people out with their helpers, still meeting friends in their favorite cafe and enjoying the sun in their favorite park. A quick search suggests this could cost 1500 euros/month in many parts of Spain. In Sofia, Bulgaria, a big European city with lots of amenities, 24-hour in-home care can cost about $1,000 per month. You provide a room and food for the staff. If you prefer the idea of an assisted living place, Turkey is another option, where you can spend about 1300 euros/month for a unit in a facility marketed to foreigners.
Excellent excellent point. I'm 45 and have considered doing this if I needed assisted living type of care in the future (potentially even nursing home level of care but I tend to think if I were abroad I might rather be in a facility if I needed nursing home level). I'm the sole caregiver for my disabled mother currently who lives with me (I took her out of the nursing home she used to be in) and I contemplate moving us abroad so that we can get long term care for her in the home. A live-in would be amazing actually. In the US, live-in's are virtually nonexistent - you'd have to pay 5 figures a month for 3 8-hour daily shifts of care through a local care agency. It's all just so very expensive. I've priced care in Portugal and Spain and it's sooo much better. Even took my mom abroad to Portugal for a month to test things out and not only was the care a fraction of the cost it is here but the culture made ALL the difference (a culture where communally, there is a high respect for elders, the disabled, etc.). It showed everywhere we went. So I hope people will consider your comment and understand that they have options.
@@fascination2525 The requirements for a Bulgarian pensioner visa are low. If you get an average Social Security check or similar monthly government pension and can show about $6,000 in a bank account, you probably qualify. The requirements for Spain are a lot higher. A quick search suggests you need to show 2400 eur per month passive income for a non-lucrative visa.
@@fascination2525 yes, you do, and you also have to obtain private health insurance. It's doable, but it's not nothing, especially if you only start to pursue this when your physical and/or mental faculties have started to decline.
Just some "real" life experiences here with this whole assisted living thing in other countries. It isn't as simple as you make it out to be. Currently, my cousin has an aunt in central America and the US government noticed that her social security is going to an assisted living place. So, now she is considered living outside of the country. If you choose to establish residency in another country, you lose 25% of social security to taxes and you must check in once a year in person. So, now there is a problem because she has dementia. My aunt was living in another country but still using medicare here in the US and got into a situation where she could no longer travel to the U.S. and lost her medicare. I hope people really think this through. I thought you could only be in each country for 3 months on a visa. Is there some retirement/assisted living visa?
@@tinas4946 Right. I don't think it can be as simple as just moving there. Other countries typically want proof that you can support yourself (and actually ensure that), and may require proof of substantial cash reserves, too.
You don't inevitably lose 25% of Social Security to taxes if you move abroad. If you choose a country that doesn't tax pensions, you pay no local tax on it. You pay only the tax that you would pay in the US (the US taxes citizens no matter where they live in the world). In my experience, you also don't need to check in in person. I get Social Security abroad and just need to complete a form sent to me occasionally and send it back to prove that I'm at the address I gave them; that's it. Medicare doesn't work abroad, but it's also far less needed in most countries, where health care and insurance costs are a lot lower. You need to get a retirement visa in the country to stay there full time. This usually involves showing proof of your Social Security income and showing some money in a bank, with the required amount varying depending on the country.
@ my aunt was using Medicare in the US but lived in Central America for lower cost of living. With Medicare you do need to check-in. With my cousin aunt which is with an attorney now they don’t think she is alive because of how the money is being transferred to the assisted living place. They don’t want to continue to pay social security benefits if there is fraud involved. So they want her to present herself but she has dementia. All I’m saying is a healthy senior can easily do this but as you get unhealthy it can be complicated and I’d make sure your ducks are lined up. But you can read whatever you want into it.
Love you guys. BTW...you don't keel over and die when you reach 70. hahahaha I, fortunately, come from a long lived family and at 73 I'm going strong and just retired on the 17th of October and plan to do a lot of the things that you do. The assisted living in Thailand sounds absolutely awesome. How about Malaysia or Ecuador?
Can you please link to the video where you discuss what funds you have your money in to generate a 6% dividend… Or can you share the fund name… We are on our fire journey and are close to our retirement date and most of our money is in SCHD to live on dividends but that is a lower Dividend payment… Curious what you are referring to so we can add into the mix… Love your channel. Thank you.,!
I don't think we have one on that. We aren't yet living off any dividends. When we do it'll be through stocks we picked individually to create the dividend we want.
I know someone whose uncle spent his last four years of life happily in an assisted home somewhere in Chiang Mai Thailand. Before that he was living in the assisted care home in Washington State, where he was burning through all his savings.
Based on what you know did things ultimately work out better for their uncle being in Thailand for their care as opposed to the US? It seems like a difficult thing to manage abroad as typically it takes a ton of advocating here in the US to make sure your loved one isn't being neglected/abused, is being given their meds and being bathed let alone properly fed, etc. I tend to think in places like Thailand it 'might' be better simply because of the respect for the elderly there/the culture but I'd like to hear how you think things went for that person's uncle.
@ I heard he was treated very well. After all, they have an incentive to keep you healthy and happy. The family did a Zoom or FaceTime with him on a regular basis along with semi annual trips though sadly he had memory problems so didn’t always remember them in his last years. I’m not sure how they found out about the place but they all took a trip over there with him and he really liked it compared to the facility that he had been living. From what I gathered the move was not only a financial necessity but beneficial to his mental state.
When your SS, pension, & dividend income no longer covers your monthly expenses and you start drawing down against the principal, your dividend income decreases. This can create a financial death spiral as you draw more and more against the principal and decrease the dividend income further and further.
Could travel insurance be continued for a lifetime? The earliest I could retire in Thailand or Vietnam would be at age 67 or 68. Would I be booted off of travel insurance (for medical emergency, surgery, etc) at a later time? Thanks!
I have some ethical concerns about retiring in these developing countries. It doesn't feel right to "exploit" their economy because of our lack of planning. I would need to work through these issues before I can retire there.
@sillylives, I understand your thought, but what you are missing is the cost of living in those countries. It's not exploitation as you are meeting the price being set in those countries. If fact, those countries have far cheaper medical costs than in the US while being comparable in services. In fact, westerners bring much needed capital to that part of the world and the same thing occurs with the more prosperous Asian countries in the region. For instance, Chinese and South Korean investors are all over those areas. I think that Rob and Allie are pointing out that you have options for your future. Best of luck to you.
In addition to the monthly fee, is there an initial buy-in fee / entrance fee for that kind assisted living community, like with Life Plan Communities, (aka Continuing Care Retirement Communities (CCRCs)) in the US?
4:50 It's actually worse. As you sell off the $500k of stock, your monthly dividends will reduce. Your gap will increase as you sell making the money run our faster.
My dad has been gone for over 10 years now and in Massachusetts his monthly assisted living then nursing care costs per month averaged between $13,000 to over $16,000. Fortunately he had long term health care (don’t think it is available any more) and healthy savings. I don’t know if it’s just my state but your numbers vs my real numbers are insanely different. After what I saw I would rather drive off a cliff than be in a facility.
I forget if in the video they were speaking to assisted living cost perhaps? Assisted living costs are of course much lower than nursing home care costs. But I feel you on the 'cliff' part as someone who is a caregiver to their parent now who used to be in a (horrific) nursing home at over $7k monthly.
I always enjoy your videos. I've never had any interest in visiting southeast Asia, but the retirement option you mentioned here sounded interesting. As s couple of other commenters said, though, I also wondered if the retirement community in your link would require an upfront buy-in. So I checked the link. It shows this for its apartments: "Apartments for rent and sale from 4.3M THB. €115,968. AU$192,091. CHF108,205. £97,707. US$127,799." Now granted, US$127k is still a great price for an apartment, but it's not just US$1000 a month all in. I must be missing something.
If you are 50 plus you can get a Retire Visa you need to show you make 65.000 baht per month or put 800000 Thai Baht in the bank if under 50 there 3 good visa you can get
@@fascination2525 That is what the Thai Government sets for the Retire Visa you can spend more or less up to you but have to show 65000 baht or 800000 baht to get Visa
America is not feasible for LTC even if you are a millionaire. Besides the numbers-there’s the issue of caring/money doesn’t buy caring or compassion-or good care in the US.
THIS..a thousand times. I'm 45 and the sole caregiver to my mom who is 65 and lives with me (she's disabled/wheelchair bound). After 1.5 years in a nursing home post stroke, I just had to take her out. The level of negligence, the uncleanliness, the rudeness of staff..meds not being given, PT being stopped because let's face it - Medicaid won't pay for it long term even though it's needed..it was all too much. As soon as I took her out we went to Portugal for a month to visit. Did PT there and had a caregiver helping out where we stayed. Let me tell you - I cried when we had to return to the US. The culture is so different there (and in many other places). You'd have to experience the difference to understand how we are living in a very individualistic culture here that does not properly care for its own people nor appropriately provide for or respect the elderly/disabled/aging/etc. We had SO much help there from the actual caregiver to literally everyday people on the streets. People actually really cared there. That trip was one year ago and I sometimes half jokingly tell my mother when we're out and I'm lifting her equipment out of the car trunk and transferring her into her wheelchair in public to go into a store, literally not one person has offered to help either of us yet in the 10 months we've been back. I pray that if I need long term care I don't have to receive it here because culturally the US simply does not fit the bill even if it was affordable.
Another great video. 👍 David here from Florida. Even though we still have 4.5 / 5 years till we can start our slow travel adventures.( daughter goes off to Germany to University) Did you know how relatively cheap it is to study there¿ Aprox 12K € +-, a year with health insurance, University costs, rent, and living expenses ( amount needed in a "blocked" account for foreign students) Do you have older videos I might have missed on preparing 5 years out? We save 20-30% of our income now. But feel like we should be creating assets as well. 🤔 I was thinking of story books and audiobooks. Tons of ideas for yt channels once I'm able to speak properly again. Looking at getting your bundle courses after the holidays. Very excited about all the nuggets in them. Thanks again 👍💪 You both are very inspiring. Mil gracias. And getting in better shape. Especially after my foot surgery. Gone are my "Dub Stepping and Techno dancing" days.😅
11:00 Show me the way! Tell me you guys are going to be there with us and I'm signing up. I have been sold on this idea for the last 10 years. We don't have the millions so we are definitely going to do this AND we LOVE thailand. 17:01 I have been on that wagon. Have known Thailand will work for us but then the big P happened and we got stuck again. I am so happy to have come across your channel.
There is a simpler solution for end of life care and more countries are allowing people to choose when to end their life. As a single person with no children, and no religious objection, I see no reason to spend my last days in expensive assisted living facilities. I plan to choose how and when I end my life. I would rather have a high quality of life for a shorter time. My only concern is how to ensure my wishes are honored should I not be able to end my life on my own.
Your concern is the primary reason people say they will do this but do not - because it works mostly in theory but not if you can't communicate after an accident or you're deemed incompetent, or if the people you put in charge refuse to take steps to support ending your life because they do not want to see you go, etc. etc. I would love to hear if you do find a solution to how you'd plan to execute in such a scenario.
About 10% of people will use assisted living. Pretty low risk to change any of your retirement plans. Plus, there is always an escape to a cheaper country
Imagine being in memory care and not understanding the local language. My Mom calls just needing a hug and imagine her being in a foreign country. Conditions change in every country, imagine being in a foreign country when the government changes and is now very unfriendly to US expats. They could pass laws to confiscate your remaining wealth rather than pass it to your heirs. Remember that health care workers in the US just want a living wage. If you need care, you should have to pay for it. It does not all go to nameless care organizations, some goes to the people caring for you, and they spend their time and money in their local communities. Go overseas for end of life if you choose, but think about the cons also when making your choices.
I am planning to go on train rides and cruises when I retire as well as want to be able to try food around the countries and able to buy my grandkids (when I do have them) gifts for their birthdays. I skipped out all the trips growing up so I can save and invest for my older days. So I honestly don't think 500K would be enough for my retirement. Would love to go travel out of the US and live a few months here and there. But believe the US would always be my main residence so it would cost more to live on in later life.
a 6% withdrawal rate is way too high to be safe, if you're retiring early (late 40s, early 50s) and have an extended retirement time horizon the withdrawal rate should be closer to 3%.
Assuming you will only need AL. If you are sick you will need to be in a nursing home which is more than $10k per month. As someone that runs nursing homes…you are better off enjoying your life and when you get old Medicaid will be covering your care. The same exact care as private pay.
Or move to Thailand and enjoy their retirement homes. SE Asians have deep respect for the elders (a big deal!) and many retirement places cost about $2500 usd per month for FULL TIME services, including meals and healthcare. My SS is 2700 and I have 250K in my IRA. I am saving 1600 usd a month right now, just by living there
@@beverlyweber4122 - this is AMAZING and it's my own retirement plan. Can I ask what facility you're in and what the pros/cons are that you've experienced?
I would strongly advise anyone to check out the conditions of care provided in the local facilities near them that accept Medicaid before taking this advice.
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
Do you plan on retiring before 59?
That is what determines it for me. I switched to cash flowing assets because I wanted to retire early.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an adviser, as this allows you make smarter investing decisions.
Can you recommend any? I am in need of a Cfp to grow my retirement account.
Sophia Maurine Lanting’ is the licensed adviser I use. Just research the name. You’d find necessary details to work with to set up an appointment.
My husband and I are in our mid-50s. He recently retired with a pension that covers 150% of our very comfortable lifestyle in coastal Southern California. It has annual COLA , 100% survivorship for me as his spouse, and over 60% is tax-free. We also have over $300k invested in simple index funds. A financial planner we recently hired *still* felt the need to express his concern about our ability to fund long term care for one or both of us.
Thanks for addressing this issue so directly. The US system is absolutely broken when a couple in our position is worried about such things. It’s good to know that there are options in other countries, but also super sad that people have to literally leave their homeland to have a chance at dying with dignity.
I'm in a similar situation to you. My wife and I both make six figures and have been for a long while now. My 401(k)s (I've got 3) are in a very good position and she also has her retirement account. In our case, she's the one with the great pension. We honestly could live just on that. Assuming social security still exists when we retire (if the politicians actually cared to do the right thing and fund it, like removing the artificial cap on taxes), we should both be getting a pretty good amount of money from that too.
Seeing people close to me have to navigate our healthcare system in old age, however, lets you realize that unless you've got $5 million saved up, having to go in a nursing home can easily wipe away a $2 million nest egg. Most people, when they see that their health is declining, transfer their funds to their loved ones, then the nursing homes can't go after their money. I've ALWAYS said that I'd consider going overseas, like mentioned in this video.
Thailand isn't the only country. I heard the Philippines is very good as well, as well as Mexico. I will bring up one more point not mentioned to much. I run a few times a week, walk the others and throw in weights once or twice a week. The longer you can stay in shape, the longer you stay out of a nursing home, which is obviously good. If you have a family history of Alzheimer's there are strains of marijuana that combat that.
Most retirees from my husband’s occupation die within 5 years of retirement, even as they are required to hang it up by age 60. So yes, our new job has become to stay alive as long and healthy as possible💪🏼 🥗
I would hope that you produce a video of a retirement facility like the one you talk about in a future video.. you are a wonderful couple!!!
Wish more people would listen to this advice. I myself 44 turning 45 in may have a 5 year plan to get to that 300-500k and leave the states my mother was born in the caribbean and the cost of living in her island is like 1/4 of what it is in the US.. I much rather live a comfortable life there with 1200 to 1500 a month than struggle until 72 here in the US where folks retire one week and die the next.
Rob and Allie, as someone who had managed my mother's care for a decade in a skilled nursing facility, I can corroborate your cost information. $12 - $15k a month, which wouldn't have been doable without Medicaid. While it's something we don't really want to discuss, I think that you have provided some much needed information for living in Asia. Thank you for this as It's great to hear that we have options! Looking forward to the next great video!
My wife is 11 years younger than me. The cost of end of life care should I need it worry’s me. I don’t want to burden her or leave her bankrupt. This might be the solution I’ve been searching for. Thanks for sharing.
As stated in the community forum, this may be the video you posted that had the most impact on me. This is amazing.
Thank you for the air quotes on "because we're older". I am early 50s and realize it came up quick and I still feel too young to be old. Great video. The whole housing in my retirement years has been on the forefront of my mind in trying to figure it all out. So thank you for the video.
!Oh my, the very best of news, thank you. It was only the thought of my later years that's been slowing me down, happy days to follow....
Great content! Although I always wonder how you both manage to spend time with your children in the USA and also plan when/if they have kids? Will you find your way back (permanently) to spend time with your grandchildren? This is what holds us back.
You two are a wealth of information, please keep it coming as I need all the help I can get and you give me hope!!
This is a nice option. I don't think I'd only want to see my family infrequently by living there. I would rather exhaust my savings & be able to see my family rather than leave an inheritance. After all it is the money I earned for my needs, not my families future wants.
Financially, my wife and I are in a very good place. I've been saying for a long time, however, that you'd be nuts not to consider retiring overseas. There are a lot of countries that have great retirement/assisted living setups, not just Thailand. The idea of living in a retirement home in the US is a good way to lose all of the wealth you've spent your whole live building up.
I will say this, however: this is why I lift weights, run, walk and try to eat right to keep the weight down and myself in shape because staying able-bodied is the surest way to keep your hard-earned money in your pocket.
What other places/cities abroad (if you don't mind sharing) would you think others should consider for long term care abroad purposes? I am a caretaker to my mom (I'm 45) who is disabled post stroke. She used to be in a nursing facility but I took her out as it was beyond dismal. I am considering moving us abroad one day. Or perhaps if I end up needing long term care then going into a facility abroad myself as the costs here in the US are just so very high.
Wealth? You definitely can't take it with you. Want to leave it to your kids? Put everything in a trust and move that to the kids. Then your assisted care facility can squeeze blood from a stone.
Thank you for always giving great information. Your thumbnails are never clickbait. You always bring value! 💙✈️🌎
Thank you!
Great content, as always! Great options for those that have a passport, that have travelled internationally, and realize as Great as our country is, the American way is not the only way. The key take away is to get your passport and get out there NOW. Visit some of these places, remove your tourist hat and imagine yourself living there.
Hey Rob and Allie, Absolutely. Have given this issue thought as i'm 64 and my wife is 60. Will be visiting several areas including where you have suggested in 2025. Planning is critical. There's a saying 'if you don't know where you're going any road will get you there.' Not a high degree of Success will be achieved. Thanks as always for the wake up nudge. I think we will be back in Japan in October/November as we loved it so much last month. JP Porto
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Melissa Terri Swayne; is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the year on a woodnote financially..
Great advice and support! Love what you guys do and hope you both get to keep doing it for decades to come! Might have to ask the boss if I can work remotely for a month or two...and check out a couple countries! I probably should ask the boss if it's ok to work remote from other countries too.
I've done (worked abroad remotely for a month to 'scout' a place) and it is a great thing to do. It allows you the opportunity to better understand if you'd like to live in a particular place in a more practical and realistic way than visiting a place for a few days or a week on a typical vacation.
Such a good video! This is definitely something that has been on my mind.
Thanks! We appreciate it!
I'm Australian but your advice is still largely relevant for us. Here we have something called compulsory superannuation where every employer must put 10% of your salary into a pension fund account. You can also add more from your after tax pay. There's also a basic pension as well which is means tested.
Very useful information. Thank you for starting the discussion on this "not talked about enough" topic. I'm adding Sunshine Residences to my things to research. Keep up the great job. We appreciate the information greatly! 🙂
WOW! at 77 (wife) and 81 this still makes a lot of sense to figure out. Unfortnately we are month to month on social security with $0 to $100 (one hundred) in savings. I want to figure this out in the next year or so while we are still in good health and end of life is not that far off for us.
77 and 81 with $100 left at the end of the month? Its over bro
I don't know how much your SS is but at under $2000 a month for everything you need to live in Thailand, it is worth a look.
Thank you!! It’s so generous of you guys to share all of the info that you do!! Thanks again!!
The main thing is to live below whatever that dividend payment pays. If you can get $2500 a month, you should move somewhere cheap and not touristy. You should attempt to live off $1800-$2100 a month and reinvest the rest for more shares. The whole FIRE movement where as soon as they can live off a number, and quit their jobs is dumb. Quit when you have at least 20% more than you'll need and let that 20% grow to offset inflation as well as old age costs. Maybe spend 2 months just staying cheap and local and making a fun game about how little you can spend to survive. At least you'll know. I watch Josh Scandlen's videos about early retirement all the time, and he emphasizes the 3 phases of retirement. The GO GO Years where you can hike mountains, go diving, have adventures, and want to make up for lost time. Those years will require some budgeting, but Phase 2 is the SLOW GO years, and you'll need less money. You'll likely be settled in places a lot longer and rolling leftover money into investments to help with the 3rd phase. That phase is the NO GO years, where you are stuck between doctor visits, and can't go too far anymore. You aren't driving cars, your friends and family are dying around you, and you are watching a lot of TV to kill time. You need less in the middle phase than the beginning and end of retirement phases.
Thank you, this all make sense. Awesome information.
Since I am already considered over the hill by some, I have started looking at this option. So glad to have someone else support my numbers and ideas. I have found some great options, but like you advise, I will need to go there first. Thanks!
What places are you considering?
You guys are great. Thanks for all the information.
Bless you both! Thank you so much for this encouraging information! I honestly ❤ you all~
$500k is definitely enough, especially in Mexico, South America, and Southeast Asia. I have family in San Diego, so it'll be nice to have as a home base.
FYI Memory care for my dad (85) in Hawaii, is much higher at $13,000 per month in a shared room! And this is standard cost in Hawaii.
Thx Very Informative. The two issues i can envision for people above a certain age are a) Long Term Visa & b) Pre existing condition. Can you address these concerns. Thx keep up the good work.
Excellent points. May be best for some to move in advance of needing long term care rather than attempting to do it when the need arises. Still, that leaves the issue of the long term visa if you have not lived there long enough by the time the need for care arises.
Great video guys! Very timely and informative 👍
Thank you!
Great topic!
Wow those prices are incredible! Maybe live there for some of your senior years and then have long term care insurance back in the states so you can die with your children nearby. Unless I was mentally gone I wouldn’t want to be so far from my kids for their sake if nothing else. They would want to be there at the end and having to travel across the world first would make that unlikely.
My situation is that my pension barely covers my costs here. I am planning to got to Bangkok for a month in the near future to try out living there.. I have a home that I can sell and that will give me a good sum to put into my portfolio. I lived in Germany for over 30 years and loved it. I think I will be able to adjust to another culture. The language will be a problem, but I'm willing to try that.Plus there are other places that I can test if Thailand doesn't work for me.
I need hope! My husband and I are at an impasse. I want to sell everything and slow travel, he wants to stay and die in his own country. I don’t want to go alone.
Here's another alternative that Americans often overlook: You can probably afford in-home care outside the US. For example, it's a common approach in Spain. You often see older people out with their helpers, still meeting friends in their favorite cafe and enjoying the sun in their favorite park. A quick search suggests this could cost 1500 euros/month in many parts of Spain. In Sofia, Bulgaria, a big European city with lots of amenities, 24-hour in-home care can cost about $1,000 per month. You provide a room and food for the staff. If you prefer the idea of an assisted living place, Turkey is another option, where you can spend about 1300 euros/month for a unit in a facility marketed to foreigners.
Excellent excellent point. I'm 45 and have considered doing this if I needed assisted living type of care in the future (potentially even nursing home level of care but I tend to think if I were abroad I might rather be in a facility if I needed nursing home level). I'm the sole caregiver for my disabled mother currently who lives with me (I took her out of the nursing home she used to be in) and I contemplate moving us abroad so that we can get long term care for her in the home. A live-in would be amazing actually. In the US, live-in's are virtually nonexistent - you'd have to pay 5 figures a month for 3 8-hour daily shifts of care through a local care agency. It's all just so very expensive. I've priced care in Portugal and Spain and it's sooo much better. Even took my mom abroad to Portugal for a month to test things out and not only was the care a fraction of the cost it is here but the culture made ALL the difference (a culture where communally, there is a high respect for elders, the disabled, etc.). It showed everywhere we went. So I hope people will consider your comment and understand that they have options.
@@Stef-wz7rl But, don't you have to prove substantial assets and income to be allowed to move permanently to those countries?
@@fascination2525 The requirements for a Bulgarian pensioner visa are low. If you get an average Social Security check or similar monthly government pension and can show about $6,000 in a bank account, you probably qualify. The requirements for Spain are a lot higher. A quick search suggests you need to show 2400 eur per month passive income for a non-lucrative visa.
@@fascination2525 yes, you do, and you also have to obtain private health insurance. It's doable, but it's not nothing, especially if you only start to pursue this when your physical and/or mental faculties have started to decline.
Just some "real" life experiences here with this whole assisted living thing in other countries. It isn't as simple as you make it out to be. Currently, my cousin has an aunt in central America and the US government noticed that her social security is going to an assisted living place. So, now she is considered living outside of the country. If you choose to establish residency in another country, you lose 25% of social security to taxes and you must check in once a year in person. So, now there is a problem because she has dementia. My aunt was living in another country but still using medicare here in the US and got into a situation where she could no longer travel to the U.S. and lost her medicare. I hope people really think this through. I thought you could only be in each country for 3 months on a visa. Is there some retirement/assisted living visa?
@@tinas4946 Right. I don't think it can be as simple as just moving there. Other countries typically want proof that you can support yourself (and actually ensure that), and may require proof of substantial cash reserves, too.
You don't inevitably lose 25% of Social Security to taxes if you move abroad. If you choose a country that doesn't tax pensions, you pay no local tax on it. You pay only the tax that you would pay in the US (the US taxes citizens no matter where they live in the world). In my experience, you also don't need to check in in person. I get Social Security abroad and just need to complete a form sent to me occasionally and send it back to prove that I'm at the address I gave them; that's it. Medicare doesn't work abroad, but it's also far less needed in most countries, where health care and insurance costs are a lot lower. You need to get a retirement visa in the country to stay there full time. This usually involves showing proof of your Social Security income and showing some money in a bank, with the required amount varying depending on the country.
@ my aunt was using Medicare in the US but lived in Central America for lower cost of living. With Medicare you do need to check-in. With my cousin aunt which is with an attorney now they don’t think she is alive because of how the money is being transferred to the assisted living place. They don’t want to continue to pay social security benefits if there is fraud involved. So they want her to present herself but she has dementia. All I’m saying is a healthy senior can easily do this but as you get unhealthy it can be complicated and I’d make sure your ducks are lined up. But you can read whatever you want into it.
Love you guys. BTW...you don't keel over and die when you reach 70. hahahaha I, fortunately, come from a long lived family and at 73 I'm going strong and just retired on the 17th of October and plan to do a lot of the things that you do. The assisted living in Thailand sounds absolutely awesome. How about Malaysia or Ecuador?
Congrats on your retirement!
@@jadexplores2100 thanks so very much.
Can you please link to the video where you discuss what funds you have your money in to generate a 6% dividend… Or can you share the fund name… We are on our fire journey and are close to our retirement date and most of our money is in SCHD to live on dividends but that is a lower Dividend payment… Curious what you are referring to so we can add into the mix… Love your channel. Thank you.,!
I don't think we have one on that. We aren't yet living off any dividends. When we do it'll be through stocks we picked individually to create the dividend we want.
I know someone whose uncle spent his last four years of life happily in an assisted home somewhere in Chiang Mai Thailand. Before that he was living in the assisted care home in Washington State, where he was burning through all his savings.
Based on what you know did things ultimately work out better for their uncle being in Thailand for their care as opposed to the US? It seems like a difficult thing to manage abroad as typically it takes a ton of advocating here in the US to make sure your loved one isn't being neglected/abused, is being given their meds and being bathed let alone properly fed, etc. I tend to think in places like Thailand it 'might' be better simply because of the respect for the elderly there/the culture but I'd like to hear how you think things went for that person's uncle.
@ I heard he was treated very well. After all, they have an incentive to keep you healthy and happy. The family did a Zoom or FaceTime with him on a regular basis along with semi annual trips though sadly he had memory problems so didn’t always remember them in his last years. I’m not sure how they found out about the place but they all took a trip over there with him and he really liked it compared to the facility that he had been living. From what I gathered the move was not only a financial necessity but beneficial to his mental state.
@@christophermack-fg8zh That is so nice to hear! Thank you for responding back and for doing so so quickly. I appreciate you sharing.
Always enjoy your videos. Very informative.
When your SS, pension, & dividend income no longer covers your monthly expenses and you start drawing down against the principal, your dividend income decreases. This can create a financial death spiral as you draw more and more against the principal and decrease the dividend income further and further.
And by then you'll probably be dead.
Great tips as usual. Thanks.
Living will. Pull the plug when I need assisted care.
Could travel insurance be continued for a lifetime? The earliest I could retire in Thailand or Vietnam would be at age 67 or 68. Would I be booted off of travel insurance (for medical emergency, surgery, etc) at a later time? Thanks!
I speed up your video’s playback speed in settings to 1.5x and you sound like typical New Yorkers😅Thanks for your valuable content!
I have some ethical concerns about retiring in these developing countries. It doesn't feel right to "exploit" their economy because of our lack of planning. I would need to work through these issues before I can retire there.
@sillylives, I understand your thought, but what you are missing is the cost of living in those countries. It's not exploitation as you are meeting the price being set in those countries. If fact, those countries have far cheaper medical costs than in the US while being comparable in services. In fact, westerners bring much needed capital to that part of the world and the same thing occurs with the more prosperous Asian countries in the region. For instance, Chinese and South Korean investors are all over those areas. I think that Rob and Allie are pointing out that you have options for your future. Best of luck to you.
😂u are a fool...
In addition to the monthly fee, is there an initial buy-in fee / entrance fee for that kind assisted living community, like with Life Plan Communities, (aka Continuing Care Retirement Communities (CCRCs)) in the US?
Excellent question; I wonder about this too...
4:50 It's actually worse. As you sell off the $500k of stock, your monthly dividends will reduce. Your gap will increase as you sell making the money run our faster.
My dad has been gone for over 10 years now and in Massachusetts his monthly assisted living then nursing care costs per month averaged between $13,000 to over $16,000. Fortunately he had long term health care (don’t think it is available any more) and healthy savings. I don’t know if it’s just my state but your numbers vs my real numbers are insanely different. After what I saw I would rather drive off a cliff than be in a facility.
Massachusetts is probably on the higher end vs other states but your point is well taken, and shows it can be even higher.
@@GroundedLifeRetirementTravel probably last in the nation….I am definitely not condoning it but unfortunately that is a reality in my state.
I forget if in the video they were speaking to assisted living cost perhaps? Assisted living costs are of course much lower than nursing home care costs. But I feel you on the 'cliff' part as someone who is a caregiver to their parent now who used to be in a (horrific) nursing home at over $7k monthly.
I always enjoy your videos. I've never had any interest in visiting southeast Asia, but the retirement option you mentioned here sounded interesting. As s couple of other commenters said, though, I also wondered if the retirement community in your link would require an upfront buy-in. So I checked the link. It shows this for its apartments:
"Apartments for rent and sale
from
4.3M THB. €115,968. AU$192,091. CHF108,205. £97,707. US$127,799."
Now granted, US$127k is still a great price for an apartment, but it's not just US$1000 a month all in. I must be missing something.
What type of visa would you get for that type of assisted living?
In comes Long Term Care insurance. I got mine in my mid-40s that's when it is the cheapest at that age.
So I guess South East Asia is not on your agenda 🤔
My long term care over time started excluding nearly everything - Alzheimer’s and dementia were the biggies
@KMJ1936 Mmm, yeah NO. Lol
@@aairsick there's something good and bad about (literally) everything! (i.e. Long Term Care insurance, living in southeast Asia, etc etc)
What visa would Canadians need to stay in the Thai retirement community?
If you are 50 plus you can get a Retire Visa you need to show you make 65.000 baht per month or put 800000 Thai Baht in the bank if under 50 there 3 good visa you can get
@@Scott-eu9co That's a pretty low bar. Roughly $1,900 per month income+ $24k cash.
@@fascination2525 That is what the Thai Government sets for the Retire Visa you can spend more or less up to you but have to show 65000 baht or 800000 baht to get Visa
@@Scott-eu9co Thanks for the info.
Do you need to be a Thai citizen to stay in that Thai retirement community?
No
America is not feasible for LTC even if you are a millionaire. Besides the numbers-there’s the issue of caring/money doesn’t buy caring or compassion-or good care in the US.
Compassion is the biggest thing you notice in Asia, very true.
THIS..a thousand times. I'm 45 and the sole caregiver to my mom who is 65 and lives with me (she's disabled/wheelchair bound). After 1.5 years in a nursing home post stroke, I just had to take her out. The level of negligence, the uncleanliness, the rudeness of staff..meds not being given, PT being stopped because let's face it - Medicaid won't pay for it long term even though it's needed..it was all too much. As soon as I took her out we went to Portugal for a month to visit. Did PT there and had a caregiver helping out where we stayed. Let me tell you - I cried when we had to return to the US. The culture is so different there (and in many other places). You'd have to experience the difference to understand how we are living in a very individualistic culture here that does not properly care for its own people nor appropriately provide for or respect the elderly/disabled/aging/etc. We had SO much help there from the actual caregiver to literally everyday people on the streets. People actually really cared there. That trip was one year ago and I sometimes half jokingly tell my mother when we're out and I'm lifting her equipment out of the car trunk and transferring her into her wheelchair in public to go into a store, literally not one person has offered to help either of us yet in the 10 months we've been back. I pray that if I need long term care I don't have to receive it here because culturally the US simply does not fit the bill even if it was affordable.
Another great video. 👍 David here from Florida.
Even though we still have 4.5 / 5 years till we can start our slow travel adventures.( daughter goes off to Germany to University) Did you know how relatively cheap it is to study there¿ Aprox 12K € +-, a year with health insurance, University costs, rent, and living expenses
( amount needed in a "blocked" account for foreign students)
Do you have older videos I might have missed on preparing 5 years out?
We save 20-30% of our income now.
But feel like we should be creating assets as well. 🤔 I was thinking of story books and audiobooks.
Tons of ideas for yt channels once I'm able to speak properly again.
Looking at getting your bundle courses after the holidays. Very excited about all the nuggets in them.
Thanks again 👍💪 You both are very inspiring. Mil gracias.
And getting in better shape. Especially after my foot surgery. Gone are my "Dub Stepping and Techno dancing" days.😅
How about Visa from Thailand? Thailand will issue visa for foreigners who want to live in those retirement community in Thailand?
Whooooaaa! Do I have to be old? Can I live there now?! 😂😅🎉
For real, we were thinking about it!
Right?!😂
What part of Thailand ...are you guys referring to?
11:00 Show me the way! Tell me you guys are going to be there with us and I'm signing up. I have been sold on this idea for the last 10 years. We don't have the millions so we are definitely going to do this AND we LOVE thailand.
17:01 I have been on that wagon. Have known Thailand will work for us but then the big P happened and we got stuck again. I am so happy to have come across your channel.
Is renting apt or buying condo in Mexico big enough for live in maid that does everything an option?
Likely an option but like any plan to move abroad and get long term care, requires a lot of research.
Which Hyatt would you recommend in Thailand
There is a simpler solution for end of life care and more countries are allowing people to choose when to end their life. As a single person with no children, and no religious objection, I see no reason to spend my last days in expensive assisted living facilities. I plan to choose how and when I end my life. I would rather have a high quality of life for a shorter time. My only concern is how to ensure my wishes are honored should I not be able to end my life on my own.
Your concern is the primary reason people say they will do this but do not - because it works mostly in theory but not if you can't communicate after an accident or you're deemed incompetent, or if the people you put in charge refuse to take steps to support ending your life because they do not want to see you go, etc. etc. I would love to hear if you do find a solution to how you'd plan to execute in such a scenario.
About 10% of people will use assisted living. Pretty low risk to change any of your retirement plans. Plus, there is always an escape to a cheaper country
I’m wishing I could get my folks into assisted living but can’t afford it. Low utilization is cause most can’t even consider it
Imagine being in memory care and not understanding the local language. My Mom calls just needing a hug and imagine her being in a foreign country. Conditions change in every country, imagine being in a foreign country when the government changes and is now very unfriendly to US expats. They could pass laws to confiscate your remaining wealth rather than pass it to your heirs. Remember that health care workers in the US just want a living wage. If you need care, you should have to pay for it. It does not all go to nameless care organizations, some goes to the people caring for you, and they spend their time and money in their local communities. Go overseas for end of life if you choose, but think about the cons also when making your choices.
I am planning to go on train rides and cruises when I retire as well as want to be able to try food around the countries and able to buy my grandkids (when I do have them) gifts for their birthdays. I skipped out all the trips growing up so I can save and invest for my older days.
So I honestly don't think 500K would be enough for my retirement. Would love to go travel out of the US and live a few months here and there. But believe the US would always be my main residence so it would cost more to live on in later life.
1,000 for 2 people must be in the public nursing home or very limited condition.
Most of us shoudn't be concerned about leaving money to our children.
Weird question, but can you live there BEFORE you are disabled?? Like for a 3 month stay?
What part of Thailand is this place?
This one is in Hua Hin
This is why I, as a dual citizen, keep my EU's country passport and citizenship valid. I could move to every EU country and retire there.
One minute in and curious, because that's my # + SS
Of course I plan to retire in S.E.A.
EOL is not as expensive in S.E.A.
What about having to report back to the US every 6 months to receive social security? How do we avoid coming back?
$500K maybe enough for 1 person but not 2 persons, $500K for 2 persons would be $250K per person
a 6% withdrawal rate is way too high to be safe, if you're retiring early (late 40s, early 50s) and have an extended retirement time horizon the withdrawal rate should be closer to 3%.
Why not just the 'standard' 4%?
@@jadexplores2100 the 4% rule is for a 30 year retirement, if you're retiring early you may have a 40+ year retirement so the withdrawal rate is lower
@@sbkpilot1 Ah yes; this makes sense. Thank you!
Assuming you will only need AL. If you are sick you will need to be in a nursing home which is more than $10k per month. As someone that runs nursing homes…you are better off enjoying your life and when you get old Medicaid will be covering your care. The same exact care as private pay.
Or move to Thailand and enjoy their retirement homes. SE Asians have deep respect for the elders (a big deal!) and many retirement places cost about $2500 usd per month for FULL TIME services, including meals and healthcare. My SS is 2700 and I have 250K in my IRA. I am saving 1600 usd a month right now, just by living there
@@beverlyweber4122 - this is AMAZING and it's my own retirement plan. Can I ask what facility you're in and what the pros/cons are that you've experienced?
Medicare doesn't cover long term care.
@@erickarnell medicaid does
I would strongly advise anyone to check out the conditions of care provided in the local facilities near them that accept Medicaid before taking this advice.