[ad_1]
Norman Bua lost almost everything in the 2008 recession while living in California. Bua, now 70, and his wife moved abroad in 2019 because they were concerned about their retirement benefits in the United States. They choose cheaper countries like Malaysia for better healthcare and affordable prices. housing.
Thank you for registering!
Access your favorite topics in a personalized feed on the go. Download the app
By clicking “Sign Up”, you agree to our Terms of Service and Privacy Policy. You can opt-out at any time by visiting our settings page or by clicking “unsubscribe” at the bottom of the email.
This told essay is based on conversations with Norman Barr, 70, who left the United States with his wife in 2019 and went to Europe to live abroad. He writes about his experiences and tips for baby boomers. same. Discussion has been edited for length and clarity.
In the early 2000s, I was doing well in real estate. I was doing mortgages and had a real estate and finance radio show with a partner in Los Angeles. I was making good money.
But everything went downhill in the 2008 recession. I don’t know if we were prepared for such a downturn.
For many people, medical problems or financial difficulties do not require them to draw down much of their savings. It happened to me.
Over the course of four years, I liquidated my retirement accounts, savings, and investment properties, and my income went from a healthy six figures to a very small amount.
Like many older adults, I found myself much closer to homelessness than I wanted to admit.
This ordeal was a real adjustment for my ego. Because no one wants to think of themselves as a failure at age 60, and no one wants to think that they’ve lost everything they’ve worked for their entire lives, especially when they’re past their peak earning years.
had to cut costs to survive
I hadn’t been a consistent saver, and the cost of living in California was rising, so I knew retirement would be tough.
I realized that if I was going to survive the rest of my life, I had to rebuild myself.
Even though many things were out of my control, like the economy and my customers, I knew I could control my spending, where I lived, and my lifestyle.
I became a minimalist.
After 27 years of marriage, I divorced in 2013 and went from living in a large four-bedroom house worth $700,000 to renting a room on Airbnb in Costa Mesa, Orange County, for about $700 a month. It became.
After recovering from the recession, I had no interest in returning to real estate. Instead, I started a video marketing consulting company.
However, the cost of living in Orange County was still expensive, so I started taking Social Security as soon as possible, starting at age 62, to supplement my income.
Related articles
Leaving the U.S. made the most economic sense.
Leaving America was never a dream or a goal for me.
It all happened by chance in 2016 when I was invited to speak in Europe as a video marketing consultant. During my three weeks in Europe, I discovered that the cost of living outside of the United States is much more reasonable.
At that moment, the light came on.
From an economic point of view, it makes sense to move abroad. There were so many worlds I wanted to experience. I also knew that my consulting business was location independent.
View from the Bourg Room in Valencia, Spain, February 2019. Provided by Norman Boole
My then girlfriend (now wife) and I left the US in February 2019.
Before leaving California, I sold everything I owned at a garage sale and had about $8,000 in savings.
Additionally, I received $1,700 a month from Social Security, and at the time was making an additional $1,000 a month from consulting and writing. My wife also received alimony, which brought her income to about $1,100, for a total monthly income of about $3,000.
If we had continued to live in California, rent, insurance, food, cars, gas, and all other expenses would have made it feel like we were living at the poverty level. I would have been in a difficult financial situation.
We live cheaply abroad in many countries
Over the years, my wife and I have visited and lived in approximately 43 countries in South America, Europe, and Asia, including Albania, Bulgaria, Croatia, Ecuador, Germany, Greece, Italy, Mexico, New Zealand, Peru, and Portugal. . Romania, Slovakia, Slovenia, Spain.
There are several factors to consider when choosing a place to live, but the most important is the weather. Although we have lived in Southern California for 40 years, we are not cold climate people.
Another factor is the cost of living. We try not to live in expensive places like Copenhagen or France. Otherwise, we would be in the same financial situation as the US.
Boulle’s wife rented a scooter and rode along the Cote Riviera in Nice, France. Courtesy of Norman Boole
We flew from Australia and arrived in Asia in November 2023. We have been to Vietnam, Thailand, Bali and currently live in Kuala Lumpur, Malaysia.
It’s a very fun place. We walk a lot and the temperature is comfortable. We live in a nice, spacious one-bedroom apartment with a large bathroom, beautiful balcony, and great views for $700 a month.
Batu Caves in Kuala Lumpur, Malaysia. Courtesy of Norman Boole
We came to Malaysia for several reasons. One of the big reasons is that we haven’t been to much before, and it’s a country where healthcare is very affordable.
My wife is going to need cataract surgery, which could cost between $4,000 and $6,000 in the US. She can probably do it in Malaysia for less than $2,000.
While living abroad, we take out our own insurance. We have Medicare, but we omitted Part B, which covers doctors and prescriptions. Because I was paying $170 a month and had virtually no access to it unless I had a home in the US.
Moving abroad was the right decision for me as a baby boomer.
I miss certain aspects of America, like my friends and the familiar, comfortable places like going to In-N-Out Burger or Target or easily reading the signs when you walk into a store. .
However, my wife and I are very spiritual and practice gratitude and constantly remind ourselves how lucky we are to live this lifestyle.
We are already planning for next year. We’ll be in Malaysia until December 22nd, then return to Bali and stay in a cliff-top hotel overlooking the ocean for just $26 a night. We will spend 60 days in this country, then another 60 days in a yet to be determined country before heading to Europe.
I plan to fly to Greece in April and pick up the bike in nearby Romania. We will travel around Greece for a few months, then take a ferry to Italy and explore southern Italy, Sicily, Malta and Sardinia.
Petronas Towers in Kuala Lumpur, Malaysia, where Mr. Boulle currently lives. Courtesy of Norman Barr
Then I’ll probably go back to the Balkans and spend a few months in Eastern Europe, then maybe back to Asia.
A few months before leaving the US, I created a blog called Travel Younger. The goal is to teach people over 50 how to travel wisely.
Before coming to Europe, I noticed that young people make traveling so much easier. As an older and inexperienced traveler, this was very frightening. I said: “I have to learn how to travel like them. I have to learn how to travel younger.”
Blogging does not generate income. It’s just one way to give back.
Many people my age are starting to think outside the box and realize that they can make $3,000 a month in the U.S. and live nomadically and affordably elsewhere. I want to show them that this is not the world they remember 50 years ago.
I feel like having new experiences keeps me mentally young.
