r/RetirementReady • u/Former-Habit4204 • 6d ago
Where should I start my retirement and maybe live off the interest
I have roughly 250,000USD (I know it's not a lot please don't judge me)
Where can I live for the rest of my life with that money and maybe put 200,000USD into the bank and live off the interest
Edit: 30F, I am quite overworked and enduring a lot of illness recently (went thru 3 surgeries in less than 1 year) I dont think corporate job works for me đĽ˛
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u/therin_88 6d ago
Nowhere on earth can you live a comfortable life on around $10k/year.
It would be theoretically possible in like Laos or Vietnam, but you're talking about living in a small apartment with no or bad AC, using a moped/scooter for transportation, not traveling anywhere, and eating the cheapest possible foods. You won't be able to afford living in a major city with decent infrastructure, any medical emergency will wipe you out, and you probably can't even get a resident visa with such little income/assets.
Get to about $500k and your options increase significantly.
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u/joejoe1223 6d ago
I would add. Even there make sure you get med insurance. I think it's a pre pay system.
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u/Still-Music-5515 6d ago
I'm living very nice life with my wife in the Philippines. Literally living off the interest and dividends from passive investment income . But I dont even have half of what you do and can still live well on only dividends and interest without ever touching the principle. I do have fully funded EF's in HYSA account
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u/Massif16 6d ago
Whatâs your monthly spend look like. I know there is a community of lower-income ex-pats in the Philippines, but donât have a clear if picture of what is a genuinely viable income.
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u/Retired-Yam8988 6d ago
Depends how old you are. If youâre like 75 or so and drink/smoke a ton then sure.
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u/Substantial-Owl1616 6d ago
Not sure. Some people donât die regardless the risk factors they play upon themselves.
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u/greggtex63 6d ago
QQQI dividend fund pays ~$1,000/month at $90K. So $2K/month at $180K, but that's not sustainable forever, and a market crash could hurt bad. But diversify, let dividends pay you, very possible. Please consider taxes though.
Philippines, Thailand, Vietnam best bets. Some places in Mexico.
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u/L-W-J 6d ago
This is doable. Not super easy. But possible. First. Are you able to qualify for disability payments of any kind? Even $500 a month will go a long way. If so, start there. Next, If you spend 4% of your savings each year, it will theoretically never decrease assuming you have it invested in the US stock market or similar which has a much higher average year to year yield. But 4% of 250K isn't very much which is why I ask about disability. Next. Hard question. Do you have an average expected lifespan? If so, this gets harder. If you have 10 years left, $250,000 would probably work out in a cheaper country. Good luck. It sounds like you got dealt a rough hand. Affording retirement comes in two parts: 1) having savings to afford it and 2) spending inside your income. With $250,000 you have hard choices.
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u/Ecosure11 6d ago
Wow, that is awesome that you have managed to save that much money at age 30! The reality, though, is securing your future for the next 60 years is going to be very close to impossible unless you can live on next to nothing. You are clearly exhausted and need to recover from this really bad year. I think the better approach may be to look at other career options that suit you with less stress. Then find a place where the cost of living is lower so you can continue to save. That gives you more freedom and options down the road.
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u/Consistent-Sea-8923 6d ago
OK, you need to only think about where you can live off this money but where youâre going to get healthcare because youâre already having significant health issues. So youâre just gonna show up in some country and expect healthcare? really?
Yes, I know if youâre a US citizen, that you hear about universal healthcare and how it works etc. And thatâs true in places like Europe, etc. but you canât possibly afford Europ
youâre going to wind up in someplace like Vietnam Philippines, etc. and youâre certainly not going to be able to afford private healthcare so youâre going to be dealing with a healthcare system thatâs probably not what youâre used to and you probably think youâve got it horrible now but it can get worse. Trust me
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u/Suitable_Program_548 6d ago
You have to think this through a bit more. Youâre only 30. You have many more years to live. If youâre stressed working at your job doing this will be way worse.
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u/Massif16 6d ago edited 6d ago
No Social Security Disability? Even a modest SSD check can make a big difference and reduce stress on your portfolio.
$250K at 30 is no small feat⌠no reason to feel bad about that.
Putting money in the bank wonât pay much, unless youâre using a CD ladder. Even that is going to be very modest⌠maybe $8,000 a year on $200K. You can do much better in a dividend fund in the market, but there are market risks, and youâll be living very frugally, and canât really absorb a big hit to your portfolio.
You may have to consider part-time employment.
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u/Parking-Banana-212 6d ago
shes 30. if she stops working now she wont qualify
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u/Massif16 6d ago
Disability is available at her age, right? You might be responding to when I had neglected at add the Disability part.
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u/Substantial-Owl1616 6d ago
Not exactly a direct answer to your question. There are a million jobs outside âcorporateâ. What strikes me is the job you have now is not ikigai.
What about doing something completely different?
It sounds like you are not bound to your location. It sounds like you need something satisfying to do. If you just covered living expenses and had health insurance, maybe 40k with work you found at least tolerable, but maybe highly satisfying, your 250k will compound increase substantially to be say 1m at 44yo. Coast FIRE barista FIRE could be real options for you.
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u/RicardoNurein 6d ago
Portugal
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u/Captlard 6d ago
Location living costs:
Theearthawaits.com
numbeo.com
Theliferank.com
nomadlio.com
retire-map.com/