RL078 - Best Places To Retire In The World
Today on the Retirement Lifestyle Show, Roshan Loungani and Adrian Nicholson talk about what they look for in a place to retire in while Erik Olson shares why he chose to retire in Michigan. They discuss their must-haves, non-negotiables, and the possibility of retiring abroad.
[04:37] Erik and Roshan in Searching for the Best Place to Retire
[14:13] Drawbacks to Testing Out the Area
[17:09] Erik’s Decision to Move
[21:00] Different Angle on What to Look For
[25:30] Countries to Retire In
[31:00] Range of Cost of Living
[34:03] Factors to Consider in Moving Countries
For more links and the full show notes keep scrolling down!
Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.
Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.
Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905.
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Full Show Notes:
What Roshan, Adrian, and Erik Look For in their Places of Retirement
Roshan mainly looks for two things in his future retirement home: low overall taxes and a nearby beach, narrowing down the list to Delaware, Florida, and Virginia. Adrian, who is in his 20’s, is looking for a place that has the best of both worlds: a place near both seas and mountains as well as having great modern infrastructure. He also looks for places with a strong sense of community, great places of attraction, and found that the three best places that checks all his boxes is the DMV area: D.C., Maryland, and Virginia which is also where he grew up in. For Erik, who is the most senior out of the three and currently living in Michigan as his place of retirement, he wanted to “get the band back together” and his main motivator was proximity to family. Though that was his main factor, the lower tax rates also became a secondary reason as well as the more left-leaning political standpoint.
Factors to Consider in Retirement and Sources they Recommend
For some of Erik’s clients who are tight on money, he sometimes recommends retiring in other countries which can help dramatically slash their cost of living. He found that a million Americans are currently living in Mexico as well as a significant number of Canadians. The top country was Costa Rica, followed by Panama, Mexico, Colombia, and so on and the three countries that best suited Erik’s must-haves in ascending order were Portugal, Ecuador, and Vietnam. However, the adjustment process might prove tricky but both Adrian and Erik agree that being genuinely interested and plunging in the local culture and customs of a new country, and not just looking for foreigners and expats, is key in potentially living a great life abroad.
Roshan cites Market Watch as one of the few sources to seek when looking for the best place to retire in wherein they have a questionnaire with the following categories: who lives there, number of seniors and college graduates, religion, population, political leanings, money, January and July weather, snowfall, climate, health, transportation, activities, culture, and the list goes on. Erik also cites Global Citizen Solutions and International Retirement Living, both of which attempt to give a broad overall ranking of countries abroad on housing, benefits, Visa accessibility, adjusting to the cultural and language, level of development and infrastructure, climate, health care, governance, opportunities, and cost of living.
All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.
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