[JJ]

Move abroad to save money? I am poor old man live in expensive south Cali. I saw many experts are excited to move abroad.

I compare all the expenses, I don’t see much saving moving abroad.

Overall, moving abroad is not a good deal, what do you think?

[Lúa]

Living abroad isn’t for everyone. However, as for cost of living, Portugal is roughly 2/3 of what we used to spend in the US.

Cost is not solely the reason we moved here but the culture, weather, food/coffee, safety etc.

it’s been 2.5 yrs and we’ve been loving it.

[Turnblom]

I would. I honestly considered of moving to Thailand the country I somewhat know. Cambodia is cheap too.

My mother said she lives off of $300 a month, she called it her slow life.

She’s 60+ but look like 50. She’s so happy and content with her life.

[Pablo]

It’s an excellent deal if you go to the right places. I’m personally planning on moving to Thailand and Vietnam, where your cost of living can be about $1000-1200 a month depending on which cities you choose and your style of living.

[Inessa]

Have you ever lived abroad? Did you travel independently extensively? Do you accept change easily? How are you with languages?

It is a quality of life question, and finances are certainly a big part of it, but if you will enjoy your life abroad depends on many other factors.

Also, you need to have a financial buffer for mistakes, and to understand that without connections, language, local knowledge… life won’t be as cheap for you as for the locals.

Levels of this depend on how developed the country is. And usually the cheaper the country…

[Jaime]

I think it can be a great decision. Just he aware of tax implications. You are considered a resident for tax purposes if you are in a place for 183 days or more.

Some very desirable countries, like Spain and Italy, might tax your income and assets.

Do deep research on this before you take the plunge. Many expats seems to love affordable Asian countries.

[Rick]

I’m not familiar with Cali, Bogota, Medellin etc, but it seems that Colombia in general is quite a bit more affordable than Europe or the US.

Live within your means, stick to the FIRE 4% guidelines, and you should be A-ok.

[Vera]

I wouldn’t do it unless you would enjoy the adventure or you confirm significant savings. For example, if right now your housing expense is very high, that could be reduced significantly by moving overseas.

I would start with a 1-month visit to the place you are considering to test it out both from the savings perspective and to see if you enjoy it.

Of course during your visit you would need to look at prices of long term rentals that you would be willing to live in, in an area that would meet your needs, since short term housing is generally more expensive.

Don’t forget to factor in costs of coming to the US periodically if you will need to visit family or take care of personal business.

Have a look at expats groups to be fully aware of the pros and cons and consider things like air pollution, access to health services, traffic, transportation, etc.

Good luck!

[Donna]

Live abroad for a little to explore while not too old but come back home in the US and retire in the Midwest when getting too old.

You paid for that Medicare all your life you deserve the best treatment options and be closer to the family in your last hours.

Ask any immigrant especially from Southeast Asia and compare health services there and over here.

If you want to die there just make sure you have cash for emergencies and hospitalizations.

Living in Asia as a foreigner when you’re like age 70-85 is not ideal unless you move with your whole family but as a single person, tough, I won’t recommend it.

People say they will retire in Asia all the time, yeah while young it’s ok go and take risks for a cheaper and adventurous journey but when older definitely come back home and get taken care of by the best nurses and doctors here for as long as you are willing to live.

[Christina]

I think your health and tax situation would be the biggest weights on the scale.

As for me, I have no plans to go anywhere.

[Flor]

There are a few variables but in general you would save more, I could live in Colombia with just what I pay for health care in southern California.

[Amber]

I lived in Ecuador last year for 2 months and there is a decent number of expats there.

It really helps to speak Spanish.

You can get by with English only in parts of Cuenca if you stay in expat communities.

[Suzi]

It all depends on how you want to spend your time. Portugal is supposed to be very expat friendly with good health care.

You might also consider Nevada or Arizona to be closer to family

[Kimberly]

I retired young, sold my small, paid-off house in the US and bought a MUCH larger & nicer home in Mexico for a fraction of what I sold my house for.

Utilities and property taxes cost nearly nothing in Mexico, and I live pretty high off the hog in a gorgeous small city.

Best decision I ever made.

[Zchry]

My wife and I lived in Indonesia for 12 months 2014-2015. Had a 2 bedroom apartment, ate 2 meals a day outside, movies, etc.. we budgeted $8,000 the entire year.

I have some friends who are doing $13-15k a year in Malaysia.

I’m working in China now but I’ll take another year or two off and go back down to Southeast Asia with wife when I’m done here.

[Author]

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