I sold my house about 6 weeks ago. It went for $20 grand over list price and we moved to a smaller house in a small town just outside the city. I'm still commuting to work (company vehicle) and will retire this summer. We made out like bandits on the sale of our house. Our house insurance went down by $1000/year and $260 for our vehicle insurance. The house is new and very eco friendly. Which means our utilities also went down. I'm already enjoying the slower pace and look forward to living out my retirement years in a small town.
Very pertinent to my situation (66 y/o). Helps me confirm my inclination towards staying put, and just renting part-time (6 mos a year) out-of-state and even abroad, in order to satisfy my desire for learning/adventure/travel. Great video / content. Thanks Azul.
1) overestimation of the value of your home, underestimating new home purchase 2) downsizing in size, upscaling in amenities leads to no saving in lifestyle 3) getting a mortgage with no income 4) hard to leave your support group, especially moving to another country 5) hard to leave your support group ... by distance (kind of like #4) 6) most of our money is tied up in equity (see #1) 7) tax rates in various areas you may move to 8)
I sold my tiny apartment in Manhattan for $450K and bought a much bigger place in CT for $162K. Monthly costs are about the same. I went from 440 square feet to 1500 square feet, plus a basement and a garage. I paid cash for the place in CT, and then sold my apartment in NYC six months lately - just wanted to see if I like it.
@@vinyl1Earthlink the fact that you are able to squeeze out a good sum of cash from your equity is already lucky. Many retirees cannot say that. Investing in retirement and brokerage accounts is a different story.
You did well, but you moved to a high property tax state so you will have to have financial options for those tax increases. I moved to TN, own an apartment/condo in Queens asking 468k and no takers so far.
I wouldn't call it relocating so much as just a home base to come back to rest and recharge. Regardless, when you have a cheaper cost of living, cheaper and better health care, better food, and the ability to have access to cheaper self care things like massages, gyms, yoga, martial arts, and regular checkups with a variety of physicians to fit your needs, and then have the ability to hire maids ,personal trainers and drivers, I think its the smartest thing you can do. The System doesn't want you to leave, they NEED your cash flow. Geo arbitrage is the new American Dream. Its truly safer, and the people are nicer
Number 6 is one of the most important reason for me. The access you have to your wealth. You can be, or feel, wealthy because you have lots of assets, but think about the access you have to use it.
We moved from California to Tennessee. Yes, we did well! Mortgage companies look at the income coming in....retirement income. I don't know anyone who's had difficulty with this.
True, but the lender guidelines stipulate that minimum monthly income to home mortgage payment be at least 4X. For example, if the projected monthly mortgage payment is $4K, then the minimum monthly income would need to be at least $16K. That’s just shy of $200K annually. And it doesn’t matter if you have a credit bureau score over 800.
@@jacquelineRN22 We hope to be moving to TN soon (looking for just the right place). I'm remote so, we can move any time. I'd like to retire so, I'm working on hubny getting a knee repacement while I 've got him covered for med insurance.
There can be other costs moving to places with what seems like lower costs of living. Many places with lower real estate taxes will have high sales tax and other nickel and dime fees to make up the difference, access to health care may be harder to find, less choices for things like grocery stores, amenities and entertainment options may be limited or located mainly at venues in larger cities farther away, and so forth
My house is paid off I wanted to Downsize in my own city, but by the time I look at the realtor fees that have to be paid out that's a huge chunk of money you're giving away just to move to a little bit smaller home... at least for me anyway.
True. Put the word out for an "insider" sale for your home, get an RE atttorney and try to skip the RE Agent syndrome. All they do is have one or two open house events and put it all on MLS and tell you they're working their butts off.
I sold my townhouse years ago without a seller's agent. Still hat to pay 2.5% for the buyers agent and 1.5% transfer tax. There are also costs to get the place ready for sale. Not to mention the costs you incur with the purchase of the new place.
I retired when I was 63 and was waiting till 67 to collect S.S. I had a IRA, that i was living off of, at the bank that I was trying to get my credit card limit raised from $2k to $2500. The Visa card ppl said no because I had no income.. It was a shock to me..
I've heard that relocating to certain countries can actually be beneficial for health, in terms of climate, cultural lifestyle norms for activity levels, affordable fresh and wholesome foods, and lower-cost, accessible health care that's still usually of sufficient quality.
have seen so many retirees fall short of money after trying to move to Florida from the cold North . buying a house 30 years ago at a price never to be seen again . Do not let go of that security unless there is surplus money with no doubt. or end up back in a rental with rising prices , homeownership offers some control over home costs .
Love your channel Azul, but I have to disagree about moving overseas (especially if we're talking about the Philippines). Moving to the Philippines will save you boatloads. I'm young and I live in the PI but I know lots of old dudes that are so happy that they retired in the PI. The people are friendly to Americans, most of them speak English well enough. Just stay clear of the big cities and try the more rural area or smaller cites. Don't buy a condo or anything, just rent. My American buddy was renting a beautiful house near the beach in rural Palawan for $100 USD per month. Living expenses are super low for an enjoyable lifestyle. Medical care is quality and affordable even without insurance. And in home elder care is super affordable too.
Overseas healthcare is sketch and the US Constitution will not help you. Advise against living overseas because you are at mercy of foreign government.
I also live in The Philippines, and agree with your main points, but it is a huge change from your home country. I would recommend a long visit to any country you are thinking of relocating to before making it permanent.
But Philippines medical is marginal, I have spent over 8 yrs on Luzon, Phil. As a senior it gets tougher. I’m not talking home care, I’m referring to the challenges older folks’ will possibly encounter. I love the Philippines dearly, but am being honest on the medical side of this.
I can't wait to leave the PNW and move to Europe! France. So excited for the retirement move. Looking forward to exploring my new home, making new friends, and having a nice, central location for travel. I live in a very unfriendly city now so it can only get better from here!
Lived in CA. Extracted $500 k in move to Oregon. Moved from Oregon 10 years later, sold Oregon taking another $700 k from house that doubled. Sold vacation house held for 20 years extracting $1 m then moved to WA where grandkids are, no income tax, bought view home for cash and pocketed a half million. We hop a plane ten minutes from our house to see CA friends and 3 hr drive to OR friends. Easy Street
A nomadic lifestyle for some of retirement is appealing. Renting for a short terms can open up highly desirable locations that are impossible for homeowners to afford. The days of escaping inflation with a house are probably over, as insurance, taxes, & manetenance come for your head.
We moved from California to Oregon. We bought a smaller house on acreage and pay about half the property taxes we used to pay. We keep our horses on our property instead of having to pay boarding fees. No sales tax in Oregon. Yes, we do miss family, but never lived that close to them anyway!
moved to Oregon in 1997 and never regretted it except for crooked cops. The cops here do what ever they want to get an arrest including putting drugs in peoples vehicles/ homes. They used excessive force on a 67 yr old woman with severe sickness who could hardly walk. I have videos
My real estate agent underestimated the value of my former town home when I sold it a few years ago. In fact, it was so low that there were nearly 100 people who came on a Saturday alone to check it out. This upset the neighbors as parking was at a premium for blocks. It turns out a bidding war took place, and I got $35 thousand dollars over the asking price. Needless to say, I wouldn't recommend the agent I used.
@@WAL_DC-6B There was a similar story in NC. Listed for $260k, sold for $330k. Made national headlines. It wasn't that the house was undervalued, it's that the market was incredibly tight.
Similar experience; agent my family used dismissed me because she was the expert, so she left for a long weekend at her Nantucket home. While she was gone, my senses told me to interview other agents. An ambitious and younger agent unwittingly told me what I needed to hear. BOOM - sold in two weeks and 25% higher than the the “expert “ told me to list at. When she got back from Nantucket I’m sure she was pissed off at the young agent that swooped in and did some work.
have seen people make one or a combination of all of these 8 mistakes, Azul. we're replacing items on our home as-needed with upgraded versions: better roofing, HVAC, plumbing, etc. gives us flexibility later. easier to sell and easier to stay either way.
In 14 months I'll split my time +/- equally between Lake Geneva region and our houses in Provence (one 100% owned by my wife since 2010 with pool, terrace, summer kitchen, etc... the second one, 100% owned by me, built on the adjacent plot as my 1st retirement projects with part of my comfortable retirement capital. We'll see how that goes but so far so good 😊
We spent the better part of the last 6 years looking to relocate. Like you mentioned in some of your points, we like our community and friends so we have decided to stay put.
Not speaking the language is the issue for me. I could learn, but tbh I'm looking for countries like the Philippines or Malta that offers a lower cost of living while being english speaking. I'm still seeking such a country that accomplishes this with a cooler climate than the aforementioned. At least, I think Malta is less humid than other options, while the Philippines has some cooler, higher elevation locales. That said, at least at this point, my wife has no interest in moving away from family halfway across the world even though we could retire basically now rather than in 10-15 years. Personally I'd be inclined to simply return to visit family for a couple months out of the year rather than work all that extra time in careers that neither of us particularly enjoy.
I am reading this from Thailand. I hear you. I retired 10 years early because Thailand was an option. You worked your whole life to be able to live where you want to live and do what you wanna do and now you’re saying you’re a prisoner to your wife’s family? I don’t think it’s fair that your wife, who is supposed to be your biggest cheerleader, is holding you and her hostage because she might miss her family when in fact, you are her family. I have three adult children living in various places. I don’t get to see them very often, but it makes it all that more special.
That why I built my retirement home at 45. Get to use it for summers and decide if I want to go full time at 55. Yes it costs me $3000 a year to own a second home in taxes, but it’s appreciated as much and more. Having a paid for home allows you to access all the cash in your working home and gives you time to figure out if you want to full time relocate somewhere. Obviously it’s a cheaper place not a condo on the beach in Miami.
The Vanguard calculation was before the pandemic. During the pandemic and after the pandemic people did move out of state. If you live in a high cost of living area it makes more sense to move out of state than to stay in the state. For me, it was a 20% cost of living savings, and I can always hop a plane to go back to my prior hometown.
I have traveled to Costa Rica for the last 30 years surfing, thinking I would retire there some day...Nope! Home sweet home in the USA. After all that time visiting, I realized just visiting is best for the both of us, keeps our relationship fun... I can go more often and longer now that I'm retired at 60.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
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Weather is very subjective. I do not support Texas as #7 for weather. I live here and that is a hard no! :) Super hot and humid and super cold to the point were people die due to exposure. I am from VA, then CO, and now TX; therefore, I do have something to compare this weather to. Retired and relocating in a couple months to northern IN. I know, cold.... Great video, thanks
Plan to relocate prior to retirement because of desire for a more rural area, better access to medical (VA facility), current area has grown drastically so getting around is difficult, utility problems, rising crime, high taxes etc. You need to have good reasons to relocate and a realistic plan.
I’ll be doing two things when I retire at 55: 1. Move to Asia and South America for 4 or 5 years and save a ton in my first few years of retirement. 2. Move back to US with all the savings and live in a reasonably priced state to enjoy life.
It's not only about the value of one's real estate. There's the quality of infrastructure and culture in the new area. For example, electrical infrastructure is downright scary in some of the countries I've been looking at. So the apartments may look quite nice. But looking out the window at the chaos jungle of wires hanging off power poles strung haphazardly to residences...yikes.
I prefer to use the term RIGHTsizing to Downsizing. Relocating can be uprooting or it can be successfully RErooting. My advice on going abroad is to be mindful of two things: do not underestimate language barriers in all good, bad or unexpected situations you may end up in, be prepared to have to come back for the last few years (this should not prevent you from going in the first place).
Another thing, as we age into retirement I believe that our tolerance for risk and adventure declines compared to when we were young. If making one of these moves is better to do as a younger retiree.
I took a 1 month exploratory trip to Thailand as a single man in my 40's with no wife or kids. I found it about 1000% more fun than the funnest times I've had in the US since age 30. My friends are all dying of diabetes, suicides, divorced and broke, miserable.... and I was spending $50 per day on average as a solo tourist. That included all my food, my hotels, and transportation costs. Just surviving here in the US with my job, I need $120 per day to survive and stay ahead of my bills with comfort. I know I could easily shave $10-$15 off that $50 per day if I was staying long term in condos. Vietnam and Cambodia are even cheaper. My plan is to not be a cheap ass there, and actually rent a decent 2 bedroom condo. I'm going to have all my friends come have the time of their lives and visit me. For the price of a plane ticket to come back and visit minimal family and friends here, I could pay half for 2 of them at a time to come live their dream if only for a month.
If assets are high but income is low, get an 'asset dissipation (or depletion) loan.' They're made for this purpose. Another concern is health insurance that transfers. Medicare/Medigap moves anywhere (in U.S.); Medicare (dis)Advantage is tied to networks. If you live in a town over 100K population, consider just moving to the opposite side of town for a 'fresh' start.
Ive noticed that the older you get the less important relationships are. Im in my 40s and noticed all the 50 and 60 year olds i know are all transactional based.
Good video. Thanks for bringing up the pros and cons of relocating. We are planning on not going anywhere because the home is paid for, we know all our neighbors, and healthcare is great. And Prop 13 makes it easy to forecast property taxes in the future.
Klippingers didn’t do a deep dive on the tax situation for retirement. They list New York State as a high tax retirement state and it really depends. If you were a government employee and especially a New York City teacher, you pay zero tax on your pension and zero tax on withdrawals from your 403B and another $20,000 tax free withdrawal on a private pension or 401(k). New York State also doesn’t tax Social Security so if you have a great apartment deal it is one of the best places to retire under these circumstances. If you own your own home, you do have to deal with higher real estate taxes, but factored in with all the above savings you’re still way ahead of the game.
I was lucky moved overseas to where I wanted to retire while I was still working made the transition easier but I see a lot of retirees return after 4 or 5 years as they don't always settle in a new country
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
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Very good information have been considering selling out and moving from Alaska to Washington or Oregon when I am ready. So I have some homework to do when I go to make that decision. Thank you as always sir
I’m glad the video was helpful. I just moved from Utah to Washington state. The rainy weather in the winter is definitely a downer. But, from Alaska, it would be a big weather upgrade. Good luck with your decision. 🗻 Azul
Retiring and moving overseas to make your US dollars go further can be a great option to double or even triple your $, but it helps to have spent considerable time in the country you want to land in. Think about healthcare, climate, culture/language, tax treaties, safety. It's not hard to find safer countries than the US anymore. Even if you know the country, I would still take a trip and stay for 2-3 weeks in each potential city/location to scout out what it really offers you. Living somewhere is very different from vacationing there.
Many people from the US, UK, Australia, etc have become expats in Countries such as the Philippines, Thailand, etc. I'm thinking along similar lines however I would never sell my house. I would rent it out and use the rent as part of my living expenses. I would rent in these cheaper S/E Asian Countries as the rent compared to Australia for example is so cheap. Also I may not like or I might get bored of the place I am in so I could move on. If the whole thing turned out to be something I didn't enjoy then I will always have my home back in Australia to move back into. Thanks for sharing!
How much equity you can extract from your current home is dependent on several things. First of all is how long you've lived there and how much principal you've paid down. Second is the state of the housing market locally when you purchase. I've had to move several times in my life when the real estate market was depressed. I've lost quite a lot of equity because of that. Expecting your home to be a savings account can really backfire on you. Fortunately, we purchased our current home during a lull in home prices. We should do very well, for a change. Another factor to consider (and I'm surprised Azul didn't mention it) is the cost to move your stuff if you're going to relocate far away. It's more than you think.
I'm concerned with that property insurance aspect. The weather events have been hammering different areas of the country more than I think we ever saw before.
Here’s an idea for a podcast, different mechanisms for financing a new house when you’re retired and don’t have that income lenders want even if you have lots of money in retirement accounts.
Can you carry a handgun in PI? Are there lakes with 15’ or deeper water to make for good wakesurfing? Is there general aviation infrastructure comparable to the US?
lol not the same for everyone. Upsizing from NYC apt to a house out of state and buying it outright. No support group in Queens lol. Never knew any of those peeps from Latin America or India....
Great content as usual Azul. Finding out how to get a mortgage when your sole source of income is your retirement assets may be difficult. But qualifying for one is not as hard as one might think. It’s called an Asset Depletion/Asset Utilization loan. If anyone would like to know about more about them, I’d be happy to help!!!
The chart for the" Best States To Retire In" seemed a little odd or nonsensical. All those states rated at or near the bottom for Healthcare. Wouldn't that be paramount to a retiree? Plus the Crime Rate was abysmal for them all as well. Another key factor for retirees. Just goes to show you charts are sharts.
When we were younger, we did look into relocating to another country when we retire. But after listings the pros and cons, we decided to stay-put in the good old USA, in our old house. Who cares what others want to do, but for us, to be able to maneuver the terrain and bureaucracy that we are familiar with out-ways the hassle of moving to a relocation. Y’all enjoy your decision. We sure do ours.
Wow. I'm a little surprised seeing Claudia Ann Brandon named here, and I didn't know she has been helpful to so many people too, this is amazing, I'm in my fifth trade with her, and it has been super
I lived in Taiwan for 10+ years. Very advanced society, more so than America in many ways. And lower cost in almost all facets. But the #1 edge they have is healthcare. Their national healthcare program is excellent (their life expectancy is about 5 yrs more than U.S.) It's low cost, advanced, and the big thing is accessibility. You can walk into a clinic and see a doctor, even specialists, and see the doctor in a short period of time. It's preventive medicine, as opposed to U.S. medicine, which is "rescue treatment." Many countries have excellent national healthcare--Singapore, Thailand, some European and South American nations. There's no need to stay in America and, 1. Get bankrupted by the for-profit healthcare system, and 2. Die early due to lack of access. (Also, in Taiwan, I didn't need to own a car---for ten+ years! Guess how much $ that saved.) Bottom line is there are many good places to live in this world that don't take all your $ like this predatory capitalist system that is rigged to drain each citizen. (e.g. see nursing home costs) And most other countries don't have more guns than citizens. America has conceal-carry and a mental health epidemic-->what could possibly go wrong?
You’re flat wrong about getting a mortgage. The whole reason it takes weeks to get a mortgage is examining your financials. If you can show retirement income the underwriter will count that. Social security, pensions, other retirement income, it all counts.
See happening all the time, people leave it to late to move. Move out of town or the city for country life in their 60s. And dont realise how hard it is ,lack of services , hospitals, friends etc. If you havent got your stuff in a pile ( physically & mentally), by the time you retire , its going to be a struggle 😴 ❤
i moved to thailand November 2024. there are a different set of aggrivations, but i have more money in my pocket to deal with problems. unlimited phone consultations with my lawyer for $24 a month, if i need to hire him for a project he gives me an estimate. i left my adult kids in the USA, they hardly came to see me. My "freinds " outside of work were either relocating after retirement or busy with their petty little lives so i rarely spoke to them.
For me, two things happened, first, I downgraded to part time my last year working prior to retirement, secondly, I retired early in the new year. When I received my IRMAA notice, I submitted the available appeal form with extensive supporting documentation that proved my income had indeed decreased below the IRMAA threshold and that I planned to retire in the coming year with the projections of planned qualified taxable income I would be withdrawing that would still leave me well below the IRMAA threshold. The appeal form allows you to provide evidence of decreased income for the previous year and surprisingly to inform them of expected income decreases for the current year. End result, IRMAA penalty rescinded. 😎 Be meticulous in providing actual proof of your income decreases and the government is willing to rescind this penalty that would have otherwise been applied.
On rent vs own, taxes, insurance, and maintenance costs will impact you regardless. With rental you're always at risk that the landlord may decide to sell or change terms of the lease, so IMHO I'll stay with the advantages of home ownership.
Renting in retirement has plenty of good attributes and shouldn't be discounted simply because of the tiny chance of having to move at some point down the road.
I would never relocate. Family, friends, relationships established over the years, even familiarity with the street network are worth more than any tax advantage of another state or country. Move away and you are on your own; isolated with no support system. Out of country and all you have is some US embassy or consulate.
it seems like there are always some people who move overseas to a place where they don’t speak the language or understand the culture. I see that like being a speck on the surface of the bubble 🫧. You don’t go in the bubble, and people inside don’t really know you. It’s a good way to hide out I suppose.
I don't think you should have a rent payment after retirement. That's an expense that can be as high as a mortgage payment which you also shouldn't have after retirement. If your home isn't owned outright and you don't have the nest egg outside of home equity to retire, you aren't in a stable enough state to retire IMO. Not that there aren't exceptions to this based on individual circumstances, but if I had to use a broad brush...
What happens as a home ‘owner’ when you don’t make your property tax payments? That’s right they come and take your home away from you. You don’t truly own your home when you are obligated to make a payment to the municipality. What happens when you need a new roof? What happens when there’s 6 inches of water in the basement? These are all things that you don’t have to deal with when you rent. I think you should own a home if you want to, but don’t walk around saying you’re free and clear, you’re never free and clear.
If the rent is that high ? I agree . But , retiring abroad as more people are doing blows up that equation And you can grab your suitcase(s) ( or not ) and leave at the drop of a hat
@ In retirement Rent in affordable foreign country you love and travel . Keep that house $ invested " safely " earning some dividends to throw on top of your Social Security , Pension , IRA , 401k , $ and don't worry about any THING . Just stay as healthy And active as much as you can as long as you can . The feeling is Almost Unreal to pay a few hundred $ for a spotless apartment with a pool , walkable to everywhere , and smiling faces instead of violent thugs coming down the street
Hi, am Kenyan, 47 and been listening to you for a while now. Very good advice for anyone over 40 really, so we can all start to think more clearly 😂. On this topic of relocating and esp. rich/welloff exparts esp white men. Listen and learn. Most run off,come to Kenya, Philipines etc for young women and a fairly 'cheap' life. It turns out to be anything but cheap. Suddenly they get surrounded by 'friends' until the money runs out which if very fast. Then, health and security is far poorer in the new place than what they were used to at a basic level. So they now have to pay alot more for both private health and private security plus own mostly a four-wheel drive car because most roads esp in their preferred places are anything but roads 😂 Stay there, visit Africa or wherever every so often, say to escape winter. Leave it at that.
Most huh? And where did you get your statistics from? Because there's a large community of thriving expats living all over the world. Stop generalizing.
no offense, but you are wrong on many fronts and that's also why I wouldn't live in Kenya. Great place to visit but not live. Not every white man is moving for women, give me a break. Take Thailand, Its far more modern and has better and less expensive health care than the west and you don't need to hire security. Look up Bumrungrad International Hospital, Its one of the best hospitals in the world. Yes, language can be an issue, but there are plenty of people there that speak English and living in Bangkok, it wont be an issue. You won't ever need a car because the public transportation there is safe and amazing, unlike NY. Lastly, you don't need to be "rich" to live anywhere in SE Asia, or even southern Europe or Latin America. $2500 to $5000 per month and you can live a good life depending on where you are living and the lifestyle you want to live. Those are the facts
I’m not going anywhere. My house is only 690 ft.². It’s paid off. I hope to be here till the day I die. I realize that that might not happen but relocation is not in the cards. I have crunched the numbers and to rent would be about $500 more a month easily. and that’s counting in all the taxes and insurance, etc. And the rents keep going up every year.
I am at the beginning of my "investment journey", planning to put 385K into dividend stocks so that I will be making up to 30% annually in dividend returns. any good stock recommendation on great performing stocks or Crypto will be appreciated!
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I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure.. So I really don't blame people who panic.
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how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What's your take on this approach? and How can i reach her, if you don't mind me asking??
Don't think you will have the same freedoms you do like you have in the freest country in the world. Also, you better learn a new language at 60 years of age.,
Retirement has been a dream come true! After years of hard work, my wife and I are now debt-free with a $3M+ net worth, thanks to disciplined saving and smart investing in the stock market. Our investments provide steady weekly income, allowing us to travel, golf, and create lasting memories with our grandkids-all while living frugally and enjoying every moment of our golden years.
Absolutely! I’m right there with you. Just returned from an incredible cross-country road trip-it’s amazing how much energy and freedom we have now. Let’s savor every moment, because it won’t last forever!
Azul, can you make a video about the best Red States (noncommunist ) to retire too? Please exclude purple states, as I fear eventually they will go full commie. Thanks.
This entire Red State/Blue state mentality is one reason we are looking hard to relocate out of the country at retirement. No matter the subject matter someone inevitably will make it political.
What US Politician has called for The Workers' control of the means of production? Capitalism (especially if unregulated) can be as despotic as Soviet Russia or Maoist China.
@ unfortunately “the politics” will ultimately impact your life. So it matters. Ask anyone in California who is watching everything they’ve worked for quite literally go up in flames. Imagine knowing your home could be saved if it weren’t for the blue state mayor forbidding you to clear all the debris and flammables surrounding your property under the guise of “safety and environmental protections”. Freedom isn’t safe. I want to retire in a state where I can enjoy my dangerously freedom. This has nothing to do with wanting to be divisive.
@@upforanadventure3039 It certainly will. Especially with a president who decides whether or not to doll out federal dollars for disaster relief depending on the states political bent. And now he's suggesting getting rid of FEMA and having each state provide their own funding for natural disasters. Good luck fending for yourself in one those "non commie" states.
I sold my house about 6 weeks ago. It went for $20 grand over list price and we moved to a smaller house in a small town just outside the city. I'm still commuting to work (company vehicle) and will retire this summer. We made out like bandits on the sale of our house. Our house insurance went down by $1000/year and $260 for our vehicle insurance. The house is new and very eco friendly. Which means our utilities also went down. I'm already enjoying the slower pace and look forward to living out my retirement years in a small town.
You did good...life long and prosper.
My wife and I are considering the jump to Europe once we retire. Definitely some good points to consider here, Thanks!
Very pertinent to my situation (66 y/o). Helps me confirm my inclination towards staying put, and just renting part-time (6 mos a year) out-of-state and even abroad, in order to satisfy my desire for learning/adventure/travel. Great video / content. Thanks Azul.
Smart man!
1) overestimation of the value of your home, underestimating new home purchase
2) downsizing in size, upscaling in amenities leads to no saving in lifestyle
3) getting a mortgage with no income
4) hard to leave your support group, especially moving to another country
5) hard to leave your support group ... by distance (kind of like #4)
6) most of our money is tied up in equity (see #1)
7) tax rates in various areas you may move to
8)
lol @ #8
You should never move far away from your grown kids and grand kids
@@libertylady8462 What if you can't stand them?
I sold my tiny apartment in Manhattan for $450K and bought a much bigger place in CT for $162K. Monthly costs are about the same. I went from 440 square feet to 1500 square feet, plus a basement and a garage. I paid cash for the place in CT, and then sold my apartment in NYC six months lately - just wanted to see if I like it.
You are the lucky few that won the lottery😂
@@morriselee - No, I just saved and invested a lot of money while working. What they say about investment and compounding actually works!
@@vinyl1Earthlink the fact that you are able to squeeze out a good sum of cash from your equity is already lucky. Many retirees cannot say that. Investing in retirement and brokerage accounts is a different story.
You bought a house for 162K in CT?
You did well, but you moved to a high property tax state so you will have to have financial options for those tax increases. I moved to TN, own an apartment/condo in Queens asking 468k and no takers so far.
I wouldn't call it relocating so much as just a home base to come back to rest and recharge. Regardless, when you have a cheaper cost of living, cheaper and better health care, better food, and the ability to have access to cheaper self care things like massages, gyms, yoga, martial arts, and regular checkups with a variety of physicians to fit your needs, and then have the ability to hire maids ,personal trainers and drivers, I think its the smartest thing you can do. The System doesn't want you to leave, they NEED your cash flow. Geo arbitrage is the new American Dream. Its truly safer, and the people are nicer
Number 6 is one of the most important reason for me. The access you have to your wealth. You can be, or feel, wealthy because you have lots of assets, but think about the access you have to use it.
You're are right on target. Equity assetes are just paper references until you sell and get you asking price.
We moved from California to Tennessee. Yes, we did well! Mortgage companies look at the income coming in....retirement income. I don't know anyone who's had difficulty with this.
True, but the lender guidelines stipulate that minimum monthly income to home mortgage payment be at least 4X. For example, if the projected monthly mortgage payment is $4K, then the minimum monthly income would need to be at least $16K. That’s just shy of $200K annually. And it doesn’t matter if you have a credit bureau score over 800.
@@jacquelineRN22 We hope to be moving to TN soon (looking for just the right place). I'm remote so, we can move any time. I'd like to retire so, I'm working on hubny getting a knee repacement while I 've got him covered for med insurance.
Usually folks buy with cash? No mortgage in retirement. I'd worry more about health care moving south!
@mylesprior4985 We use University Tennessee, level o ne Trauma Center.
Yes. We moved from NYC to TN. but bought for cash. You did good and be happy here.
My wife and I both are 60 y/o I have been retired for 11 years. She will retire at 62 y/o no debt gives you more choices.
Great topic. Thank you for researching and presenting the facts.
There can be other costs moving to places with what seems like lower costs of living. Many places with lower real estate taxes will have high sales tax and other nickel and dime fees to make up the difference, access to health care may be harder to find, less choices for things like grocery stores, amenities and entertainment options may be limited or located mainly at venues in larger cities farther away, and so forth
My house is paid off I wanted to Downsize in my own city, but by the time I look at the realtor fees that have to be paid out that's a huge chunk of money you're giving away just to move to a little bit smaller home... at least for me anyway.
True. Put the word out for an "insider" sale for your home, get an RE atttorney and try to skip the RE Agent syndrome. All they do is have one or two open house events and put it all on MLS and tell you they're working their butts off.
It’s not hard to buy or sell a property without an agent.
I sold my townhouse years ago without a seller's agent. Still hat to pay 2.5% for the buyers agent and 1.5% transfer tax. There are also costs to get the place ready for sale. Not to mention the costs you incur with the purchase of the new place.
I retired when I was 63 and was waiting till 67 to collect S.S. I had a IRA, that i was living off of, at the bank that I was trying to get my credit card limit raised from $2k to $2500. The Visa card ppl said no because I had no income.. It was a shock to me..
Credit card companies do not verify employment. Hint, hint, hint.
I've heard that relocating to certain countries can actually be beneficial for health, in terms of climate, cultural lifestyle norms for activity levels, affordable fresh and wholesome foods, and lower-cost, accessible health care that's still usually of sufficient quality.
It can but be cautious of losing your Medicare, not available overseas. You have to go socialist medicine.
have seen so many retirees fall short of money after trying to move to Florida from the cold North . buying a house 30 years ago at a price never to be seen again .
Do not let go of that security unless there is surplus money with no doubt. or end up back in a rental with rising prices , homeownership offers some control over home costs .
Love your channel Azul, but I have to disagree about moving overseas (especially if we're talking about the Philippines). Moving to the Philippines will save you boatloads. I'm young and I live in the PI but I know lots of old dudes that are so happy that they retired in the PI. The people are friendly to Americans, most of them speak English well enough. Just stay clear of the big cities and try the more rural area or smaller cites. Don't buy a condo or anything, just rent. My American buddy was renting a beautiful house near the beach in rural Palawan for $100 USD per month. Living expenses are super low for an enjoyable lifestyle. Medical care is quality and affordable even without insurance. And in home elder care is super affordable too.
Agreed. It might be a trap to some people. But planning well can make it an advantageous move.
Overseas healthcare is sketch and the US Constitution will not help you. Advise against living overseas because you are at mercy of foreign government.
I also live in The Philippines, and agree with your main points, but it is a huge change from your home country. I would recommend a long visit to any country you are thinking of relocating to before making it permanent.
Is the heat/humidity as bad as inland Florida?
But Philippines medical is marginal, I have spent over 8 yrs on Luzon, Phil. As a senior it gets tougher. I’m not talking home care, I’m referring to the challenges older folks’ will possibly encounter.
I love the Philippines dearly, but am being honest on the medical side of this.
I can't wait to leave the PNW and move to Europe! France. So excited for the retirement move. Looking forward to exploring my new home, making new friends, and having a nice, central location for travel. I live in a very unfriendly city now so it can only get better from here!
Lived in CA. Extracted $500 k in move to Oregon. Moved from Oregon 10 years later, sold Oregon taking another $700 k from house that doubled. Sold vacation house held for 20 years extracting $1 m then moved to WA where grandkids are, no income tax, bought view home for cash and pocketed a half million. We hop a plane ten minutes from our house to see CA friends and 3 hr drive to OR friends. Easy Street
A nomadic lifestyle for some of retirement is appealing. Renting for a short terms can open up highly desirable locations that are impossible for homeowners to afford. The days of escaping inflation with a house are probably over, as insurance, taxes, & manetenance come for your head.
Thank you for the insight. As retirement nears, I keep hedging back and forth considering purchasing. I asked questions up above, this user name . . .
We moved from California to Oregon. We bought a smaller house on acreage and pay about half the property taxes we used to pay. We keep our horses on our property instead of having to pay boarding fees. No sales tax in Oregon. Yes, we do miss family, but never lived that close to them anyway!
moved to Oregon in 1997 and never regretted it except for crooked cops. The cops here do what ever they want to get an arrest including putting drugs in peoples vehicles/ homes. They used excessive force on a 67 yr old woman with severe sickness who could hardly walk. I have videos
My real estate agent underestimated the value of my former town home when I sold it a few years ago. In fact, it was so low that there were nearly 100 people who came on a Saturday alone to check it out. This upset the neighbors as parking was at a premium for blocks. It turns out a bidding war took place, and I got $35 thousand dollars over the asking price. Needless to say, I wouldn't recommend the agent I used.
Was this on the news?
@@kristiG5259 LOL! No, but I'm surprised it didn't at least make the local news.
@@WAL_DC-6B There was a similar story in NC. Listed for $260k, sold for $330k. Made national headlines. It wasn't that the house was undervalued, it's that the market was incredibly tight.
Similar experience; agent my family used dismissed me because she was the expert, so she left for a long weekend at her Nantucket home. While she was gone, my senses told me to interview other agents. An ambitious and younger agent unwittingly told me what I needed to hear. BOOM - sold in two weeks and 25% higher than the the “expert “ told me to list at.
When she got back from Nantucket I’m sure she was pissed off at the young agent that swooped in and did some work.
Great NEW content Azul!! Very pertinent too. Very much appreciate you doing the legwork to distil the information. Keep the good NEW stuff coming 👍
have seen people make one or a combination of all of these 8 mistakes, Azul. we're replacing items on our home as-needed with upgraded versions: better roofing, HVAC, plumbing, etc. gives us flexibility later. easier to sell and easier to stay either way.
Great job Azul. I loved all the data that you shared in this video.
This is an excellent episode!!!!
In 14 months I'll split my time +/- equally between Lake Geneva region and our houses in Provence (one 100% owned by my wife since 2010 with pool, terrace, summer kitchen, etc... the second one, 100% owned by me, built on the adjacent plot as my 1st retirement projects with part of my comfortable retirement capital. We'll see how that goes but so far so good 😊
2010 ok but not 2011, 😅
We spent the better part of the last 6 years looking to relocate. Like you mentioned in some of your points, we like our community and friends so we have decided to stay put.
Not speaking the language is the issue for me. I could learn, but tbh I'm looking for countries like the Philippines or Malta that offers a lower cost of living while being english speaking. I'm still seeking such a country that accomplishes this with a cooler climate than the aforementioned. At least, I think Malta is less humid than other options, while the Philippines has some cooler, higher elevation locales.
That said, at least at this point, my wife has no interest in moving away from family halfway across the world even though we could retire basically now rather than in 10-15 years. Personally I'd be inclined to simply return to visit family for a couple months out of the year rather than work all that extra time in careers that neither of us particularly enjoy.
I am reading this from Thailand. I hear you. I retired 10 years early because Thailand was an option. You worked your whole life to be able to live where you want to live and do what you wanna do and now you’re saying you’re a prisoner to your wife’s family? I don’t think it’s fair that your wife, who is supposed to be your biggest cheerleader, is holding you and her hostage because she might miss her family when in fact, you are her family. I have three adult children living in various places. I don’t get to see them very often, but it makes it all that more special.
That why I built my retirement home at 45. Get to use it for summers and decide if I want to go full time at 55. Yes it costs me $3000 a year to own a second home in taxes, but it’s appreciated as much and more. Having a paid for home allows you to access all the cash in your working home and gives you time to figure out if you want to full time relocate somewhere. Obviously it’s a cheaper place not a condo on the beach in Miami.
The Vanguard calculation was before the pandemic. During the pandemic and after the pandemic people did move out of state. If you live in a high cost of living area it makes more sense to move out of state than to stay in the state. For me, it was a 20% cost of living savings, and I can always hop a plane to go back to my prior hometown.
I have traveled to Costa Rica for the last 30 years surfing, thinking I would retire there some day...Nope! Home sweet home in the USA.
After all that time visiting, I realized just visiting is best for the both of us, keeps our relationship fun... I can go more often and longer now that I'm retired at 60.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
My CFA ’Jessica Dawn Walters’, a renowned figure in her line of work. 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.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
Weather is very subjective. I do not support Texas as #7 for weather. I live here and that is a hard no! :) Super hot and humid and super cold to the point were people die due to exposure. I am from VA, then CO, and now TX; therefore, I do have something to compare this weather to. Retired and relocating in a couple months to northern IN. I know, cold.... Great video, thanks
Plan to relocate prior to retirement because of desire for a more rural area, better access to medical (VA facility), current area has grown drastically so getting around is difficult, utility problems, rising crime, high taxes etc. You need to have good reasons to relocate and a realistic plan.
Good info Azul, thank you for awesome content.
I’ll be doing two things when I retire at 55:
1. Move to Asia and South America for 4 or 5 years and save a ton in my first few years of retirement.
2. Move back to US with all the savings and live in a reasonably priced state to enjoy life.
Sounds good...watch the health situation which creeps in. Bon Voyage!
@ Excellent point, friend. Thank you.
It's not only about the value of one's real estate. There's the quality of infrastructure and culture in the new area. For example, electrical infrastructure is downright scary in some of the countries I've been looking at. So the apartments may look quite nice. But looking out the window at the chaos jungle of wires hanging off power poles strung haphazardly to residences...yikes.
I prefer to use the term RIGHTsizing to Downsizing. Relocating can be uprooting or it can be successfully RErooting. My advice on going abroad is to be mindful of two things: do not underestimate language barriers in all good, bad or unexpected situations you may end up in, be prepared to have to come back for the last few years (this should not prevent you from going in the first place).
Quality of life matters more!
If I didn’t want to be near my grand kids I’d live on the beach in Mexico. It’s not just about money either!
Another thing, as we age into retirement I believe that our tolerance for risk and adventure declines compared to when we were young. If making one of these moves is better to do as a younger retiree.
I took a 1 month exploratory trip to Thailand as a single man in my 40's with no wife or kids. I found it about 1000% more fun than the funnest times I've had in the US since age 30. My friends are all dying of diabetes, suicides, divorced and broke, miserable.... and I was spending $50 per day on average as a solo tourist. That included all my food, my hotels, and transportation costs. Just surviving here in the US with my job, I need $120 per day to survive and stay ahead of my bills with comfort. I know I could easily shave $10-$15 off that $50 per day if I was staying long term in condos. Vietnam and Cambodia are even cheaper. My plan is to not be a cheap ass there, and actually rent a decent 2 bedroom condo. I'm going to have all my friends come have the time of their lives and visit me. For the price of a plane ticket to come back and visit minimal family and friends here, I could pay half for 2 of them at a time to come live their dream if only for a month.
If assets are high but income is low, get an 'asset dissipation (or depletion) loan.' They're made for this purpose. Another concern is health insurance that transfers. Medicare/Medigap moves anywhere (in U.S.); Medicare (dis)Advantage is tied to networks. If you live in a town over 100K population, consider just moving to the opposite side of town for a 'fresh' start.
Ive noticed that the older you get the less important relationships are. Im in my 40s and noticed all the 50 and 60 year olds i know are all transactional based.
If I relocate I have no interest in continuing to own a house. Maybe a condo but I will most likely rent.
Good video. Thanks for bringing up the pros and cons of relocating. We are planning on not going anywhere because the home is paid for, we know all our neighbors, and healthcare is great. And Prop 13 makes it easy to forecast property taxes in the future.
Klippingers didn’t do a deep dive on the tax situation for retirement. They list New York State as a high tax retirement state and it really depends. If you were a government employee and especially a New York City teacher, you pay zero tax on your pension and zero tax on withdrawals from your 403B and another $20,000 tax free withdrawal on a private pension or 401(k). New York State also doesn’t tax Social Security so if you have a great apartment deal it is one of the best places to retire under these circumstances. If you own your own home, you do have to deal with higher real estate taxes, but factored in with all the above savings you’re still way ahead of the game.
Love the new shirt.
I was lucky moved overseas to where I wanted to retire while I was still working made the transition easier but I see a lot of retirees return after 4 or 5 years as they don't always settle in a new country
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Melissa Terri Swayne’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Very good information have been considering selling out and moving from Alaska to Washington or Oregon when I am ready. So I have some homework to do when I go to make that decision. Thank you as always sir
I’m glad the video was helpful. I just moved from Utah to Washington state. The rainy weather in the winter is definitely a downer. But, from Alaska, it would be a big weather upgrade. Good luck with your decision. 🗻 Azul
I could see us moving to be closer to our son but who knows where he will settle down.
We have a place in Thailand. Super affordable.
It's easier to move and relocate overseas if both of your sons are military engineers and you seldom get to see then.
Retiring and moving overseas to make your US dollars go further can be a great option to double or even triple your $, but it helps to have spent considerable time in the country you want to land in. Think about healthcare, climate, culture/language, tax treaties, safety. It's not hard to find safer countries than the US anymore. Even if you know the country, I would still take a trip and stay for 2-3 weeks in each potential city/location to scout out what it really offers you. Living somewhere is very different from vacationing there.
To relocate make sense if you know the place you want to go, so no surprise.
Many people from the US, UK, Australia, etc have become expats in Countries such as the Philippines, Thailand, etc. I'm thinking along similar lines however I would never sell my house. I would rent it out and use the rent as part of my living expenses. I would rent in these cheaper S/E Asian Countries as the rent compared to Australia for example is so cheap. Also I may not like or I might get bored of the place I am in so I could move on. If the whole thing turned out to be something I didn't enjoy then I will always have my home back in Australia to move back into. Thanks for sharing!
How much equity you can extract from your current home is dependent on several things. First of all is how long you've lived there and how much principal you've paid down. Second is the state of the housing market locally when you purchase. I've had to move several times in my life when the real estate market was depressed. I've lost quite a lot of equity because of that. Expecting your home to be a savings account can really backfire on you. Fortunately, we purchased our current home during a lull in home prices. We should do very well, for a change.
Another factor to consider (and I'm surprised Azul didn't mention it) is the cost to move your stuff if you're going to relocate far away. It's more than you think.
I'm concerned with that property insurance aspect. The weather events have been hammering different areas of the country more than I think we ever saw before.
Cant believe this book is still under the radar The Censored Guide to Wealth on Bovolorus is insane
I'm in Miami. 61. House is paid off. Will sell and move to South Carolina close to wife's family. Will downsize and pocket some cash.
6:16 Of the 4% moving abroad, I wonder how many were born in the US. I appreciate the stats. Thanks
SUPER important one to add is. . . . Capital Gains tax :(
You should mention a HECM for purchase.
I totally agree. Thank you.
I could move 20 miles to a still very nice house and cut my housing/taxes in half - in fact I plan to soon as the youngest finishes college.
Here’s an idea for a podcast, different mechanisms for financing a new house when you’re retired and don’t have that income lenders want even if you have lots of money in retirement accounts.
Support group? What’s that???
Can you carry a handgun in PI?
Are there lakes with 15’ or deeper water to make for good wakesurfing?
Is there general aviation infrastructure comparable to the US?
lol not the same for everyone. Upsizing from NYC apt to a house out of state and buying it outright. No support group in Queens lol. Never knew any of those peeps from Latin America or India....
Great content as usual Azul. Finding out how to get a mortgage when your sole source of income is your retirement assets may be difficult. But qualifying for one is not as hard as one might think. It’s called an Asset Depletion/Asset Utilization loan. If anyone would like to know about more about them, I’d be happy to help!!!
The chart for the" Best States To Retire In" seemed a little odd or nonsensical. All those states rated at or near the bottom for Healthcare. Wouldn't that be paramount to a retiree? Plus the Crime Rate was abysmal for them all as well. Another key factor for retirees. Just goes to show you charts are sharts.
Definitely disagree .. you can stay on the treadmill forever in the US or move to Eastern Europe , some mediternjain countries like montenegro, etc
Sketchy just don't break any laws overseas
When we were younger, we did look into relocating to another country when we retire. But after listings the pros and cons, we decided to stay-put in the good old USA, in our old house. Who cares what others want to do, but for us, to be able to maneuver the terrain and bureaucracy that we are familiar with out-ways the hassle of moving to a relocation. Y’all enjoy your decision. We sure do ours.
Retiring this year, $82K biweekly, this video reminds me of my life in 2023, you have really inspired me in so many ways!!!!!💜
I'm feeling motivated,
could you share some details about the biweekly topic you brought up?
Wow 😱 I know her too
miss Claudia Ann Brandon is a remarkable individual whom has brought immense positivity and inspiration into my life.
She is really a good investment advisor. I was privileged to attend some of her seminars, that's how I started my crypto investment
Wow. I'm a little surprised seeing Claudia Ann Brandon named here, and I didn't know she has been helpful to so many people too, this is amazing, I'm in my fifth trade with her, and it has been super
Can someone help me connect with this woman? I'd really appreciate it; I don't want to miss out due to my ignorance. 😢
I lived in Taiwan for 10+ years. Very advanced society, more so than America in many ways. And lower cost in almost all facets.
But the #1 edge they have is healthcare. Their national healthcare program is excellent (their life expectancy is about 5 yrs more than U.S.) It's low cost, advanced, and the big thing is accessibility. You can walk into a clinic and see a doctor, even specialists, and see the doctor in a short period of time. It's preventive medicine, as opposed to U.S. medicine, which is "rescue treatment." Many countries have excellent national healthcare--Singapore, Thailand, some European and South American nations. There's no need to stay in America and, 1. Get bankrupted by the for-profit healthcare system, and 2. Die early due to lack of access. (Also, in Taiwan, I didn't need to own a car---for ten+ years! Guess how much $ that saved.) Bottom line is there are many good places to live in this world that don't take all your $ like this predatory capitalist system that is rigged to drain each citizen. (e.g. see nursing home costs) And most other countries don't have more guns than citizens. America has conceal-carry and a mental health epidemic-->what could possibly go wrong?
You’re flat wrong about getting a mortgage. The whole reason it takes weeks to get a mortgage is examining your financials. If you can show retirement income the underwriter will count that. Social security, pensions, other retirement income, it all counts.
See happening all the time, people leave it to late to move. Move out of town or the city for country life in their 60s. And dont realise how hard it is ,lack of services , hospitals, friends etc. If you havent got your stuff in a pile ( physically & mentally), by the time you retire , its going to be a struggle 😴 ❤
i moved to thailand November 2024. there are a different set of aggrivations, but i have more money in my pocket to deal with problems. unlimited phone consultations with my lawyer for $24 a month, if i need to hire him for a project he gives me an estimate. i left my adult kids in the USA, they hardly came to see me. My "freinds " outside of work were either relocating after retirement or busy with their petty little lives so i rarely spoke to them.
For me, two things happened, first, I downgraded to part time my last year working prior to retirement, secondly, I retired early in the new year.
When I received my IRMAA notice, I submitted the available appeal form with extensive supporting documentation that proved my income had indeed decreased below the IRMAA threshold and that I planned to retire in the coming year with the projections of planned qualified taxable income I would be withdrawing that would still leave me well below the IRMAA threshold. The appeal form allows you to provide evidence of decreased income for the previous year and surprisingly to inform them of expected income decreases for the current year. End result, IRMAA penalty rescinded. 😎
Be meticulous in providing actual proof of your income decreases and the government is willing to rescind this penalty that would have otherwise been applied.
TX isn’t cheap anymore since all the blue state folks are moving here.
On rent vs own, taxes, insurance, and maintenance costs will impact you regardless. With rental you're always at risk that the landlord may decide to sell or change terms of the lease, so IMHO I'll stay with the advantages of home ownership.
Renting in retirement has plenty of good attributes and shouldn't be discounted simply because of the tiny chance of having to move at some point down the road.
DC is 174%!?!?!! Good god! That's our government for you.
Blue 😂 is he color blind or is it me looks green to me 🤷♂️
I would never relocate. Family, friends, relationships established over the years, even familiarity with the street network are worth more than any tax advantage of another state or country. Move away and you are on your own; isolated with no support system. Out of country and all you have is some US embassy or consulate.
it seems like there are always some people who move overseas to a place where they don’t speak the language or understand the culture. I see that like being a speck on the surface of the bubble 🫧. You don’t go in the bubble, and people inside don’t really know you. It’s a good way to hide out I suppose.
I always recommend multiple trips during different seasons to feel the area out.
I don't think you should have a rent payment after retirement. That's an expense that can be as high as a mortgage payment which you also shouldn't have after retirement. If your home isn't owned outright and you don't have the nest egg outside of home equity to retire, you aren't in a stable enough state to retire IMO.
Not that there aren't exceptions to this based on individual circumstances, but if I had to use a broad brush...
What happens as a home ‘owner’ when you don’t make your property tax payments? That’s right they come and take your home away from you. You don’t truly own your home when you are obligated to make a payment to the municipality. What happens when you need a new roof? What happens when there’s 6 inches of water in the basement? These are all things that you don’t have to deal with when you rent. I think you should own a home if you want to, but don’t walk around saying you’re free and clear, you’re never free and clear.
If the rent is that high ? I agree . But , retiring abroad as more people are doing blows up that equation And you can grab your suitcase(s) ( or not ) and leave at the drop of a hat
@ In retirement Rent in affordable foreign country you love and travel . Keep that house $ invested " safely " earning some dividends to throw on top of your Social Security , Pension , IRA , 401k , $ and don't worry about any THING . Just stay as healthy And active as much as you can as long as you can . The feeling is Almost Unreal to pay a few hundred $ for a spotless apartment with a pool , walkable to everywhere , and smiling faces instead of violent thugs coming down the street
@@Rogue_MoneyAgreed. Rent or mortgage payments are ok in retirement as long as it’s manageable. You’re living the dream. 😎
Nahhh. Renting is better for some during retirement. Maintenance? Not their problem nor the risk.
Easier to relocate as well.
Great topic that many us think about. Thank you for wisdom on this topic.
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Hi, am Kenyan, 47 and been listening to you for a while now. Very good advice for anyone over 40 really, so we can all start to think more clearly 😂.
On this topic of relocating and esp. rich/welloff exparts esp white men. Listen and learn. Most run off,come to Kenya, Philipines etc for young women and a fairly 'cheap' life. It turns out to be anything but cheap. Suddenly they get surrounded by 'friends' until the money runs out which if very fast.
Then, health and security is far poorer in the new place than what they were used to at a basic level. So they now have to pay alot more for both private health and private security plus own mostly a four-wheel drive car because most roads esp in their preferred places are anything but roads 😂
Stay there, visit Africa or wherever every so often, say to escape winter. Leave it at that.
Most huh? And where did you get your statistics from? Because there's a large community of thriving expats living all over the world. Stop generalizing.
no offense, but you are wrong on many fronts and that's also why I wouldn't live in Kenya. Great place to visit but not live. Not every white man is moving for women, give me a break. Take Thailand, Its far more modern and has better and less expensive health care than the west and you don't need to hire security. Look up Bumrungrad International Hospital, Its one of the best hospitals in the world. Yes, language can be an issue, but there are plenty of people there that speak English and living in Bangkok, it wont be an issue. You won't ever need a car because the public transportation there is safe and amazing, unlike NY. Lastly, you don't need to be "rich" to live anywhere in SE Asia, or even southern Europe or Latin America. $2500 to $5000 per month and you can live a good life depending on where you are living and the lifestyle you want to live. Those are the facts
I’m not going anywhere. My house is only 690 ft.². It’s paid off. I hope to be here till the day I die. I realize that that might not happen but relocation is not in the cards. I have crunched the numbers and to rent would be about $500 more a month easily. and that’s counting in all the taxes and insurance, etc. And the rents keep going up every year.
I am at the beginning of my "investment journey", planning to put 385K into dividend stocks so that I will be making up to 30% annually in dividend returns. any good stock recommendation on great performing stocks or Crypto will be appreciated!
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure.. So I really don't blame people who panic.
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how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What's your take on this approach? and How can i reach her, if you don't mind me asking??
Don't think you will have the same freedoms you do like you have in the freest country in the world. Also, you better learn a new language at 60 years of age.,
Cashing out my deep 7 figures and bouncing to Portugal. ✌️
Retirement has been a dream come true! After years of hard work, my wife and I are now debt-free with a $3M+ net worth, thanks to disciplined saving and smart investing in the stock market. Our investments provide steady weekly income, allowing us to travel, golf, and create lasting memories with our grandkids-all while living frugally and enjoying every moment of our golden years.
Absolutely! I’m right there with you. Just returned from an incredible cross-country road trip-it’s amazing how much energy and freedom we have now. Let’s savor every moment, because it won’t last forever!
Azul, can you make a video about the best Red States (noncommunist ) to retire too? Please exclude purple states, as I fear eventually they will go full commie. Thanks.
This entire Red State/Blue state mentality is one reason we are looking hard to relocate out of the country at retirement. No matter the subject matter someone inevitably will make it political.
What US Politician has called for The Workers' control of the means of production?
Capitalism (especially if unregulated) can be as despotic as Soviet Russia or Maoist China.
Stop
@ unfortunately “the politics” will ultimately impact your life. So it matters. Ask anyone in California who is watching everything they’ve worked for quite literally go up in flames. Imagine knowing your home could be saved if it weren’t for the blue state mayor forbidding you to clear all the debris and flammables surrounding your property under the guise of “safety and environmental protections”. Freedom isn’t safe. I want to retire in a state where I can enjoy my dangerously freedom. This has nothing to do with wanting to be divisive.
@@upforanadventure3039 It certainly will. Especially with a president who decides whether or not to doll out federal dollars for disaster relief depending on the states political bent. And now he's suggesting getting rid of FEMA and having each state provide their own funding for natural disasters. Good luck fending for yourself in one those "non commie" states.
Love the new shirt.