Fundamentals 101

I have begun to break down my questions and research into two categories. 

First, does it make sense for me to retire abroad?  And second, assuming I conclude that moving is at least somewhat rational, what are the next steps?  What research needs to be done, how do I prepare, how long do I need for this process, and where do I want to go?    

Does it make sense?  This involves making sure I have the financial wherewithal to make such a move and ensuring that I feel comfortable with the idea of living day-to-day using only the resources available in my new

Andrea and Brian in Venice  bgodiver

home, wherever that may be.  It also means that I am doing it for the right reasons, and not just for some romantic notion of adventure.  

Using local resources means trusting a foreign banking system and depending almost totally on myself until I’m established in my new setting.  I will have to make use of local health care, have a good means of communication (phone and, most importantly, fast and reliable internet), entrench myself in a new community with new friends and neighbors, most likely learn a new language, and either rent or purchase a new home.  But once that is accomplished, I still have my daily life to live, so will this provide me the opportunities to travel and grow as a person in ways that would not be possible if I remain in America?

I have the finances (or, at least, I believe I will within six to eight years) and based on the limited research done so far, it appears that there are many, many locations that would be cheaper than remaining in the US; in some cases far cheaper.  I’ve met with a couple of financial advisors to ensure that what I have won’t be lost in the market and that I will have a stable income with which to plan.

I have toyed with the idea of establishing an internet-based travel agency in the fashion of Andrea’s business or some other venture.  If done correctly, I think this could bring in additional income for travel while not being subject to US taxes.  From what I’ve read so far, most countries allow expats to establish businesses; you just can’t take a job from one of their citizens.  That seems fair.  I’ve started businesses in the past and I have no doubt that I can do it again.  Since starting a business would likely be for play money (travel) and not to meet my daily needs, there would not be as much pressure to succeed.  If I limit my financial exposure and it doesn’t work out -- no big deal.

So… I guess my upcoming posts will dive deeper into finances, health care and take a look at what I expect to get out of my daily retirement life, whether here or abroad.  Assuming I pass the common sense test, I’ll then move into research mode and figure out what needs to be done before such a move and what country would best suit my needs.