Colombia
What advice do overseas retirees have for others considering retiring abroad?
When we asked what advice they have for others considering retiring abroad, they advised...
"The question seems simple enough but I doubt if one simple response can cover the multitude of factors that need to be taken into account. However, I have now reached 50 years expatriation in one country, or another, and I believe the following two factors are all important: (A) COVER YOUR REAR. So often, expats relocate convinced "That is it forever", only to discover nostalgia, or other arguments lead them back "home". There is nothing shameful in such a decision, but its possibility would be best attended to by retaining the keys to the doors of a return "home" by NOT investing everything on a forthcoming, "forever expatriation"; but leave something behind, like a property that allows you to retain one foot on the property accession ladder. (B) IT MAY LOOK CHEAP NOW BUT WILL IT STAY LIKE THAT? I retired 23 years ago and was aware my pension incomes would not be uprated at the same rate as inflation. Those 23 years have not only confirmed my original precaution, but demonstrated how much I had underrated this factor; all the more so, when the inflation rates of the source pension incomes, and the country of expatriation are different. Thus, if the average inflation rate in your "home" pension source country is 3% p.a., but the inflation rate in your expat residence is 10% p.a., then you will have to bear a constant decrease in your capacity to control your cost of living, unless the differential between the relative exchange rates can compensate (Which can never be guaranteed)," remarked another expat in Colombia.
"If you are thinking about it, do it as soon as you can. You do not need nearly as much money as you would need to live in a retirement community in the US," said a member in Medellin, Colombia.
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Other Questions:
- What do I need to know before moving to Colombia?
- How do I find a place to live in Colombia?
- What is a typical expat home or apartment like in Colombia?
- What is the average cost of housing in Colombia?
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- What should I pack when moving to Colombia?
- What cultural faux pas should I try to avoid making in Colombia?
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- What are healthcare services like in Colombia?
- What are medical services in Colombia like?
- What are typical rents in Colombia?
- What appliances are typically included in a rental?
What advice do overseas retirees have for others considering retiring abroad?
If you live in Colombia, newcomers to Colombia would love to hear your answer to this question.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
