Why it's so hard to retire now

[@rubent455]

It wasn't easy to take the step, but in November 2023 we sold everything and reduced our belongings to two suitcases. Since then we have been in Malaga, Ibiza, Valencia, Lisbon, the Canari Islands, Athens and many other places. Now we are in Canada for a month, heading to Panama until November and then to Argentina. We couldn't be happier.

[@laptopseniors]

Wow...envious!

[@tanischwarz1053]

My husband and I just retired to Mexico because there is no way we could afford to live in Canada anymore. We are thinking of possibly moving to Columbia in the future and would like to know more about EPS. The public health care here in Mexico is not the best and the private insurance is crazy expensive!

[@rubent455]

@@tanischwarz1053 The good news is that if you can barely make it in Canada, with the same money you can have a good living in most countries.

[@user-uf1rp7zl6s]

First sobering episode which lays out the harsh realities of not making such a move. A wake up call for sure ! Appreciate all of your episodes which my wife and I have used to help us with our move. Thanks for all you do!

[@laptopseniors]

Thanks so much! We appreciate you following us. ❤ Please share our videos with a friend. 😊 You never know if they might consider the same plan.

[@gford9988]

well said

[@BbTenn]

These migrations of younger, poorer people to the US and Canada and older people with income/wealth in dollars can be a good thing all the way around. Canada and the US are facing a demographic crisis due to an aging population and extremely low birth rates. They need an influx of young people. Developing countries need to build their economies, and one way of doing that is to attract retirees who will put money into the economy without taking jobs from the native population.

[@laptopseniors]

Well said. 😃 Thanks for watching.

[@billhennessey6374]

Excellent video as always! Bill, the permanent resident of Boquete, Panama, here. For most North Anericans who have not traveled, Latin America and the Caribbean is a much less intimidating move. I would hasten to add that another way to cut costs for retirees is to semi-retire. For example, I am a retired university professor and I tutor US high school students online for the university admission exam, and I do it for 2-3 hours a day, Monday through Friday. I kove it, and with that minimal work, I not only meet all of my expenses in Panama, I bank money. There is also something in the US called the Foreign Earned Income Exclusion, which essentially allows the first $120,000 in income to be tax free (except for Social Security tax) if one is earning money from outside the US. Disclaimer...that is not tax advice, so consult a CPA who is an expert in international tax. In any event, a person can relocate, work minimally online in an area that she or he enjoys, and live a fine life! Thanks again, and I love your channel!

[@laptopseniors]

Hi Bill. GREAT INFO TO SHARE. sounds like a perfect recipe. If the income is considered foreign are you then paying tax in Panama? Thanks for following us . 😃

[@billhennessey6374]

@@laptopseniors , no tax at all in Panama because Panama is a territorial tax country, which is to say that if your income is earned from outside of Panama while you are in Panama, Panama charges no tax. Again, this is not tax advice, but people should be aware of how much easier life can be when they work part time instead of retiring, especially in a field they love and in a territorial tax country. People who want to learn more should read the book, Don't Retire! Rewire! The author's name escapes me, but it is a great read. Thanks for your excellent channel!

[@wesgraham2262]

I’ve been living in Siem Reap, Cambodia easily on less than $1,000 a month. They use the US dollar here and language is NOT a problem.

[@laptopseniors]

Wow. Good info Wes. 😁 Thanks for following us . 😃

[@rulonjenson3017]

Really excellent video. The fear factor must be overcome and you laid things out in a way that made it easy to visualize.

[@laptopseniors]

Thank you Rulon. I always cringe doing videos like this because it feels like I'm preaching for someone else's life which I abhor. But...at the same time, if you're in a financial bind it's important to know a way out.

[@jaimesilva1341]

Great info! I have the advantage to be fully bilingual including my native Spanish. So that makes a lot of countries very easy to stay. Worked in Spain for 15 months and had work visa. Retired now and going to Mendoza Argentina for 100 days to see if that’s a country I want to live part of the year. Not interested in Buenos Aires since I dislike big cities. Was there in 2019 and yes, beautiful huge city.

[@laptopseniors]

Let us know how you like Mendoza Jaimes. Perhaps we can do a zoom video with you after you're there awhile on how you find it. Everything we've ever heard about Mendoza has been stellar.

[@anthonybutler3157]

Retired to portugal 6 years ago, from nyc. It is work but wonderful, scary and exciting work. Regarding family and friends, for those who do not have the means we budget in tickets for them. Two things your video was a bit weak on was navigating immigration to a new country. It also was heavily focused on money. Understanding your retirement expenses is crucial, but finding where you fit and what you want in retirement is just as important.

[@laptopseniors]

Yes, thanks Anthony. I've been working on a video only about immigration and the basic requirements of a bunch of usual retirement countries. All of it in one place. Trouble is the goal posts keep moving. But it'll b a good overview start.

[@MsCindyb]

This became a little pep talk for me. I'm packing now and moving to Mexico at the end of the month. Thank you.

[@laptopseniors]

Good luck there. We're in Mexico City in the fall for a couple weeks checking that out.

[@ellarae6450]

Thank you. Great video with excellent information!

[@laptopseniors]

Thanks Ella. We appreciate you too. 😁 Thanks for following us . 😃

[@Gadfly2025]

Most Americans frightened by the thought of minor countries . Perhaps vacation first and see they have a lot to offer at greatly reduced prices . Take longer vacations at the places you like best or extended stays . Panama is ez move and the $ USD is currency , many English speakers , John Hopkins USA hospital , welcoming citizenship to retirees. Thailand new found to Americans has been long time choice of Europeans and very modern.

[@laptopseniors]

Hi! Yes all true. Thanks for watching. Please share our videos with a friend.

[@ians3859]

How true, I'm an Aussie, been retired in Cali, Colombia for 6 years. My full pension allows me to live a very comfortable lifestyle. I contribute to the national health scheme EPS for $162000 COP a month and the standard of care and specialists are better than Australia. Thank you for once again a very informative presentation.

[@laptopseniors]

Thanks Ians. Great info to know.

[@tjamieson7238]

Great Content! Thank You for putting this together 😊 Really appreciate your continued support to help everyone find a way to retire affordably. Your the best! Ted 🌈 & Chap 🐶 in Seattle.

[@laptopseniors]

Hey Ted & Chap! Awesome compliments. We appreciate you too. 😁

[@gford9988]

Spot on topic and very well covered. As a side note I like how you are varying the video formats from time to time. Lastly I really appreciate the work that goes into producing this video. It requires time and effort to write good content and then present it effectively

[@laptopseniors]

Thanks. It's funny, a lot of the format changes are out of necessity. Like this one where I did mine and Vivi did hers at totally different times. So it was a chore to figure out how to integrate them together without looking weird.

[@brucerobbins6356]

I wouldn't expect to see Turkey on the list of countries to retire in. Can you do a video on the state of Turkey for retirees?

[@laptopseniors]

Hey Bruce. Great idea! We have a bunch already in the works but will put it on the list. Please subscribe and share our videos with a friend. 😊

[@randymelville9597]

great advise but as a canadian retirey, im not sure of how i can send my money to live down thier, or anywhere, even pension money

[@laptopseniors]

Hi Randy. It’s not hard. Just keep it depositing to your Canadian account and transfer to where you are.

[@sharonlewis1182]

Hello from Sharon. I am planning to visit Panama in October this year. I will also buy Jackie Lang's online relocation guide by the of the year. I saw some apts in Panama City for under 800 fully furnished at Facebook marketplace

[@laptopseniors]

Hi Sharon. You are on track to an affordable retirement. A visit first is the way to go. Let us know what you think of PC. Please subscribe and share our videos with a friend. 😊 You never know if they might consider the same plan

[@anniesshenanigans3815]

I live in Florida. My house is Paid off. I have a small 2/2 block house with a pool. Not a McMansion, but not a shack either. I worked my a$$ off to pay it off. Doing the math, I will not be able to live on my SS only when I have to quit working. Because of inflation, TAXES and insurance costs. What a slap in the face. 4 years ago it was not going to be an issue. Inflation has ripped up all those plans. I have looked at Panama, and visited. It's not as cheap as some, but has an extensive expat population, uses the Dollar, and has easy access to the US. The healthcare is excellent, and far less expensive. The cost of healthcare alone is something that has pushed a lot of US citizens to leave. I have done the math numerous times with 'slow travel' vs sitting here in my house, sticking to a budget. I could stay here, but I would have to work part time, AND I would not be able to get out and do anything at all. No trips, no eating out, and never EVER getting sick or injured!! What kind of life is that? People get so defensive if you talk about moving out of the US on SM platforms. In person they are little more reasonable. My thing is our ancestors (the European ones) moved here for a better life because of things in the 'home' country were bad. So I feel that it's time to leave the 'home' country again to find something better. After being in Panama, I would say the only thing, and it's the ONLY thing that has had me second guessing moving to almost any other country based on economics, is the language barrier. It is very frustrating to not know what someone is saying or trying to communicate with someone that does not speak 'your' language. I work in healthcare in SWFL. We have a HUGE population of people that do not speak English. I have to deal with them on a daily basis. For me, I want to be able to speak so that they can understand me. And most want to speak English, so it's not a weird situation, it is just frustrating because I cannot speak much Spanish yet. I am slowly learning, but I have found that it is easier when you do not have a choice. Sorry for the very long post. I have watched your videos and thank you for all the thoughtful insight. I fear that the people that are not paying attention, and are not wealthy, are going to wake up one day and realize that they should have left when they had the chance.

[@laptopseniors]

Hi and thank you Again, Annie. You are smart to have thought all this through. Too many people just let life happen to them. So learning Spanish is your biggest hurdle at the moment and you’re working on it. Bravo 👏🏻. Many do speak English in Panama but you don’t want to be in a situation where you can’t communicate! We really appreciate you following us. ❤ Please share our videos with a friend. 😊 You never know if they might consider the same plan.

[@vv9452]

Yep. It’s totally not fair. Ask a Native American

[@FiveSails]

I've watched a few of your video's and commend you on your style of delivering information from the both of you. For some reason, I feel that I have met the both of you somewhere, possibly Panama. I wanted to provide some constructive advise that I think would vastly improve your messaging. I have a background in finance/investments and I am also an experienced expat living in three different countries. One of the things that you don't discuss in detail is taxation. This is one of the most important points when considering a move out of your home country. The US still requires you to file and pay taxes worldwide and in Canada, if you move to a country without a tax treaty, you are still considered a resident of Canada subject to taxation. They will automatically take 25% of any income or capital gains. This prevents you from being a slow traveller not paying taxes to any country. Thinking about moving your money to an investment firm in Panama? I would not trust any of the few that pretend to do so. The banks for the most part are regulated and safe and do pay interest. While these issues can be a little complicated it is a necessary component in any decision simply because you are dealing with after tax income to live. Lastly, as a resident of Panama, I do not find it cheaper here. It is as expensive if not more so than the US in some ways and definitely more expensive than Canada outside of housing. Unless...you want to live like a Panamanian. Gasoline is less and as well as liquor. Vehicles are more expensive as well as electricity and foreign goods. The best part of living in Panama are the generally the happy people and lifestyle but that also has a downside as they know little about providing reliable North American style service. All things being equal, I would still pick Panama as a good base. The US dollar and lack of military are big pros.

[@laptopseniors]

Thanks for writing and watching. Taxation is such a monster size area depending on the country and all that. We've touched on some of it but it can get so complicated....and...we're not experts. REALLY tough to wade into most areas because there's so many offshoots that come into every particular thing, and/or country, that you're trying to file or accomplish. We're visiting Canada right now and the prices here are insane. We were shocked. Pretty sure most items in Panama are going to be noticeably cheaper unless everything jumped in the last 45 days. That seems unlikely, unless a person is buying all imported goods. And, why would someone do that when, at least for us, most of the Panamanian food goods were totally fine at way less cost than an import. In Toronto now, we're seeing so many people in grocery stores literally tallying the cost of each item in their basket and putting stuff in and out to the shelves as they're trying to figure out what they can afford with the money in their wallet/CC before they get to checkout. Tough. Very tough.

[@steveb540i]

Ah, I did not realize Argentina had no tax treaty with the USA., not did I know they would want a pound of flesh I I hung out a bit too long. That kinda sucks they will come after world wide income, and not just local earned income.

[@anniesshenanigans3815]

I think that they may change that if they want people with steady income to move there.

[@Twinzma]

From what I’ve googled, you’re not double taxed. I’m talking of our retirement and SS that be strictly in American banks.

[@TravelwithLil8]

I have a reasonable rent in the U.S. compared to most but with the outrageous costs of food, healthcare, etc I have to work nonstop 7 days a week to just get by. I have been planning my "escape" for over a year. I will be wheels up in 55 days! I'm so excited. I am starting in Argentina and will be there for 90 days before moving on. I should be able to live comfortably. The thing I'm looking forward to the most is healthy food that isn't full of toxins. I've pretty much given up on finding healthy food in the U.S.

[@rubent455]

Once you move out of the USA and Canada food is safe to eat. And I'm not joking, after living in Argentina for a week or so you will realize that the food you were eating in North America wasn't safe.

[@David-os9ej]

Buenos Aires Argentina is amazing. Food suggestion: LaCabrera for steak. Get there at 5:30 and get on the list for an early seating at 6:30 with 40% off. The steak is great, but the Argentines don’t use much salt. Next visit I’ll bring my own. Be sure to request the sides that they may not automatically bring to your table.

[@laptopseniors]

Congratulations, Lil8. We appreciate you watching and sharing your journey with us. Please let us know how it goes.

[@1alfonsorico]

Nice video, although real estate prices are tempting I have no idea how to move that kind of money to Argentina. Maybe somebody can shine a light on the subject.

[@laptopseniors]

Thank you 😊 Many Argentinians have US accounts in Miami so you could wire transfer there. Living costs you withdraw and exchange are as you go, presuming you keep your US account. Please subscribe and share our videos with a friend.

[@1zcott]

My wife and I are out in 2025. Heading for the Stans.

[@laptopseniors]

Hi. Heading where? From where?

[@StorytellerSueW]

I just retired (a year earlier than planned, but my contract job role got RIFed) and was thinking about Portugal - but they tanked the best option to live there. So I am now rethinking my original goal of SW France in near the Pyrenees or the Dordogne. In 2012 SW France was probably too expensive of a destination, but doing my math now 12 years later? It's an easy fit. So I am re-upping French lessons!

[@laptopseniors]

We did a couple months in Portugal just before they changed all the rules and soured many on the country. But realistically, even without those perks it's still a pretty nice and reasonably priced option. Although you can't argue with SW France either. Great to have choices.

[@David-os9ej]

Great video. Interestingly I had just watched an interview with Peter Schiff who indicated that 20 years ago he ran for Congress and opposed building a wall because he thought we might reach a day where it would keep Americans in. At any rate for those who have a 401k or IRA retirement account with between 2-3 hundred thousand, USD, retirees can get an immediate permanent residency in Mexico through this showing of economic solvency. (Temporary residency is available without the nest egg if you can show monthly social security and pension. But that threshold is currently somewhat higher than a lot of countries. And staying in Mexico without a visa is possible by doing periodic exits and re-entry.)The nice thing about the Mexican green card is that Mexico does not have the physical presence requirement (e.g. 180 days a year) that many countries require to maintain the perm residency status. You get your visa issued in the US and have to go into Mexico to get the green card processed and issued. But after issuance, there is no presence required, which allows you to spend as much or as little time in Mexico as you want. As crazy as the world is getting, I'm thinking that locking in this option may be a good idea, because as you point out these requirements can be changed. Physical presence is required if you want to obtain citizenship (5 yrs consecutive at 180 days/per year in Mexico).

[@laptopseniors]

We view residence visas and multiple citizenships like insurance policies. Someday they could be life saving. Always good to have one or some in your back pocket.

[@anniesshenanigans3815]

Panama requires only 1k and you do not have to stay there for extended periods. They use the dollar, and you do not have to 'find' a consulate in the US to get the visa, you just get your documents together and do it in Panama. I looked at Ecuador, because it is far less expensive, but they require you to stay there for 20 months out of 24!!

[@laptopseniors]

@@anniesshenanigans3815hi Annie. Yes the difference here is proving a monthly income for life, but you’re right… you don’t need to prove you have a nest egg. Thank you for following us ❤ Please share our videos with a friend. 😊 You never know if they might consider the same plan with you.

[@texaszag8748]

I’m looking at my options abroad and have considered Mexico. But truth be told, Mexico makes me nervous. While crime is generally lower where the cartels are not active, it’s never a given that they will stay anchored and not spring up in areas once considered safe. Periodically you hear that American tourists have been victimized in areas considered safe and protected by the Mexican government and cartels, so in my mind, Mexico is really a role of the dice. The last thing I want to do is move to a place thinking it’s safe, only to have the violence move in after being forced out of another region. And the number of political assassinations this past election cycle is very concerning. that’s not what I’m looking for in my senior years.

[@David-os9ej]

You have to feel comfortable with your choice. I think Mexico has within it variations. I spent half a month traveling through Mexico City and felt safe. I can’t say the same about Oakland, CA.

[@divinaflamingarrow9556]

It is not harsh if you start taking the steps.

[@laptopseniors]

Thanks so much, Divina, exactly right. We appreciate you.

[@amseam3705]

I must be unusual, living a good life in Florida on my SS. My wife and I spend a month traveling outside the US without a problem.

[@laptopseniors]

Good for you. You are in a lucky position that so many aren't.

[@amseam3705]

@@laptopseniors Being able to handle debt is the biggest key. If you wait until retirement and not look at your spending ...going to a lower cost country might not help.

[@David-os9ej]

Congrats on surviving the exploding property insurance and HOA fees. It sounds like a lot of retirees are being priced out of their properties and being forced to sell into what’s shifted to a buyer’s market.

[@janitoronfire]

4:00 Crippling heat and humidity 😂

[@janitoronfire]

Eastern Europe for me.

[@laptopseniors]

Lots of choices there. Nice.

[@hjander]

The music at the beginning of the video is apropos .

[@laptopseniors]

Thanks for noticing. We appreciate you.

[@capstone9173]

Good evening. Need your advice. I’m 55, single, and unemployed. My son is about to start his final year of high school. This time next year, I am planning to leave the US for a lower cost of living. Do you recommend Panama City, Panama? I know that area is not the cheapest in Panama, but I want to be close to the airport and other amenities. Gracias.

[@laptopseniors]

Hi there. De nada! Please watch our series on the neighborhoods in PC. We recommend you take a trip, extended if possible to get a feel for the city. It is hot there but you will find all the amenities nearby, like the airport. Take the steps to begin your pensionado application months before you plan to move, Assuming that’s your plan. Our videos show the steps to take. Is your son on board to move with you? Wishing you all the best in your next adventure.

[@capstone9173]

@@laptopseniors thank you. I plan to add him to my application for the Friendly Nations visa. He is 18 and will be too old to qualify if I wait and apply for the Pensionado visa. He won’t relocate with me, but I want him to have permanent residency in case one day he wants to relocate.

[@capstone9173]

I have watched all your videos on Panama and also some on Argentina. Argentina sounds interesting, but too far away from the US and the residency requirements (including taxes) are not as favorable as Panama.

[@Cuprum46]

I wonder if there is a way to get hold of you with E-mail? We are in process moving to Boquete area. I have an important question that I can’t post here.

[@laptopseniors]

Hi there. Best wishes on your move. [e-mail] is where you can reach us.

[@mxdebi]

Hi again! We are headed to our fourth country in five years looking for what fits for us. We left Europe mainly because of their war mentality and the horrifying things that they are putting in place. Nope,we got out. We are now in South America. No one is pointing nuclear weapons at this continent. Let me just say this. No matter which country you choose you will have to be willing to give up a lot of things that you are used to. Even in the so called first world countries of Europe they are not the first world you are used to. Everything is different. At first you think you are on a different planet. There attitudes toward you aren’t like that of the country you are from. If you speak the language of that country it’s a bit easier. Google translate is helpful but it’s not like have an easy conversation. You will need help. Just to navigate the immigration systems you will need a lawyer. All of your documents will have to be translated with an apostle etc. If you need medical care,I’ve been in three different hospitals so far,again a different planet. You aren’t on vacation. This is very different trying to actually live and get established. Panama seems to be the easiest country at present to establish residency. Be aware,the heat here and the humid on a much different level even if you are from Florida. You can move to the mountain towns but you won’t have the services you have in Panama City. We have found that Panama isn’t for us. We are moving on to the Central Valley of Costa Rica and then Argentina. We have learned what we can do without and what we can’t. Its helpful to get on the different groups on fb for the country you are thinking about. Good luck everyone.

[@laptopseniors]

Debi! Thanks for following us. You are adventurous and a realist! Please be careful. We understand while Costa Rica is beautiful, it’s also more dangerous and more costly. Let us know how you find it.

[@mxdebi]

@@laptopseniors Hi there,yes we are aware of this. Honestly in every Latin American country you will encounter the crime and safety issues. Find the “pocket” you feel safe in and still keep your awareness. We found it the same in European countries. That’s even true in the states. Things are getting much harder for the average person. Keep up the good work with your videos. You are doing a great job and you look like you are having fun to boot!