Nicaragua Living 🇳🇮 Pros & Cons of Retiring Abroad

Many people decide to consider retiring in Nicaragua due to low cost, high safety, warm weather and a welcoming visa system that means most people from North America including the US and Canada, as well as much of Europe, are able to retire with little more than a passport and a knapsack. Is retiring abroad right for you? Should you put Nicaragua on your retirement short list? Why Nicaragua? Why Latin America for retirees?
#nicaragua #nicaragualiving #retirement
21 January 2024
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[@brucemunro7499]

Been in the Philippines for just over a year…scouting Manila, Davao, Cebu and the beach community of La Union. Definitely not for me fot a whole host of reasons not the least of which is food…it’s really, really bad. Will be leaving in May to visit Europe…July back to see family in Canada…should be in Central and South America by October. Really looking forward to being in that part of the world again. Great info as usual in your video. Take care.

[@Bonstergirl]

Actually, living in a destination has been one of the reasons I've considered moving abroad. My grandparents retired to Hawaii when I was in the 4th grade. When I was a young adult I worked with someone whose grandmother lived in Las Vegas. At that time we had to take our vacation in the summer when we weren't busy. Every spring Patty and I would start talking about whether or not we could afford to go visit Gramma that year. Everyone else would complain that they didn't have grandparents who lived in cool places.

[@ScottAlanMillerVlog]

Jaja, that's awesome. I too had destination grandparents... they lived in Canton, Ohio! Talk about an amazing, exotic location ;)

[@ctrinidad0422]

Always providing a fresh perspective, thank you!

[@ScottAlanMillerVlog]

con gusto

[@martinbowen5910]

Good day Scott, me my wife a 4 adult kids are moving to Nicaragua after We sell here in Texas. We are learning Spanish to prepare for our new adventure. I am retired with a steady income, but my kids are trying to figure out what they can do for an income locally. Any ideas my friend? Really enjoy your dogs photo bombing in the video. All the best.

[@ScottAlanMillerVlog]

I'm going to answer this, I hope, in tomorrow's video. But the simple answer is... they don't. "Making money locally" should never be a desire or plan. If you get lucky and find a way to make money here, great. but never plan for that or assume it is an option. Your children, like you, me, my children, and every Nicaraguan with the option, needs to and more importantly WANTS to make their money elsewhere, not locally. As an expat, for both practical and legal reasons, the idea of making money locally is just off of the table.

[@martinbowen5910]

Thank you Scott, as always it's clearer after your reply to look at other avenues. We are already setting up a business opportunity for our kids here in Texas and hopefully that will keep them happy with their investment in between here and there. They like to travel so it should work making money in the state's and living in Nicaragua.

[@alena9940]

Scott, thank you for a video, pitching retiring abroad. Very inspiring 👍 Can you please create a more detailed video about the laws/pros/con of retiring specifically In Nicaragua 🇳🇮. Some countries, as an example, give perks/tax benefits etc. for retirement in those countries… What are the numbers for Nicaragua, compared to USA as an example.😊. Any interviews with retirees would be appreciated as well. Thank you

[@Pinerocks]

Great quality video Scott. I dream of retiring abroad, but sadly Brexit has put a stop to that 😭 (I am in UK)

[@ScottAlanMillerVlog]

what's blocking you coming to LATAM?

[@Pinerocks]

@@ScottAlanMillerVlog Well I guess I’ll have to visit first but was hoping a bit closer to home, France or Spain 😀

[@ScottAlanMillerVlog]

@Pinerocks yeah. those options get quite hard. But LATAM has a lot to offer.

[@jamesmcgowan5933]

As opposed to health insurance. Was told to create a slush fund 20 k and put healthcare premium into account. If you leave country in future the funds are yours.

[@JuniMandala]

I love Gen X retirement goals like these. Traveling the world and playing video games sounds amazing. I'm also a young Gen X / older millennial.

[@robertmartin7726]

Hi Scott. You have said that real estate can be much cheaper than is represented online. Would you know if the same is true for Guatemala? Thanks!

[@ScottAlanMillerVlog]

I don't. I suspect that it is true but minimized. Nicaragua is extreme and unusual in this.

[@wilfredobermudez1181]

If you do have an income in dollars Nicaragua is a good place to check out, and like you said before, don`t buy rent for at least 1 year and then decide.

[@ScottAlanMillerVlog]

What currency your income is in means nothing. It's how much you make that matters only. If you were paid a US income in Nicaraguan cordoba (like me) it is equal. It's like a pound of feathers or a pound of lead. It's still a pound.

[@wilfredobermudez1181]

Huge difference, you are a Chele with Dollars, don`t see many Hondurans with Quetzales living in Nicaragua.@@ScottAlanMillerVlog

[@ScottAlanMillerVlog]

The ONLY part that matters is that I have an American job, that's it. That I'm paid in QUetzales (which I am sometimes.. and that's Guatemala not Honduras) or that I'm chele (that means light skinned, it's not the same as gringo - loads of chele paid in dollars in Nicaragua, like TONS of them and it's the same as non-chele paid in Cordoba) or in Cordoba (which is how I take most of my pay) are not factors in any way. Literally chele paid in dollars is everywhere here and does nothing like you are imagining. Being a highly paid American means no matter what currency I use or color of my skin, I have a lot of money. If I was a poor American, I would still be poor. If I was a rich Nicaraguan, who never sees dollars, I'd still be rich. Basically rich is rich, poor is poor. It's standard for Nicaraguans to be paid in dollars, not the most common, but very common, but no one makes more money BECAUSE t is in dollars. @@wilfredobermudez1181

[@wilfredobermudez1181]

That`s not what I am refering to, but just because you are a Chele they look at you in a different light, starting with the police, but if you go to any store, restaurant or any bussines and say I only have Quetzales or l Lempiras they will tell you to go an exchanged but if you go with dollars or Euros they will accept it and make the exchange themselves so they can keep the Dollars.@@ScottAlanMillerVlog

[@ScottAlanMillerVlog]

oh no, it is not like that at all. USD is 100% accepted here, anywhere, everywhere, for anyone. Loads of Nicaraguans prefer it and every bank uses it interchangeably as does every ATM. That I'm chele has no effect for that. The reason that they don't accept Guatemalan, Honduran or Canadian currency isn't because of who those people are, it's because Nicaragua is on the dollar. It's a dual currency country with the USD Dollar and the Cordoba, but the cord is soft pegged to teh dollar so even when you use Cord, you are effectively using dollars anyway. So every business can interchange them. That's why so many places print both on the receipts because it's all transparent. It's that it's the official currency that makes all of the difference. @@wilfredobermudez1181

[@RickOShay4u]

Where do you see squirrel's in Nicaragua?

[@ScottAlanMillerVlog]

All over the Leon area. it's not a dense population but every garden area will likely have one. it's not like the US where they are everywhere. and i see them less often. but sometimes we see them and once ours fell from the tree into our seating area and he was pretty startled. lol.

[@RickOShay4u]

In all my years here I've never seen one, I will have to go to Leon to see them.

[@ScottAlanMillerVlog]

@RickOShay4u they are pretty boring. but the same here, we were surprised to learn that they were here.

[@jpb4264]

Sir, are their ATMs tied to the PLUS system or must travelers bring a great deal of cash?

[@ScottAlanMillerVlog]

Yes, we use ATMs for everything here. And they give out US Dollars too, if you want.

[@jasonalba7679]

Retirement age of 45? How do people survive without working for 20 years until they can collect social security. Do companies let you go if you get to old?

[@ScottAlanMillerVlog]

I assume you mean Americans. In Nicaragua social security starts at 45. That's the retirement age. Social security in the US, does extremely little for your retirement. It helps, but it's a drop in the bucket. You have to save and invest regardless of the age in the US. Yes, companies have limited options to employ you as you get older. They are supposed to let you retire. But when you think about how unemployment works, at an economy level, this doesn't cause a problem. It actually makes society able to support itself more, rather than less. But the US and Nicaragua function nothing alike. So you need to look at the US retirement issue and the Nicaraguan one totally independently.

[@jasonalba7679]

@ScottAlanMillerVlog is the 45 year old retirement age more of a choice for the people of Nicaragua, or do most companies "force" you to retire at that age? My inlaws collect SS from Nica, but they had to reach the age of 65 to collect. The amount is not very much.

[@ScottAlanMillerVlog]

Companies do NOT want it, it's for the public, not for businesses. When it happens, and it's not all people and fields (doesn't apply to doctors for example) it's generally a requirement that they can't keep employing you. And it's complex.. somethingl ike if employed you can stay employed for more time, but if unemployed you can't get nearly employed. @@jasonalba7679

[@jasonalba7679]

@ScottAlanMillerVlog I did hear something similar as well, but it sounded strange and wanted to confirm if this was true. No wonder you see so many hustles like pulperia on every street.

[@ScottAlanMillerVlog]

@jasonalba7679 yup. you can always work for yourself. encourages people to be entrepreneurial.

[@stevemilton8174]

Do you have any recommendations concerning catastrophic health insurance?

[@ScottAlanMillerVlog]

Other than being a good idea to have, no. We have that in the US and until we shift that away, we live with only having it there.

[@marcellosapienza1755]

Sure it's great if you have US dollars. But if you have Canadian dollars you have to pay 40% more . Also some new medications are not available or very expensive. Most Americans and Canadians with money eventually leave Costa Rica when they get old for better health care. You have to travel long distances for health care. For instance in Costa Rica with the paid health care program " caja " you have to travel far and when you get there it's line ups busy like Disneyland. Most people leave these places eventually. I would think Costa Rica has a better health care than Nicaragua. Yes Americans have health care challenges but not all Americans

[@ScottAlanMillerVlog]

That's not really how money works. If you think that Canadians have to "pay more" then it also means that they got "paid more" already, so it's all the same. I've done lots of shows explaining the concept of currency. Costa Rica is different, it's expensive, so lacks tons of the healthcare benefits of Nicaragua. There is a reason that Nicaraguans don't consider Costa Rica as an option for healthcare even thought it is so close.

[@marcellosapienza1755]

@@ScottAlanMillerVlog I don't understand when you say Canadians get more ? Your dollar is a dollar fourty Canadian with back fees included. I know your a wall street guy .I don't understand. We pay 40% more than you Americans. I'm not good at math but that's easy .

[@ScottAlanMillerVlog]

A pound of feathers vs a pound of lead. The weight is the same. Anytime that you feel that the currency used makes you rich or poor, it's a misunderstanding. A Canadian vs an American earning the same amount in their local currencies, the Canadian gets $1.40 CDN for every $1 USD the American gets. When they convert into Cordoba, they are exactly the same. It all converts transparently from one to another. You can easily pay Canadians in USD, but it doesn't change the amount that they have in money, only the denominations of the bills - which mean nothing. Which currency you use has no bearing on anything except convenience. THe idea that Canadians "pay more" is incorrect. They pay the same, they just denominate it differently, which means nothing. Canadians pay in features, Americans pay in lead, but the price is one pound regardless. @@marcellosapienza1755

[@marcellosapienza1755]

@@ScottAlanMillerVlog You are definitely a loveable guy , and it would be a pleasure to meet one day .I can only use American currency in Nicaragua and I have to buy that currency , Canadian currency doesn't even exist there . With all you fancy wall street talk it's always fascinating listening to you talk , I know you mean well without a nasty tone , so I wish you a wonderful day my friend and one day I will buy you lunch.

[@ScottAlanMillerVlog]

YEs, only US and Cordoba here. But buy Cord, not USD. Cord gets you better deals here, you get less when you spend USD. Not a big difference, but it's enough that I never touch USD and take my pay in Cordoba so that I earn a little more. But if you are converting Canadian to USD, you see that you can go back and forth and that if you go to Cord in between, it doesn't change the amount (other than paying transfer fees, obvs.) It's the value of the money that matters, not the denomination it is written in. So no one has an advantage based on currency, all of the advantage comes from the salary or source of the money. If large, you have more. If small, you have less. The currency doesn't actually make a difference. It feels like it does because Americans tend to earn more than Canadians, but that's not because of the currency. And both make more than Nicaraguans, even when Nicaraguans are paid in USD. That's why Canadians earn far more than Nicaraguans (on average) even with Nicaraguans get paid in "stronger" US dollars. I look forward to lunch :) @@marcellosapienza1755