Where will you retire?

[smoulder]

I have a lot of friends from India who always think they will retire in India… but as time goes on, they often think twice.

I believe the major reasons would be :
1. Kids growing up outside India makes it harder for them to make that move.
2. The longer you spend outside, the more you feel that the place you left behind has changed. Especially among Indians, there is a tendency among NRIs - the longer they spend outside, the more the perception that things have become effed up back in India. Maybe it's because they just get more and more used to life outside.

Healthcare was also mentioned. I guess as you get older, this becomes more top of mind.

OK. I'm a bit surprised to hear that one. For the most part, if you have enough money and especially if you have lived overseas for long enough, healthcare can be had at a fraction of what it would cost you in most developed countries. That is of course provided you have an appetite for living in one of the larger cities which I suspect may not be appealing to some of the folks you have spoken to.

For me personally, if I wasn't married to a non Indian, I could easily see myself retiring earlier in a big city like Mumbai - I grew up there so it wouldn't take much adjustment, even moving back from overseas.

[malcontent]

Most of my Indian friends are from Tamil Nad, Kerala and Andhra Pradesh - one good friend from Kerala married a woman from the Mumbai area, and after 10 years PR in Singapore they decided to pack it up and move to Mumbai. He got a job offer that matched his SG salary in India. Considering what they can afford on that salary in India… guess it was too good to pass up.

[tiktok]

Canada, fortunately I immigrated many years ago but it would be hard now based on my age.

[malcontent]

Canada is beautiful, but I wouldn’t want to retire there… just visit in the summer months.

My parents often met a lot of retired Canadian “snow birds” during their winter months in Florida.

[tiktok]

Probably from Toronto or somewhere on the East coast. Yes the winters there are nasty. The West coast is much nicer.

[the observer]

https://www.ft.com/content/e24ca28c-233 ... da3c069c06

Thailand aims to lure up to 1m wealthy residents and cash in on remote-working professionals uprooted by Covid-19 by offering long-term visas to foreigners who invest $250,000-$500,000 in property or government bonds. 

[sp786]

India obvious choice for me. In sinkie terms eh ceca retire in cecaland leh

I have a lot of friends from India who always think they will retire in India… but as time goes on, they often think twice.

Haha yes agree but it depends on what they've got back home and which province they come from.

[sundaymorningstaple]

India obvious choice for me. In sinkie terms eh ceca retire in cecaland leh

I have a lot of friends from India who always think they will retire in India… but as time goes on, they often think twice.

Haha yes agree but it depends on what they've got back home and which province they come from.

SP786, I hear that. My Son-in-Law's parents are like myself, inasmuch as we are VERY long time PRs (around 30 years). They own their HDB flat (about 2 km away from us). He has a very viable Import-Export business but he will be retiring in a year or two and planning the succession of the business to my daughter (son has no interest in it and he's only child). Son staying here as he took up SGC while in NS. Can't fault their plans on returning to India. I stayed in their home there (It looks like one of those Bollywood Movie Mansions) in Kerala. Beautiful country as well. It is surrounded by many hectares of idle plantation lands (thanks to elephants which are protected in Kerela) and also borders a river. Heck, I'd go there to retire if I could! Kerela is beautiful.

[smoulder]

I have a lot of friends from India who always think they will retire in India… but as time goes on, they often think twice.

Haha yes agree but it depends on what they've got back home and which province they come from.

SP786, I hear that. My Son-in-Law's parents are like myself, inasmuch as we are VERY long time PRs (around 30 years). They own their HDB flat (about 2 km away from us). He has a very viable Import-Export business but he will be retiring in a year or two and planning the succession of the business to my daughter (son has no interest in it and he's only child). Son staying here as he took up SGC while in NS. Can't fault their plans on returning to India. I stayed in their home there (It looks like one of those Bollywood Movie Mansions) in Kerala. Beautiful country as well. It is surrounded by many hectares of idle plantation lands (thanks to elephants which are protected in Kerela) and also borders a river. Heck, I'd go there to retire if I could! Kerela is beautiful.

Kerala is indeed one of the most beautiful places. My dad was in the navy and posted in Kochi so I spent a couple of years in the early 80s growing up there between the ages of 3 and 5. Fond memories. My dad had the dual role of running the naval academy as well as was the sailing club secretary so it was a normal thing to go to the camps and training events, sometimes drive there a few times it involved taking a power boat to some place quite remote on the backwaters. The backwaters stretch close to around 100 kms north to south. Back in the day, the villages used to have keenly fought snake boat races so we got to watch that from our boat. Simply priceless! People now pay a few thousand dollars to live on the back waters and perhaps witness these cultural events - we got to do it for free.... Well almost - the government was paying for it. Great times!

[malcontent]

After living decades in the city, I really wonder how easy it is to transition to life in the countryside.

We get a taste of it every time we go back to the US. My parents live so deep in the woods, my wife often takes video while we are on approach because it is so different than anything you’d see here — trees everywhere you look, and it’s on a dirt road, barely a house to be seen… then up the driveway to the house on the hill, it feels like a nature sanctuary. The kids have a big yard to play in. They can set up the badminton net or play croquet, frisbee, or help with lawn mowing or gathering food from the garden. They usually don’t even want to leave or go anywhere once we arrive. It’s a totally different life! But how long would that last before the nostalgia wears off and they get bored? I think more than a few weeks would be a real test, but we never spend more time than that.

[sp786]

After living decades in the city, I really wonder how easy it is to transition to life in the countryside.

We get a taste of it every time we go back to the US. My parents live so deep in the woods, my wife often takes video while we are on approach because it is so different than anything you’d see here — trees everywhere you look, and it’s on a dirt road, barely a house to be seen… then up the driveway to the house on the hill, it feels like a nature sanctuary. The kids have a big yard to play in. They can set up the badminton net or play croquet, frisbee, or help with lawn mowing or gathering food from the garden. They usually don’t even want to leave or go anywhere once we arrive. It’s a totally different life! But how long would that last before the nostalgia wears off and they get bored? I think more than a few weeks would be a real test, but we never spend more time than that.

Your location in US sounds like a dream! I've not been to US but I can understand how beautiful it would be as i've been in Canada for few months. As you rightly say the space and nature's glory is a critical factor.

[malcontent]

To be honest, I’m still very much conflicted about where to retire eventually. Once the kids are done with their university studies, do we follow them around, go where they go?

My parents are lucky that both of my brothers and their families are within a 45 min drive.

[ProvenPracticalFlexible]

Very good question and I still got a decade or more to make final decisions but in my head i got some preliminary plans.

Split between 3 locations is my current view; June to September in the Nordics, rest in South East Asia; Singapore and Vietnam. Some travel at least on the earlier retirement years would be ideal.

But some choices depend on the finances at that time and how long I manage to stay employed.

[malcontent]

Very good question and I still got a decade or more to make final decisions but in my head i got some preliminary plans.

Split between 3 locations is my current view; June to September in the Nordics, rest in South East Asia; Singapore and Vietnam. Some travel at least on the earlier retirement years would be ideal.

But some choices depend on the finances at that time and how long I manage to stay employed.

Interesting idea.

I have also thought about spending time in North America during the warmer months and return to the tropics during winter.

I met a guy at a restaurant in Phuket who did just that, splitting his time almost 50/50 between the US and Thailand. I suppose Covid may have disrupted that.

If I keep my wife non-US taxable during our retirement, there could be major tax savings for us, provided we stay no more than 4 months per year in the US - that savings could help pay for our travels.

For the last 30 years my retired parents have been spending every winter in Florida, up to 3 months each year, right on the beach. It was very economical, and they really enjoyed it.

[ProvenPracticalFlexible]

I'll need to iron out the tax and healthcare planning too. But should be ok when I turn 65, since I would have a small taxable pension in Europe from the 10 years I worked there. So moving back residency there to pay those taxes would get me back to local public healthcare system. Here CPF payments would kick in at same age. So should be able to be a resident in both. All intangible financial assets would remain here for the better or should I say friendlier tax system. If any issues with European taxman, the evil one, I donate all to my kids first and ask them to give daddy an allowance .

We'll need to check some little details still, but I think it should be quite feasible.