Personal Finance

Are you considering a retirement in a third world country?

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  • Dec 6th, 2018 10:20 pm
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Mar 9, 2012
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Kitchener
No, but I would consider downgrading to a very small apartment in Canada (Kirkland Lake), and stick around for the entire baseball season (end of March until beginning of November) and stay 4.5 months in a third world country, or some part of Florida, which technically, is third world anyway. Though I would choose the Dominican, simply because I have friends living there.

I can handle a few weeks of cold weather, and Kirkland Lake will have its share during that time, but it will be nice to have a warm winter and come back to spring and leave in the fall.

I think leaving the home for 4+ months shouldn't be a big issue.

After doing a quick search, I think Bathurst, NB. I am sure it's only marginally more than what the Dominican is. I can manage.
How can we fly like eagles, when we're governed by Turkeys?
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Feb 9, 2007
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Whitby
jeff1970 wrote: No, but I would consider downgrading to a very small apartment in Canada (Kirkland Lake), and stick around for the entire baseball season (end of March until beginning of November) and stay 4.5 months in a third world country, or some part of Florida, which technically, is third world anyway. Though I would choose the Dominican, simply because I have friends living there.

I can handle a few weeks of cold weather, and Kirkland Lake will have its share during that time, but it will be nice to have a warm winter and come back to spring and leave in the fall.

I think leaving the home for 4+ months shouldn't be a big issue.

After doing a quick search, I think Bathurst, NB. I am sure it's only marginally more than what the Dominican is. I can manage.
I had a chance to buy a place outside of Kirkland Lake 10 years ago and I am kicking myself for not doing it - 22k for a great 2000sqft house in Dobie on about an acre. Short drive to Smitty's in King Kirkland and the wife's family up there too. The 7+ hour commute, young(ish) kids and still having a mortgage killed the idea pretty quick. Would I do it now - absolutely. But with the kids now in college and her relative's either dead or moved on does't make sense.
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Aug 31, 2014
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YVR, BC
I don't think you were really prepared or could afford to retire overseas in another country anyway?

Myself I would only plan to leave Canada part time in retirement 3-6-9 months - living permanently in another country isn't what I will be doing that would be boring.

I don't plan on selling my property here, just add one overseas for retirement.

I think many expats that end up going overseas to foreign countries might not be fully prepared for what that entails - the safety net and public services Canada provides ensure many people don't slip through the cracks as much as possible. It's why we pay 40% or higher in taxes.

Cultures overseas are different, to live permanently in another country where you are merely a guest and not a citizen should not be take lightly.

Being able to come back home every 3-6-9 months will be great while getting to enjoy the better, weather, food and travel of another country...isn't that what it is all about?

Many people semi retire to Mexico, Florida, Arizona, Panama etc very few cut full ties with Canada
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Aug 31, 2014
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YVR, BC
not a single person said health care was better or cheaper? the OP seems to be fixated on health care, possible facing health issues while overseas?

most people have said they would consider retiring overseas to another country.

seems like the OP had a really bad experience with being ill prepared for a retirement overseas - lucky he could come back to Canada where there is a safety net and public services paid for by taxpayers.
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Oct 25, 2009
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Moncton
BiegeToyota wrote: So, basically it all comes down to western lifestyle, prices and healthcare.

I was calculating how much I spend as a single guy in Toronto a month (which is supposed to be an expensive city)

After paying off my mortgage my expenses are

396 for condo fees which includes electricity

130 for property tax

45 for unlimited internet

10.99 plus tax for netflix

(I didn't get a cable or a phone as I might be leaving soon)

700 a month on food which includes a lot of organic stuff (something you will not find easily overseas).

That's $1,282 total.

Toronto is only expensive for housing. Once you take housing out of the equation, it is actually one of the cheapest places in Canada, especially if you don't drive (and even more so if you don't take a monthly bus pass). The Internet mitigates that slightly, but there are still taxes, fresh food, anything done by an immigrant (in Toronto), including fast food and cheap restaurants, etc... There are fewer entertainment options in places like Moncton, but you end up spending more. Junior hockey games that always have tickets available, for example, cost far more than watching sold out Leaf games on TV.

Although obviously it is hard to take housing out of the equation. My Moncton rent is less than your condo fees and taxes. On a yearly bases, that might actually cover all the money I spend on car rentals getting to the beach. :)
Toronto is a very small part of Canada
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Oct 25, 2009
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Moncton
jeff1970 wrote: No, but I would consider downgrading to a very small apartment in Canada (Kirkland Lake), and stick around for the entire baseball season (end of March until beginning of November) and stay 4.5 months in a third world country, or some part of Florida, which technically, is third world anyway. Though I would choose the Dominican, simply because I have friends living there.

I can handle a few weeks of cold weather, and Kirkland Lake will have its share during that time, but it will be nice to have a warm winter and come back to spring and leave in the fall.

I think leaving the home for 4+ months shouldn't be a big issue.

After doing a quick search, I think Bathurst, NB. I am sure it's only marginally more than what the Dominican is. I can manage.
How would you fly in and out of Kirkland Lake though? Same goes for Bathurst. I suppose if you spread the extra transportation cost over a year and stay rational about it isn't so bad, but when you look at that plane ticket and compare it to the price to fly out of Toronto or Montreal (or the Toronto/Montreal cab fare compared to whatever logistical nightmare you figured out to get to Pearson/Trudeau) you are going to start to question your decision.
Toronto is a very small part of Canada
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Oct 25, 2009
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Moncton
BiegeToyota wrote:
I wonder how many are willing to give up their passport.
You don't need to give up your Canadian passport to live overseas. See Shania Twain. She saved a significant amount on taxes by moving to Switzerland. She is free to move back whenever she feels like it.
Toronto is a very small part of Canada
[OP]
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Dec 13, 2016
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604nation wrote:

seems like the OP had a really bad experience with being ill prepared for a retirement overseas - lucky he could come back to Canada where there is a safety net and public services paid for by taxpayers.
Actually, the op had no right to Canadian healthcare as of now since I plan to go back in 2-3 months. P
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Mar 1, 2016
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toronto
BiegeToyota wrote: Actually, the op had no right to Canadian healthcare as of now since I plan to go back in 2-3 months. P
but this is the beauty of Canada. the day he decides to come back, he can get access to health care. (pick a legislation without 3 months waiting)
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Nov 24, 2013
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Kingston, ON
MonctonMan wrote: How would you fly in and out of Kirkland Lake though? Same goes for Bathurst. I suppose if you spread the extra transportation cost over a year and stay rational about it isn't so bad, but when you look at that plane ticket and compare it to the price to fly out of Toronto or Montreal (or the Toronto/Montreal cab fare compared to whatever logistical nightmare you figured out to get to Pearson/Trudeau) you are going to start to question your decision.
Timmins is “the city” in that neck of the woods. K-L to YTS is about an hour and a half drive, closer than going to North Bay. There’s multiple flights a day to Toronto from Timmins on Porter or Air Canada, and while the fare’s reasonable enough on its own, usually airlines will get you from the smaller airports to Toronto for next to nothing if that leg is one part of a longer flight.

I see that pricing flights out of Kingston (AC only, at least until the runway expansion is complete). If you’re looking at YYZ international flights with AC, the ticket price doesn’t change much originating out of YGK instead.

Just did a quick Google Flights check. $518 round trip YYZ->PUJ direct with AC. Making it YTS->PUJ is only $580; YGK->PUJ is $569. The extra flights are less than a bus; probably less than two cab rides to/from Pearson if you lived in Toronto.
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Aug 20, 2009
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Grimsby
stniagara wrote: What makes you think Canada is first world?

It is a third world country masquerading as a first world country. The infrastructure is slowly crumbling with no money to fix it, and cities, provinces, country in huge debt.

Extremely high taxes, expensive unaffordable housing, high car insurance, high gas prices ,high groceries, no jobs or mostly low level, low paying, low skill service industry type of jobs, horrible and miserable weather. No innovation, No hi-tech industry - just selling its natural resources - mostly Alberta oil and metal like copper, nickel etc from Northern territories.

Free healtcare is a joke too. Months and years to get specialist and doctor's appointments. Ofcourse paid through your high taxes, so not free.

You are already retiring in a third world country, if you retire or live here.
Spoken like someone who has never traveled outside of Canada. What a shame that some people don't appreciate how lucky they are to be Canadians *shakes head*

Anyway to answer the OP, we have never really considered it because we've done a lot of traveling and never found a country with conditions that mirror our own that didn't have its own set of problems. Also our family is here. Personally when I retire I want to go up north near Thunder Bay, some beautiful country and nice smaller communities up there. Southern Ontario is getting a bit nuts so in 20 years I'm sure I'll be ready for some peace and quiet.
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Feb 9, 2009
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mrtrump wrote: Can you define "extremely wealthy" ?
Is that someone worth $500,000 or $1m or 2m or ?
Extremely wealthy is $500k? What’s warren Buffett then? Lol
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Feb 9, 2009
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I don’t plan to retire overseas but I’ll definitely be spending winters in Florida or California.
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May 15, 2013
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Montreal
mech9t5 wrote: agree. those people saying 3rd world country health care is better than canada obviously have never needed health care (serious issues) from a 3rd world country.

I guess ignorance is bliss.
The problem is that the comparison is not valid.

When you are in another country, you get a PRIVATE health care. However, in Canada you receive PUBLIC health care.

I was born in a 3rd world country. The PRIVATE health care there is on the top. You receive care right away, treated as a prince, get a private room and the doctor has a specialization in US or similar plus the Clinic has the last technology. So, if you have a broken leg you pay $500 and you are done. If you need an appointment for a minor issue or consultation you pay $50 and you get the appointment for the same day. Now, if you need let's say a surgery not very complicated like gallbladder you'd pay around $3K and Bob's your uncle.
However, if you have cancer or have a heart attack then it will cost you $$$$$$$$$$$$

As a foreigner, you won't have access to public healthcare system or if you do have, it's a piece of sh#$%$% compared to the Canadian public system.

So, briefly, living abroad works fine generally speaking if you are in good health. If you are sick, at least you have a lot of money you are out of luck.
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Nov 23, 2014
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Toronto, ON
Weren`t you the one bragging about living in Thailand while surfing RFD all day.

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