Personal Finance

Are you considering a retirement in a third world country?

  • Last Updated:
  • Dec 6th, 2018 10:20 pm
[OP]
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Dec 13, 2016
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@porticoman

She isn't wealthy. She just has a decent job and is responsible with money. The difference in culture is still like night and day tho. Many issues :)

I went to Thailand with my ex gf from Montreal in 2004 and basically since then I wanted to move. Back then I liked how a country I thought would be really backward was developing so fast. Nothing seems to matter while you are there. It's strange, but even money issues can be taken care of (any white male can get a job as an English teacher, for example). A lot of Westerners are making a lot more money than they would back home. A lot are also living like locals. The thing is everything is possible depending on your budget. But, if you are like me and constantly worry about the future, Thailand can be a nightmare.
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BiegeToyota post 183, thanks again

on relationships & finances, in the following, just an observation not a critique, I'm looking at it as an outsider as well as from her side as a Thai.

my guess is that you are not working - or do you, that your wife is the primary income provider with medical plan, if so - are there issues with that & questions from her or her family why this foreign guy is seemingly a freeloader ... you're not though, are you?

what if anything do you contribute financially to the relationship, is it 50/50, how do you see it, especially since you come back & forth to Canada without her for several months while she continues to work?
[OP]
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Dec 13, 2016
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@porticoman

Well, my wife certainly doesn't support me. She has her own house and that's where she wants to stay. If she ever decides to come to Canada I'll take care of housing for her (and more). She doesn't pay extra for my insurance. It's free through her work for family members. When we go out/vacations I pay.

She is definitely not the income provider. I work. I won't say what I do because it's easy and competitive. She saves her own money and certainly never gave me any. She will help if in need.

The Asian/Western relationship is much more complicated that this, though, especially if a woman has very little interest in Western culture.
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@BiegeToyota

an interesting discussion about third world country living/retirement that involves a third world person partnered/married to a westerner living in Asia

thanks again for sharing
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I don't know if anyone still does it, but at one time if you were willing to rough it, (we're not) then it was possible for a retired couple to travel overseas from Canada for a few months a year by living on what they received from the OAS alone.
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Stryker wrote:
Nov 21st, 2018 5:50 am
I don't know if anyone still does it, but at one time if you were willing to rough it, (we're not) then it was possible for a retired couple to travel overseas from Canada for a few months a year by living on what they received from the OAS alone.
mortgage free, in good health, excluding any works pension income, nor any RRSP/RRIF, TFSA or private investment income - just with maximum guaranteed Govt Canada income based on CPP, OAS, GIS & Provincial top-up's .... yes its possible for a couple to do that & not doing it on the 'rough'

there are places & as long as the planning & cost fall into line ... it's doable

its not for everyone especially the older we get Seniors
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Iamashill wrote:
Nov 21st, 2018 7:36 am
I'm gonna retire to a warmer place. No snow!!!
where would that be & would you leave Canada permanently?

have you factored in healthcare as part of your retiring to a warmer climate?
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Jan 15, 2009
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Stryker wrote:
Nov 21st, 2018 5:50 am
I don't know if anyone still does it, but at one time if you were willing to rough it, (we're not) then it was possible for a retired couple to travel overseas from Canada for a few months a year by living on what they received from the OAS alone.
OAS is only $600 a month, 2 people might bump it up to $1,200. With GIS and if my understanding is correct, each will get an additional $540 making it $2,280 a month for 2 adults.

Might be possible to live like a king and queen in Vietnam or Cambodia.
[OP]
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guyver0 wrote:
Nov 21st, 2018 1:03 pm
OAS is only $600 a month, 2 people might bump it up to $1,200. With GIS and if my understanding is correct, each will get an additional $540 making it $2,280 a month for 2 adults.

Might be possible to live like a king and queen in Vietnam or Cambodia.
It isn't. People don't realize that Western rentals come with Western prices. Unless you want to live in a place with a squat toilet and kitchen on the balcony.

People also don't take into account visa issues and mobility required to renew and visits to immigration. All the stuff locals don't have to deal with unlike foreigners.
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guyver0 wrote:
Nov 21st, 2018 1:03 pm
OAS is only $600 a month, 2 people might bump it up to $1,200. With GIS and if my understanding is correct, each will get an additional $540 making it $2,280 a month for 2 adults.
do you think its possible that a retired senior couple living in Canada that at least one of them has some CPP, if not then neither has worked in 40 years because that the qualifier to get max OAS?

Lets use the basic numbers, zero other income

taking the base number combined $2282 OAS + GIS for a retired mortgage free couple, add in the top up's that might include GST + provincial top up's (property tax credit, sales tax credits, utility credits etc) it gets closer to $2500/mth - $2800/mth & that's with zero CPP, savings, investments, RRSP/RRIF, TFSA or company pensions

if a retired couple, mortgage free living in Canada with that base basic income $2280 + top up's to get them to $2500 - $2800/mth have a couple of choices

a) sell the property, use the proceeds to supplement the rental income & other expenses

b) downsize, leaving them with a few extra dollars to supplement expenses for the next 10 -20 years of their life

c) reverse mortgage that pays them a monthly payment to their choosing

being a senior in a mortgage free property isn't as bad as it seems, and thats with bare minimum government had-outs

now for those seniors that rent are in subsidized housing, no savings, just that basic $2282 - $2500/mth, they are bare bones modest lifestyle which is still way better than living in a 3rd world country

FWIW, my wife & I are retired seniors, we live in the GTA in a mortgage free property, one vehicle, cable TV, phone & internet, property tax, utilities, medical bills, other day-day living costs - our all-in expenses (to the penny) for 2018 YTD is less than $2000/mth & yes we both get OAS & CPP
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Don't you lose GIS if you have CPP? I'm not anywhere close to retirement so I know the details.
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guyver0 wrote:
Nov 22nd, 2018 1:25 pm
Don't you lose GIS if you have CPP? I'm not anywhere close to retirement so I know the details.
yes & no, depends on the combined income of the couple, excluding OAS

its possible to be getting OAS & CPP as well as GIS, case by case

I refer folks to the table of rates to see what they may qualify for

https://www.canada.ca/en/services/benef ... ments.html

provincial add-on's (Province to province) as well as any GST/HST credits on a case by case based on income & whether they own or rent
[OP]
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You definitely lose gis if you live more than 6 months out of Canada.
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So, here is a perfect example of what I am talking about RE "why would you retire in a third world country, just move somewhere lower cost in Canada" - plots of land in NB for $1. Cost to build is probably around $150K property taxes next to nothing.

https://beta.ctvnews.ca/national/canada ... 8.amp.html

McAdam is about 1 hour from several cities both in Canada and the US, which have direct cheap flights to Toronto and Boston. You could fly back and forth to Toronto every weekend with what is being saved on housing.

Why on earth anyone would think about retiring in a third world country with all the risk, stress, and issues that would entail is beyond me.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings

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