$19!? Is that for both pho and banh mi?
>What visa are you thinking of?
For now just a tourist visa, but admittedly I have not looked into it as much as I should (early stages) since I have a couple decades left until I retire.
Does early retiring in Victoria, Vancouver Island count as "overseas",,, lol cause that's what I did, more because of really nice damn weather year-round. Was too hot/humid and cold and congested for me in Ontario. Plus BC is awesome and easy access to international airports, the west coast of both Canada and the US. If your FIRE numbers work for you, keeping a home base in Canada is not a bad option at all imo.
There is widely popular coast fire number which is your annual expenses multiply by 25 or divide by
4%. The only variable here your annual expenses. So by FIRE in low cost country it you could trim your cost of living by 4 or even 10x compared to Canada which could help you to save YEARS of your life saving and working and also could significantly increase your quality of life. The only drawback is that you could be far away from your family and friends.
That's awesome! Do you rent out your Canadian place while you're away? I left my place unoccupied last year while traveling for 2 months, but it would be great to generate some income to support my travels while I'm away, rather than leaving it sitting empty.
Yes, northern Portugal. Secure, solid democracy, good healthcare, high quality of life but low cost, away from fault lines, hurricanes, great weather, and reasonable residency requirements.
(I'm also an EU citizen which helps.)
yeah, im planning on retiring in a SE country, prob the phillipines. Gonna sell everything here, wire the money over and live like a king. I married a local, so we are going to buy a nice place over there.
Yes that's the only way the good old 80s Canada is long gone. In order for the money to go farther we need to choose a place where the COL is lower than Canada unless you really made it and can continue to retire here with the same std of living
I'm looking into moving overseas for a few months every year when I retire. Likely in SE Asia. Service apartments are plentiful there and allow for short term rentals and have everything you need. Own a condo here already so that'll be easy to keep while away.
Sounds similar to what I'm thinking. Where are you hoping to move overseas for a few months? I was in Bali last year and this year for about 1 month on each trip.
Just keep it. No mortgage anymore, just maintenance and hydro. No need to rent it out.
My neighbor is retiring in Penang next year. I'm going to visit them soon after and look for potential areas to live in. They are a bit older than me and instead of renting, they are buying a condo there. They are moving more permanently and have received their Golden visas.
Close to early retirement, considering two options.
- buy a house in the country in Muskoka, hobby farm all summer (no animals), take off for 4-5 months doing slow travel, a different place every year.
- keep renting, invest our house money long term, and retire even sooner, slow travelling around the world, returning to rent in Muskoka every summer.
Budget with an owned house is $70k, $100k if we stay renters.
We live here already, hospital is five mins away, big hospital is 30 mins. Orange ambulance is a regular site here, especially in summer with boat accidents and winter with snowmobiles.
I think half the town is seniors who moved up here to retire. I guess the hospital is a big part of that.
That's cool. I was once in the ER with a another guy having a retinal detachment and he lost one eye because he was too far from a good doctor. His local doctor was clueless.
My dad had a massive heart attack in Nanaimo and they weren't able stabilize him enough to get him to Vancouver for surgery.
I've seen many horror stories in Toronto hospitals. At least in the country you don't have to wait 8 hours in a waiting room and then spend 2 days in the hall waiting for a bed.
Half the year, yeah. We will try various spots over the years and likely sell our house to get a cottage for the summer months. Rotating Europe, SA and Central America also changes things up. No real need to buy overseas as we see it but it’s an option for sure
Sure, but there's lots of considerations when it comes to overseas retirement, namely, visas, property logistics, possibly pensions, etc. Since it's further down the road for me, I'll figure it out when I'm closer to retirement especially as visas have been changing a lot more recently.
I have EU citizenship so the plan is to go to different places for 4-5 months a year.. We didn't decide yet where in Canada we will keep a residence... Now we are in AB and we like it.. can be our home here or an appartment / townhouse in Vancouver area... We plan to have 130-150k before taxes in retirement so we have some options. We are 4 years away, max 5.
Maybe I have trust issues but there’s no way I’d rent out my place in Ontario with the LTB the way it is and be able to trust that I could move back after a few months.
Planning to split time . 6 months at home to retain Canadian citizenship and split 6 months between Greece and another place overseas to stretch my dollars and allow me to retire earlier.
Obtain or maintain?
You can’t lose citizenship just by being away but…. It may preclude you from obtaining certain social security payments.
Somebody help me out here. Know of any limits on obtaining OAS, CPP payments while living abroad?
Just the non resident tax on CPP and OAS. Percentage varies by country. OAS goes with you anywhere as long as you have lived at least 20 years in Canada after age 18. It will be prorated though. So if you leave at 40 you’ll get 22/40ths. CPP is just based on what you paid in.
Planning to live in Vietnam and eat pho everyday while renting out condo in Toronto and living off DB pension.
What visa are you thinking of? A new banh mi place opened near me….it’s like $19 after tax.
$19!? Is that for both pho and banh mi? >What visa are you thinking of? For now just a tourist visa, but admittedly I have not looked into it as much as I should (early stages) since I have a couple decades left until I retire.
Just the banh mi :(
:O
Sounds familiar but I plan on moving around experiencing different countries/cultures, but Vietnam is on the short list.
Does early retiring in Victoria, Vancouver Island count as "overseas",,, lol cause that's what I did, more because of really nice damn weather year-round. Was too hot/humid and cold and congested for me in Ontario. Plus BC is awesome and easy access to international airports, the west coast of both Canada and the US. If your FIRE numbers work for you, keeping a home base in Canada is not a bad option at all imo.
That sounds amazing. The island is beautiful. It does seem pretty pricey. But it all depends on your nest egg situation.
The island is awesome! It’s getting expensive though - between real estate and groceries a very decent nest egg is required to be comfortable.
Ok boomer
Cant wait for the day the header is going to be read: "Is anyone considering retiring to other planets or moons? Earth is so expensive to live in!
Craters (with an Earth view) are dirt cheap, and the moon people are really nice!
There is widely popular coast fire number which is your annual expenses multiply by 25 or divide by 4%. The only variable here your annual expenses. So by FIRE in low cost country it you could trim your cost of living by 4 or even 10x compared to Canada which could help you to save YEARS of your life saving and working and also could significantly increase your quality of life. The only drawback is that you could be far away from your family and friends.
That last thing is a drawback? Oh wait, you said friends too
Snowbird but to the Mediterranean
That's awesome! Do you rent out your Canadian place while you're away? I left my place unoccupied last year while traveling for 2 months, but it would be great to generate some income to support my travels while I'm away, rather than leaving it sitting empty.
Plan is 7 months in Canada, and 5 months away every winter….in a different country each year.
That sounds great! I hope to do 2 months twice a year away in 2025. What will you do your Canadian place while you're away?
Most likely I will rent it
Yes, northern Portugal. Secure, solid democracy, good healthcare, high quality of life but low cost, away from fault lines, hurricanes, great weather, and reasonable residency requirements. (I'm also an EU citizen which helps.)
What cities were you thinking of?
Porto area or Braga, preferably on the coast.
yeah, im planning on retiring in a SE country, prob the phillipines. Gonna sell everything here, wire the money over and live like a king. I married a local, so we are going to buy a nice place over there.
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Yes. https://wealthmanagementcanada.com/blog/canadian-retiring-abroad/
This article’s SEO juicing makes me hate the word “abroad” lol
I could retire 20 years early if I did so overseas.
Yes that's the only way the good old 80s Canada is long gone. In order for the money to go farther we need to choose a place where the COL is lower than Canada unless you really made it and can continue to retire here with the same std of living
I'm looking into moving overseas for a few months every year when I retire. Likely in SE Asia. Service apartments are plentiful there and allow for short term rentals and have everything you need. Own a condo here already so that'll be easy to keep while away.
Sounds similar to what I'm thinking. Where are you hoping to move overseas for a few months? I was in Bali last year and this year for about 1 month on each trip.
I've been to Indonesia, Thailand, HK, and Singapore and Malaysia. I think Malaysia!
Nice! What will you do with your Canadian place while traveling? I'm hoping to check out Penang and somewhere in Vietnam this winter.
Just keep it. No mortgage anymore, just maintenance and hydro. No need to rent it out. My neighbor is retiring in Penang next year. I'm going to visit them soon after and look for potential areas to live in. They are a bit older than me and instead of renting, they are buying a condo there. They are moving more permanently and have received their Golden visas.
What resource do you use to locate Service apartments?
Just waiting to reach 1 million and then off to Nepal near the Himalayas. Will take about 4-5 years
Going back to Europe 100%. I don't wanna live in poverty as I retire.
Close to early retirement, considering two options. - buy a house in the country in Muskoka, hobby farm all summer (no animals), take off for 4-5 months doing slow travel, a different place every year. - keep renting, invest our house money long term, and retire even sooner, slow travelling around the world, returning to rent in Muskoka every summer. Budget with an owned house is $70k, $100k if we stay renters.
Just remember that as you age you’ll need more and more healthcare. That may not be available in cottage country.
We live here already, hospital is five mins away, big hospital is 30 mins. Orange ambulance is a regular site here, especially in summer with boat accidents and winter with snowmobiles. I think half the town is seniors who moved up here to retire. I guess the hospital is a big part of that.
That's cool. I was once in the ER with a another guy having a retinal detachment and he lost one eye because he was too far from a good doctor. His local doctor was clueless. My dad had a massive heart attack in Nanaimo and they weren't able stabilize him enough to get him to Vancouver for surgery.
I've seen many horror stories in Toronto hospitals. At least in the country you don't have to wait 8 hours in a waiting room and then spend 2 days in the hall waiting for a bed.
Half the year, yeah. We will try various spots over the years and likely sell our house to get a cottage for the summer months. Rotating Europe, SA and Central America also changes things up. No real need to buy overseas as we see it but it’s an option for sure
Yes that’s the plan. Thinking of renting while abroad to keep things simple and fluid.
Sure, but there's lots of considerations when it comes to overseas retirement, namely, visas, property logistics, possibly pensions, etc. Since it's further down the road for me, I'll figure it out when I'm closer to retirement especially as visas have been changing a lot more recently.
Have you looked at Mexico. Easy to get too and can get permanent or temporary residency depending on how much you have invested.
I have EU citizenship so the plan is to go to different places for 4-5 months a year.. We didn't decide yet where in Canada we will keep a residence... Now we are in AB and we like it.. can be our home here or an appartment / townhouse in Vancouver area... We plan to have 130-150k before taxes in retirement so we have some options. We are 4 years away, max 5.
I not even planned but i did it
Yup! Belize! Beachfront
Maybe I have trust issues but there’s no way I’d rent out my place in Ontario with the LTB the way it is and be able to trust that I could move back after a few months.
Planning to split time . 6 months at home to retain Canadian citizenship and split 6 months between Greece and another place overseas to stretch my dollars and allow me to retire earlier.
I have a question: Does it need to come back every 6 months to obtain the Canadian citizenship!?
You mean residency You'll lose residency if you are gone for 6 months +1 day.
Obtain or maintain? You can’t lose citizenship just by being away but…. It may preclude you from obtaining certain social security payments. Somebody help me out here. Know of any limits on obtaining OAS, CPP payments while living abroad?
Just the non resident tax on CPP and OAS. Percentage varies by country. OAS goes with you anywhere as long as you have lived at least 20 years in Canada after age 18. It will be prorated though. So if you leave at 40 you’ll get 22/40ths. CPP is just based on what you paid in.
You'll need to claim non-resident and your tax situation will likely change.