Can I retire at my age with my savings

CanadianCorey says on May 13, 2008, 21:17:

oops I must add to the post I'm 44years old with no children.

C@N@DI@N COREY

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lpdiver says on May 13, 2008, 21:39:

You sure can.

"cook some rice!"

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coffee beaner says on May 13, 2008, 21:59:

Dude, I'll be your son if you need a child..... btw thats more then enough money to move.

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christobeldawg says on May 13, 2008, 22:00:

depends, obviously, on many factors that you are not presenting, such as, what lifestyle do you expect, do you have any other income, etc..? Noone can say how far 250 mil can go, it could go away fast, or accumulate fast, depends on the moves made.
I am actually interested, personally, in this type question, and hope this may become an informative post.
lpdiver, first of all, why do you say, "You sure can"?

admittedly, arriving can feel great too

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MitchAlvarez says on May 13, 2008, 22:03:

it all depends man. where you live? who you associate with? what do you do while your in colombia? hobbies and interests? many factors have to be taken into account

"Ingrid callate la jeta!! Stay in France"

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Frank Rizzo says on May 13, 2008, 22:03:

I'd be real careful with 250k and changing your life to south america. I'd spend several years traveling there, continue making money...buy a home or two..a bodega...and learn where/how to make money there...(after getting all your visas, etc).... then make a change if you still want....

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MitchAlvarez says on May 13, 2008, 22:06:

good advice frank

"Ingrid callate la jeta!! Stay in France"

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coffee beaner says on May 13, 2008, 22:12:

Damn, high rollers, I live with 700 USD a month and live like a king. I gotta start hanging with some of you.

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MitchAlvarez says on May 13, 2008, 22:14:

parce vos estas loco? y te rinda la plata marica? do you pay rent? you cook your own food? do you go out? o haces la farra en la casa con liquor de estanco? jajaj a no parce deme la formula pa irme mañana mismo parce

"Ingrid callate la jeta!! Stay in France"

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christobeldawg says on May 13, 2008, 22:20:

we are not financial analyst experts here, but we will try to help if you will continue to talk with us. Throwing a simple question out like that, and then disappearing, will not help you.

admittedly, arriving can feel great too

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coffee beaner says on May 13, 2008, 22:21:

nope, the most expensive thing I pay for is my triple play de UNE.. like 135 mil a month. servicios like 60 mil and admin of the urbanizacion is 80 a month. I do own my apt though.... and I party every weekend but not in lleras. I go to la 70, la 33, san juan, barrio obrero and lately I been going to palmas a lot since all clubs on thrusdays and sundays have open bars for 25-30 mil. I also eat out whenever I feel like it. I don't know, I know a lot of people on this need more then 2 grand to live good. I live perfectly with less then half of that.

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MitchAlvarez says on May 13, 2008, 22:24:

lucky you perro hp!! que suerte parce. man i cant wait to be back bro. yo but im out to northern aqui en los new yores parce. pa donde unas grillitas recien llegadas.
cuidese papa

"Ingrid callate la jeta!! Stay in France"

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christobeldawg says on May 13, 2008, 22:35:

I think if she is comfortable with a frugal, simple low cost lifestyle, you will be fine. Better check with her on that.

admittedly, arriving can feel great too

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romy says on May 13, 2008, 22:37:

cost of living is definitely a reason to miss Colombia- there I can see how $700 a month may be enough for a certain lifestyle... I basically pay that much on tuition let alone all other expenses (and Canadian Uni is much less than in the US). Though my cousins in Colombia have very similar tuition rates.

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christobeldawg says on May 13, 2008, 22:42:

Forget North Bogota, maybe Manizales, in the middle income areas, again, though, only if you live close to the vest. People are everywhere in Colombia, just like anywhere else. A strato 6 lifestyle in Bogota will cost you more than most anywhere in the US.

admittedly, arriving can feel great too

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lpdiver says on May 14, 2008, 02:20:

CBD---I stated sure you can because...well you CAN. Will you be happy? Will you have enough money? Probably not. BUT YOU CAN retire in Colombia on $250,000 dollars at age 44 with no kids.

At five percent return on this money he would have more that a grand a month to live on. CAN it be done? Absolutely! Will they be happy? Depend on personal preferences not stated in the post.

t

"cook some rice!"

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Brians says on May 14, 2008, 03:44:

I think it is leaving absolutely no room for error.

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Brians says on May 14, 2008, 04:56:

My estimates which I make assuming a family of 4 is a minimum of $4,000,000 per month. This figure includes car insurance. These are only estimates and obviously up for debate based on people's lifestyles. I actually would feel comfortable with a cushion of 50% above this for inflation. This is also taking into consideration no rent. Now I know people like Rubi will scream about not needing a car and others will say I am crazy. However I would never move to Colombia to lower my standard of living and this is just my estimates.

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McGringo says on May 14, 2008, 05:07:

Buy three 1 bedroom apartments for 50k each and rent them out. Keep a 100K and play the market.

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jack_jason says on May 14, 2008, 05:38:

I appreciate alot Canadians, and that why I tell you this:

1) Do not get advise from people from the USA in Colombia, get the advise from the Colombian goverment pages, or any Colombian page about businesses in Colombia.

2) USD250K is not enough if you are thinking of living nice in Colombia, unless, you want to get into estrato 2 or 3 as the average USA Joe in Colombia.

3) If you are decided to live like the average USA Joe or the average Colombian Jose, you can find properties for about 50-75K strato 3 or 25- 50K estrato 2.

4) if you want to get into a good property to rent, the prices are about USD 7K for Sqr mt, then, with the money you have, you could get a 35sq mts apartment in a good area.

This is just spanglish, please do not correct me

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McGringo says on May 14, 2008, 05:48:

I disagree with jack_jason. The easiest business for foreigners to operate in Colombia is apartment rentals and the OP has enough money to get started. Just hook up with a local broker. 3 or 4 apartments in Cartagena will always bring in money. You can also sell the apartments later on for a profit.

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elk says on May 14, 2008, 06:07:

4) if you want to get into a good property to rent, the prices are about USD 7K for Sqr mt, then, with the money you have, you could get a 35sq mts apartment in a good area.

Jack: You state the cost is $7,000 USD per m2 or 12,390,000 COP per M2.

I purchased my apartment for 1,400,000 COP per m2 in October 2006. It now goes for 1,850,000 COP. Take a look at the Aves Maria site and related prices. (Estra. #4)
I will be happy to sell my home for 12,000,000 COP M/2

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tomtom33 says on May 14, 2008, 06:09:

At age 44, the elephant is just beginning to appear. Health care. At age 59, my health care costs including US insurance run around 3 million COP per month. 250K doesn't go far. Of course if you never get sick and have no insurance, maybe you can make it.

In my situation between the ages of 44 and 59, I had 2 heart surgeries(stents), retina surgery, cataract surgery, and tons of meds. I don't even know what that all cost, but I can assure you it was more than 250K.

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Brians says on May 14, 2008, 06:19:

TomTom what are your Colombian medical costs not US? If you live in Colombia wouldn't someone just have Colombian medical coverage with a major medical policy for the US?

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tomtom33 says on May 14, 2008, 06:33:

I spend about 4 months per year in the US and the rest in Medellín. I get all my regular exams and prescription meds in the US. I pay out of pocket for anything in Colombia. My two bigger expenses in Colombia so far have been around 1.4 million pesos for laser surgery to try to repair a retinal tear and around a million for a colonoscopy. US surgeons had to finish the work on the retina.

I have temporarily given up on Colombian health insurance after Coomeva screwed me. Frankly, I am uninsurable in the US if I tried to get different coverage. If I was a Colombian insurance company, I wouldn't insure me either. But Coomeva was more interested in stealing my money.

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McGringo says on May 14, 2008, 06:36:

tomtom33 are you a man with enormous appetites food, women and drink?

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tomtom33 says on May 14, 2008, 06:40:

In my younger days, yes. I quit alcohol 24 years ago. My heart surgery prompted me to quit tobacco 14 years ago. Weight has always been a problem for me. Women? Unfortunately my desires are waning a bit there as well.

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Saltador says on May 14, 2008, 06:56:

I agree with brians that 250,000 dollars would actually be cutting it close. You could do it, but would have to manage your money wisely. The rental apartment is not a bad idea, you will need a way to turn the nest egg into a stream of income. However, most of th people here are underestimating the costs of the apartments you are talking about. An apartment in bocagrande that you will be able to rent out at all is going to be around 100,000 dollars. That will cut into your nest egg considerably. Lifestyle is a question also, will you continue to go out to the most expensive nightclubs and restaurants in cartagena? If so, you'll go through money rather quickly.
I'm surprised no one has started in on you with the stereo-typing. Is this a kinder, gentler PBH? Let me pick up the torch...
How long have you been married? How long have you known the girl before you got married?
Did she know about your nest egg before you got married?
Do you live together now, if so, where?
Sorry, but someone had to do it...

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elk says on May 14, 2008, 07:16:

I spend $953.00 USD per month to live in southern Medellin. (1,696,000 COP at the current exchange rate) I have a nice apartment overlooking Medellin including weekly maid service. I could spend more, but why? Learn to shop like the locals is my advice.

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Saltador says on May 14, 2008, 07:32:

Keep in mind he's talking about Cartagena, the most expensive city in colombia.

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dwr says on May 14, 2008, 07:33:

at 4% interest on 250,000 dollars, you would have a monthly income of 833 dollars a month without touching the principal. You could always leave and go do something else without losing your nest egg in Colombia.

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elk says on May 14, 2008, 07:34:

Hans:

Aves Maria or Grupo Monarca. A construction group here in southern Medellin.
Envigado also has nice apartments. Southern Medellin doesn't appeal to everyone, but if your looking for safety and less traffic it offers both.

http://www.grupo-monarca.com/monarca/

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robert555 says on May 14, 2008, 07:38:

can one live well on a 1000 dollars a month with no rent to pay and no car

robertscotland

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Brians says on May 14, 2008, 07:40:

dwr more like $700 after taxes which nobody ever seems to mention. Then rent healthcare and other essentials. I don't see it as possible.

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Saltador says on May 14, 2008, 07:44:

Yup. You'll burn through 700 dollars pretty quick in cartagena, especially if the dollar keeps dropping.

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tomtom33 says on May 14, 2008, 07:47:

And you may not be touching your principal, dwr, but inflation is touching it.

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Tinto (Moderator) says on May 14, 2008, 07:50:

If you want to retire in the strict sense of the word, no.

If you want to start a business, then I'd say yes because people have started businesses on far less. The big caveat is that you need the right idea and you will probably need to work like crazy in the early years. If the business idea or the idea of being independent doesn't stir your passions, it's probably not the right move. Not everyone is cut out to be an entrepreneur.

I would also add that with three trips over one year, you're probably still in the honeymoon phase with Colombia. Keep traveling there as much as you can. Check out some other cities. Make sure you still feel the same way in six months or a year.

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billyb says on May 14, 2008, 08:32:

eltiempo.com / bogota

Desde junio del año pasado comenzó a decaer la venta de vivienda en Bogotá


La venta sobre planos en el 2007 activará la construcción en el primer semestre del 2008.En el último año, el promedio de tiempo en que se vende una vivienda se incrementó de 3 meses y medio a 4 meses y medio.

Durante el 2007, la construcción de vivienda en Bogotá representó el 59,7 por ciento de los 19 millones de metros cuadrados que se aprobaron para este fin en el país.

Sin embargo, mientras que entre marzo y mayo del 2007 se vendieron 16.469 unidades (siendo el pico trimestral más alto), entre diciembre del año pasado y febrero del 2008 la cantidad apenas alcanzó 10.953 unidades.

Significa que hubo una disminución del 23 por ciento en el número de nuevas casas y apartamentos vendidos con respecto al mismo trimestre (diciembre-febrero) del 2007.

Frente a la descolgada en las ventas, el más reciente informe de Camacol al respecto es optimista y señala que al término del primer semestre del 2008 habrá una importante recuperación en el mercado.

Las ventas sobre planos que se hicieron en los últimos meses del 2007 representan la edificación de nuevos proyectos, que suponen una mejoría en la oferta de viviendas.

"En esta aparente tendencia hacia la estabilización del sector -sostiene la gerente de Camacol, Sandra Forero- es importante tener en cuenta que se deben generar estrategias de venta que ayuden a disminuir riesgos como el tiempo que duran vacías las viviendas".


¿Por qué no se venden?


Forero explica que la mayor reducción en las ventas se presenta en el segmento de las VIS. Pasó de 28 mil unidades anuales a marzo de 2007 a 22 mil a marzo de 2008.

"Obedece, en gran medida, a la expectativa que se generó por el cambio en la metodología de asignación de los subsidios. Muchas familias decidieron aplazar su decisión hasta implementarse el nuevo esquema. Y la poca oferta, producto de factores como la escasez de suelo, también redujo el ritmo de la actividad", afirma.

En cuanto a la caída en las ventas de No VIS, el aumento de las tasas de interés y el incremento de los precios de los inmuebles restringió la capacidad de compra de las familias.

Sin embargo, en abril, en este segmento ya hay signos de recuperación, en particular en la venta de viviendas con precios entre 165 y 400 millones de pesos.


Repunte a paso lento


Febrero del 2008 resultó ser el mes más provechoso desde septiembre pasado. Se vendieron 3.929 viviendas en la ciudad, el 40 por ciento de vivienda de interés social (VIS) y el 60 por ciento de No VIS.

Entre diciembre del 2007 y febrero del 2008 se vendieron 4.733 VIS y 6.220 No VIS. Las cifras representan un bajón de 35 por ciento en la venta de vivienda de interés social y 11 por ciento en las No VIS frente al período 2006-2007.

La mayoría de las unidades que se vendieron en este trimestre está entre 62 y 162 millones de pesos.

Por lo menos la mitad de las casas y los apartamentos que se comercializaron en este lapso se concentró apenas en cinco zonas de la ciudad.

El el sector de Américas y en los alrededores de la Central de Abastos, en Kennedy, se vendió el 26 por ciento de las viviendas.

En el norte de la ciudad, en los sectores de Marantá y Cedritos, se movió otro gran porcentaje de ventas (17 por ciento). Y en barrios de Soacha 7 por ciento.

En menor medida, los bogotanos compraron viviendas en la zona de Multicentro y los sectores de Bochica, La Campiña, Fontibón, Tibabuyes, Pablo IV, Colina Campestre y otras áreas de Kennedy.


El riesgo es estable


Para la presidenta ejecutiva de la Lonja de Propiedad Raíz de Bogotá, María Isabel Silva, en la ciudad el nivel de riesgo para los constructores conserva un nivel adecuado.

El argumento -dice Silva- es que por lo menos el 68 por ciento de la oferta disponible de vivienda se encuentra apenas en la etapa de preventa.

En el 2007, el país registró un histórico en el desembolso de créditos hipotecarios: cerca de 75 mil préstamos por más de 5,3 billones de pesos.

Pero en los últimos meses del 2007, se dio la coyuntura a la baja con la que abrió el 2008. Por ejemplo, la salida a la venta de nuevos proyectos de vivienda decreció en 4 por ciento en febrero del 2008 con respecto al 2007.

La cantidad de metros cuadrados para vivienda que se empezaron a construir entre diciembre y febrero pasados también se redujo: 288 mil menos que en el período del 2007.

En dónde está la oferta

A la par con la disminución en las ventas, la oferta mensual de vivienda tuvo tendencia a la baja desde octubre del 2007.

En febrero había 16.128 unidades disponibles, de las cuales 56 por ciento estaban en preventa y 44 por ciento en construcción.

Se calcula que la oferta actual es 37 por ciento de VIS y 63 por ciento de No VIS.

La mayor oferta es de viviendas que tienen entre 59 y 70 metros cuadrados. Un 28 por ciento son de hasta 50 metros cuadrados, 19 por ciento entre 70 y 90 metros y 10 por ciento de 90 a 111 metros.

En Mazurén está el 15 por ciento de las viviendas en oferta. El resto se distribuye en Américas (11 por ciento), Central de Abastos (10 por ciento), Soacha (7 por ciento) y Marantá (6 por ciento).

De las 5.977 viviendas No VIS que se empezaron a construir en febrero, 35 por ciento está en el rango de 97 a 165 millones de pesos; 23 por ciento cuestan entre 62 y 96 millones, y 20 por ciento entre 166 y 248 millones.

Camacol calcula un déficit de 369.874 viviendas en Bogotá, 33 por ciento menos que en 1993 (555 mil hogares).

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Saltador says on May 14, 2008, 09:24:

Very helpful report, especially to us non fluent gringos :-)

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germuno says on May 14, 2008, 09:25:

I don't know anywhere in the world a westerner of 44 years of age can retire passively off of the residuals of $250K.

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peteyw says on May 14, 2008, 09:45:

Cartagena is expensive. The peso is high. Your real estate investment here will not be cheap if you're talking about buying apartments in Bocagrande for rental income. Lots of rentals here, they are mostly rented out during the two 'high seasons', the rest of the time many are on the market. I know a guy who runs a business that steers gringos to Cartagena and he rents his apartments to them, but he's his own 'birddog' so to speak. The apartment management companies here are iffy at best.

250K is not a lot to retire on if you want to live a nice lifestyle in Bocagrande. Brians and Saltador are right. Listen to their advice, I've been in Cartagena for several years and live in Bocagrande with my wife. Our costs are pretty much the same here as a comprable lifestyle in the U.S. , only without many of the things we take for granted in the States, especially variety and selection of consumable goods...or they are super expensive (try $7.50 U.S. for lousy can of salmon that costs $2.50 in the States, or $4.20 for a can of spaghetti sauce that runs $1.50 in the States, or $11 for some smallish cashew nuts that run $4 in the States I could go on and on and on...)

You won't save money here on rent, on food, a car is more expensive, the really good furniture here is expensive and visually unappealing; no savings on utilities (Bocagrande is strata 6 which means you pay a lot more for utilities than lower stratas to help subsidize the poorer areas).

Real estate is a far better bargain in the States than Cartagena. You can scoup up deals now in the U.S., especially condos in South Florida, which is the closest comparison to Bocagrande/Castillogrande's real estate market.

The only things that are cheaper are health insurance, luckily I'm in excellent health; our insurance is a fraction of the cost in the U.S. (maybe 80% lower!). Entertainment is slightly cheaper depending on the genre and how much alcohol you drink.

My advice is to consider Baranquilla. Its close enough to Cartagena for you to drive to in under an hour. Its real estate costs are much cheaper, cost of living overall is cheaper, its a larger city with a bigger population and a bit more selection in regards to consumables. It has the same humid climate. Its not nearly as pretty as Cartagena, but that's to be expected.

BOTTOM LINE: I can't emphasize this enough. I wouldn't retire on 250K in my own country; I certainly wouldn't retire on that amount in a foreign country where the costs are similar.

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Tinto (Moderator) says on May 14, 2008, 09:52:

Good post, PeteyW.

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Frank Rizzo says on May 14, 2008, 09:56:

I agree with Tinto....that's a very fair look at it PeteyW...!!

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Mononoke28 says on May 14, 2008, 09:59:

I'm thinking if you're only 44 years-old, then $250k USD won't last long. I like the idea someone mentioned of buying three condos for $50k and rent them out, then you can live off of the rent, make some investments with the rest and try to come up with another $250k before it runs out.

You're pretty young right now and you have a long way to go before you kick the bucket. =D

Diana

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Mr. Hollywood says on May 14, 2008, 11:19:

if you buy three apartments to rent out then you're not retired, you've just become a professional landlord.

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McGringo says on May 14, 2008, 11:29:

The hours are flexible though.

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nine inch nails says on May 14, 2008, 11:39:

Even if in good health you could have an accident which would set you back either a great chunk of the $250K with medical costs or when you factor in price of purchasing catastrophic health insurance and take that out of interest from $250K not too much left over to live on.

get down, get down. are you afraid of the boogie monster?

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Frank Rizzo says on May 14, 2008, 11:45:

Well..if he's going to live in colombia., with visa and papers...you can get the 2 health insurances for < 200k cop per month...so that's not a huge issue..

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rhydewithdis says on May 14, 2008, 11:52:

I think everyone here agrees that if he buys three apartments, they will run close to about $200k after he furnishes/repairs them. Figure he can rent them out half of the time at a meager 120/k a night half of the month all year, he's looking at 5.4 miliones a month less about 40% that will go to utilities, maintenance fees, maids, cable/Internet. That leaves him with 3.2 miliones ($1,900USD at 1700/$) a month to live. Less his own rental costs (1-2 miliones).

If he puts his wife to work to bring home a little extra, then based on my calculations, he can certainly do it and live much better than the average Jose in Colombia.

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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RAAAY says on May 14, 2008, 11:53:

Buy 6 small businesses in different fields. A $30,000 US business should be throwing off a net income of $800 US per month, if the seller tells you it is making more, he's probably talking through his hat.

That would give you $5000 US per month, enough to live off if you're carefull.

The remainder of your money, should be spent on personal medicines and various pharmacuticals. You will need vast amount of these, to relax the pains from the ulcers and headaches you will have from owing 6 small businesses in Colombia.


.

.........Its useless to argue with ignorance

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pedro says on May 14, 2008, 12:06:

Uff, imagine that for a lifestyle change! Keeping on top of six different businesses in Cartagena??

que nota!

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Mr. Hollywood says on May 14, 2008, 12:09:

Raaay, what are some examples of that kind of $30,000US business in Colombia?

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Saltador says on May 14, 2008, 12:13:

The silence from CanadianCorey is deafening.

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rocinante says on May 14, 2008, 12:14:

6 different jobs? That ain't retirement. Even being the landlord of three places would be a constant headache.

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

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RAAAY says on May 14, 2008, 13:07:

Pedro and Roc.........I was'nt suggesting it as a retirment option, but rather on how to survive, if your start up capital is $250,000. This is not a realistic figure to be able to retire on, especially here in Colombia. I also assume that the origional poster is not serious, this is obviously some kind of a joke.

Having 6 businesses here would be a mini nightmare.

But, there are many people for whom this is a good option. Not putting all your eggs in one basket is a good idea here. Many people will suggest, having a small, everyday type of business, as engaged in by everyday folks here, is the best way to go. Coming here and trying to introduce something that works in the US or somewhere else is a risky move. People here are reluctant to change. They would'nt cross the street for a slice of great New York style pizza. They want a empanada, or the type of pizza that they are already used to.

Having said that, buying an existing business, that has good and proper records, you can expect to pay through the nose for it. If it was really, really good, it would'nt be for sale. But, they can be found. A business here producing $1000 US per month should be worth $20,000. You can expect to pay $30,000 if it is on the up and up.

Mr H........I'm talking about the normal, everyday businesses that you see on every street corner. Pastry shop, small grocery store, Pharmacy,Papleria, Empanada store, Optical store. All the hands on, torturous little businesses, that do no more than produce a basic income.

But add the income from 6 of them together, pay for them outright, hire a basic administrator to do the running around.............you make a decent living..........all cash.


.This lesson in doing business in Colombia was brought to you by.........someone that would'nt actually do any of the above...............but , depending on your circumstances....why not...??


.

.........Its useless to argue with ignorance

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aztec says on May 14, 2008, 13:16:

"Saltador says on May 14, 2008, 06:56: flag

I agree with brians that 250,000 dollars would actually be cutting it close."

I think these two are closer to what you need to know. I do not see moving to Colombia for a diminished lifestyle. When we were in the throes of planning our move we determined that we needed somewhere between $4000 and $6000 (USD) per month. With the latest change in dollar/peso rate it would require more.

That figure included apartment in 5 or 6 estrato, an auto, catastrophic insurance, and membership and dues for one of the better country clubs in Bogotá. Now, I am the first to admit one can live there much cheaper and lead a very happy life. Rubito is doing just that!

Your resources are minimal for a person at your stage of life. A drastic change such as this must be carefully planned. My advice would be that you move temporarily with the full intent of returning home after six months. In any event provide for an escape route.

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Man Tequila says on May 14, 2008, 13:21:

It isn't a lot, because you are 44. It would not be unusual for you to live another 40 years.

Many 44 year olds in Colombia have far less money. Of course, it can be done if you are very frugal, which is harder in Cartagena than other Colombian cities. You would have better luck retiring to Guanajuato or Buenos Aires, which are fine but... not Colombia.

Aunque no me creas/ si me lo propongo/ lograre olvidarte/ porque a fin de cuentas/ no soy tan cobarde./ Y termino todo una de estas tardes/ no sera dificil buscar algún sitio donde refugiarme/ donde nunca mas vuelvas a encontrarme. (Polo Montañez)

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miamimike says on May 14, 2008, 13:25:

germuno says on May 14, 2008, 09:25: flag

I don't know anywhere in the world a westerner of 44 years of age can retire passively off of the residuals of $250K
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Haiti! You will figuretively and literally live like a king passively on $250K monthly say if you invest the principle in US Cds. Dangerous in places yes but Americans are retired there. That place has some incredibly beautiful seacoasts as does the below country of Cuba.

Cuba is another place you can do the same, for the moment.

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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Mr. Hollywood says on May 14, 2008, 13:55:

I wonder what the protection on 6 businesses runs these days in Medellin?

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RAAAY says on May 14, 2008, 14:07:

Most people will tell you that, that is a thing of the past, although some locations may have a little still going on. Either way, if you have to pay it, you get your money's worth. It's not a big deal.


.

.........Its useless to argue with ignorance

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Lauthra says on May 14, 2008, 14:09:

uy no coffee beaner, como lo hacés, a lo bien, porque ni a mí me alcanza la plata así, y no estoy living like king, far from it actually.

Nato (='.'=)

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jonas says on May 14, 2008, 14:18:

oh Lauthra, come with me and I will treat you like a QUEEN!

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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CanadianCorey says on May 14, 2008, 14:36:

Wow..The information everyone has sent has been fantastic. It's great to know that there are so many PBH people out there with good ideas and after I complete reading them all I should have a better idea of what we will do after the summer. We are coming back in September for our next "vacation" but I will start to look at different possiblities.

I really like Santa Marta, Rodadero area but I'm open to any area on the ocean. Apartment ownership, and property management are likley stratagies for us to continue making and income, I like those ideas, as I can see equity growth and rental income as the best way for us. Thanks again everyone for your input, it's been a great to know it's possible to move to colombia and if we are careful we may do ok...

C@N@DI@N COREY

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jonas says on May 14, 2008, 14:42:

Most here on PBH prefer Santa Marta over Cartagena. Big Time.

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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go2pr says on May 14, 2008, 15:29:

I wouldn't live ANYWHERE in the world with less than 5 000 €/month.

In Colombia, Brasil, Indonesia, Thailand, ect, living like a middle-class local sucks. No extras, no weekends at the sea, no trips abroad, no fine dinners, no mistresses (for married guys). Yeah, it really sucks.

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caligula says on May 14, 2008, 15:49:

5000 euros? Dude... s'allota cheese

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jonas says on May 14, 2008, 15:55:

now isn´t this site called PoorButHappy ?

Bet go2pr ain´t so happy. But wanna be rich.

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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go2pr says on May 14, 2008, 15:59:

Up to you Jonas if you want to live like a third-world low-income local.

I personally don't. AQnd I am happy like that.:)

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aztec says on May 14, 2008, 16:39:

go2pr is telling it like he sees it. There are those of us who agree with his view.

My life here in the States would be defined as well off. Why reduce my life style to move to Colombia?

There are valid reasons why I might move to Colombia. For starters Colombia is the mother country of my wife. I also love the people and the country. As good as our life style is today it could be even better in Colombia. Frankly, there is only one but significant reason why I haven't already moved full time to Colombia. Security and safety!

You cannot live freely if you are afraid. Living in Colombia requires a wholesale change in your everyday thinking. Every day you go out you must be aware and alert to your surroundings.

As it is now, we have made the decision to live only half a year in Colombia and rent in lieu of purchasing. We believe you are OK if you maintain an escape plan. Extortion comes in the day or night via a phone call!

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jonas says on May 14, 2008, 16:45:

but the guy (go2pr) throws in a number which doubles median US income before taxes. Plain ridicules and not worth waisting my time arguing over such numbers.

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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MitchAlvarez says on May 14, 2008, 17:31:

lauthra vengase a vivir conmigo miamor y no tenes que pagar ni un solo peso. :)

"Ingrid callate la jeta!! Stay in France"

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Frank Rizzo says on May 14, 2008, 17:33:

great offer lauthra....you should take mitch up on it..!!!

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Noelito40 says on May 14, 2008, 18:24:

Canadiancorey, I am pretty much in the same boat as you, (early 40´s married to a Colombiana, no kids) been in Bogotá less than a year, so I’ll give you an income expenditure breakdown from what I’ve seen.

($250k is roughly 400m COP)

Expenditure
1. 1.For a middle class lifestyle in Bogotá, not that many frills, but an easy life… You´ll need 3-4 million COP,(including rent)
2. if you buy an apt, (say for 100-200mil) you would then need about 2-3 mil monthly.
3. A small car ( a few years old) will cost you about 20-30 mil) and running costs of about 300k per month.
4. As others said, health insurance! Yes!! For the 2 of you, EPS (state health) and private insurance (will cost about 300k per monthly)
5. don´t go crazy eating out every night, there are loads of mom and pop places with good value

6. I´ve only been to Cartagena once but I´d say the nice part of Cga would be more expensive than Bogota. I´d say you should consider cities other than (cheaper than) Bog or Cga


Income
1. Tip 1, goes without saying, diversify!! invest 100-200m in a low risk return term deposit, you´ll get about 9-10% p.a (=800k to 1.8m monthly)
2. Invest a small amount in some shares
3. You could buy an apt off the plans and sell before the development is complete (and after the apt has appreciated)
4. The bad news is that I agree with many of the other posters, with 250k you will be cutting it close, so you should consider working here for at least a few years. (Doing whatever…will generate income which means you can invest your capital and watch it grow)

My main advice though would be not to transfer your money now, the strength of the COP v the US$ will kill you. Hold off until next year (this is a topic for other threads but it will have a big bearing to you when you decide to move!!
Just my opinion…

Noelito

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jonas says on May 14, 2008, 19:08:

Noelito so where do you see the Peso next year?

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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Noelito40 says on May 14, 2008, 19:21:

Don´t want to side track the thread jonas so for my tuppence worth, see my post under http://poorbuthappy.com/colombia/post/dollar-hits-2-month-high-vs-euro...

Noelito

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la campiña says on May 14, 2008, 19:29:

retire yeaaaaaaaa, also you've got too much money, send me half and I'll keep the DAS of your back ha

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jonas says on May 14, 2008, 19:44:

I have been calculating the amount of money needed to retire in a tropical paradise since I was like 16 years old. So I call myself an expert on this. And I do know the answer: It is never enough, no matter how much you have. Why? Because it would simply be too boring. Sorry to tell you the truth.
Thank you. And now back to work.

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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christobeldawg says on May 14, 2008, 20:54:

That's what I was thinking jonas. Too boring, to retire at 44. Retire to the tropical paradise at 84, maybe. Turn that 250 mil into 2000 mil by then.

admittedly, arriving can feel great too

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go2pr says on May 15, 2008, 04:40:

Jonas, what I say is not "plain ridicule".No need to insult anyone you don't agree with.

I agree yet that I talked in € but meaned US$.

You CAN live on US$2000 per month in Brasil or Colombia, but that doesn't mean you SHOULD. The "South America experience" that everyone loves so much is for many the experience of being "rich" for once in your life. Living like a native sucks ass (which is why so many of them want to LEAVE Brasil or Colombia). At $2000/3000 per month, you will of course live better than the average middle-class Brasilian or Colombian, but you won't be living well by 1st-world standards (large apartment, nice car, repetitive dinners in fine restaurants, party in elite clubs, travels, ect).

Once more, I wouldn't want to live in SA with anything less than US$5000 per month -- and that's in a provincial city where things are relatively cheap. In Sao Paulo, Buenos Aires or Bogota, I would want even more.

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Brians says on May 15, 2008, 05:06:

I agree with go2pr but I think you might have difficulty spending that much every month. I estimate with a cushion that I need $2,000 a month to cover a basic lifestyle (not including rent or GOOD Schools for my child). Now I want to shoot for at least double this amount as it will get frickin boring and I will want to travel around etc.. Also costs are only going to increase so need to think about this as well. I live very well in the US with great schools etc.. There are great things in Colombia but unless I can replace my kids education in Colombia which will cost you then it is not worth it to me. However most on here probably don't have kids but for me this is a major expenditure which I need to consider. Otherwise I am a pretty simple guy and don't need to eat out every night or club etc.. I would rather spend time doing more productive things so that saves me.

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rocinante says on May 15, 2008, 06:48:

Brains and the others who have mentioned lifstyle are offering the piece of the puzzle that MUST be taken into consideration and GREATLY affects the anwser to this thread and where you get pais and in what currency also matters a LOT.

The fact that some of you are talking Euros and USD is a bit scary but I can handle that. OP you need to live here, see what things cost, see what's of interest to you and your lifestyle and plan accordingly. I have figured for me owning my residence that I would need 5 millones a month as my target montyhly income. This 5 millones target includes money for everyday living as well as medical, retirement, investment, travel and emergency cushion.

NOW the question is where is that money coming from? If it's USD converted into COP then you have a currency fluctuation problem. If you earn your target monthly COP (5 millones for me) IN COP and not another currency, get out of this post right now.

I picked an exchange rate of 500 COP to a US Dollar. If it stays above that for a long time I retire early or take more vacations.

Guess what?

I have to earn USD160,000/yr to hit that 5 millones at an exchange rate of 500COP (US Yearly income * .75 tax /12mos * COP FX) .75 reflecting a 25% US tax and stuff off the net of my salary.

To hit 5 millones a month

160,000 year at FX 500
80,000 a year at FX 1000
54,000 a year at FX 1500
45,000 a year at t FX 1790 (today''s rate)

What's social security these days? clearing 2,000 /mo or converted:

FX500 - 1 millone
1000 - 2 millones
1500 -3 millones
1790 - 3.5 millones

I don't want to hijack this thread into a COP thread but for you guys quoting "I need USD$5,000 a month to live decent and not in the gutter" that number may be more or less - bottom line is what happens if before you move you struggle and save and hold off and invest and live with your mom and dad because you are gearing up for a rate of say 1000 and then in two years the rate is 3000 for ever? You wastred all that time and struggled for so long. Got a crystal ball? Me neither. But I tihnk I have an idea that over time Latin America and the US are gravitating towards the median. Globalization.

Bottom line is you can never really be absolutely sure and people just don't realize the risk exposure of FX rates when you are paid in one and live in another.

If you can't afford to worry or you can't afford to count on the 500 exchange rate MOVE TO PANAMA or ECUADOR with your Colombian wife where the currency is USD dollars and the only thing you need to worry about is inflation.

Guys you are missing out big time by not getting to Ecuador NOW. International living and other websites are always a few years ahead of the curve on these retirement locations. It would behoove those of you who are not well off or have no connections or family here in Colombia to consider Ecuador.

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

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bickerss says on May 15, 2008, 07:36:

I had a look at Ecuador and was impressed buy the prices - beach areas cheap (ie Manta Canoa) and Cuenca, a beautiful city, cheap as chips.

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poco says on May 15, 2008, 07:47:

Quote: Can I retire at my age with my savings.

No and it crazy to believe this possible.

I don't know one single person who's home isn't worth AT LEAST $250,000 USD and they are ALL paid but,, these folks are over,, 55?

Basically,, if you don't have AT LEAST one million USD in assets (NOT including your house),, or a funded pension plan paying approx. 60% of your pre-retirement income,, a person will be SCREWED later in life,, maybe not screwed but you'll be in the need of a bug zapper,, for entertainment.

"Violence is the first refuge of the incompetent" - Isaac Asimov

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RAAAY says on May 15, 2008, 07:50:

Roc..........agree with everything.

International Living have been hyping Ecuador for at least 10 years now. I'm surprised it's still cheap. Colombia has so much to offer, it's a great country. Cheap ?? No, not in the meaning we take it to be. Cheap used to be, being able to live like a king in a South American country on $1000 per month. That is a thing of the past here.

A decent standard of living, in or around one of the main locations here, has to be in the 10 mil per month range. That gets you the nice apt, reasonable car and the ability to eat out fairly frequently. It does'nt work if you have a family. It does'nt work if you want the " living like a king " lifestyle.


.

.........Its useless to argue with ignorance

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poco says on May 15, 2008, 07:57:

Quote: Cheap used to be, being able to live like a king in a South American country on $1000 per month. That is a thing of the past here.
=========

Raaaayyy,, this was a hotly debated topic,, 4 years ago????

Live like a king,, ha,, you COULD NEVER live like a king on ONE GRAND per month,, hell,, a person couldn't afford a plane ticket to go on vacation at that price.

One thousand per month,, 4 years ago,, a person needed a bug zapper and a six pak,, now,, ??? Beer and a fart amplifier to keep yourself amused?

"Violence is the first refuge of the incompetent" - Isaac Asimov

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kalder says on May 15, 2008, 07:57:

10million for a decent standard of living? That's about £3000. Well in excess of the average British takehome. You must be used to the finer things in life.

"kalder- have you ever had a woman?"--Sam Salmon

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rhydewithdis says on May 15, 2008, 08:26:

There seems to be a huge dichotomy on this board with respect to peoples projection of a comfortable lifestyle.

There are those here who expect that if they move overseas their lifestyle should be no different than if they were vacationing there, which is to be able to spend vacation type of money on a daily basis. Most people spend generously while on vacation and then return to their more modest style of living once they return home. This class of people would find themselves struggling to live on $300k/year in NYC while renting a decent place.

The other half find that they live decently well on the $75k USD they bring home each year and feel that they would live just as well on half of that converted into pesos living in an Estrato 4 neighborhood in Colombia.

Personally when I am on vacation in Colombia I budget about $250/day not including my lodging. When I am in Europe, it is more like $400/day. Living here in NYC, I spend at most $40/day during the weekdays, and maybe 3-400 during the weekends. If I lived in Colombia, I think I could easily get by on about $30 / day, and then $200 for the weekends. This obviously does not include vacations outside of the country, other major expenditures like health care, etc.

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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RAAAY says on May 15, 2008, 08:40:

Poco...........I was thinking more in terms of 10 years ago. I suppose I did'nt really analize it out, but I recall first going to Brazil about 10 years ago. The Real, if I remamber correctly, was in the 470 range to the dollar.

I rented a really nice apt in Leblon, the snazzy area of Rio. It cost $100 per month. Food, drink, entertainment was dirt cheap then. I remember thinking that $1000 per month afforded a really high standard of living. It was the figure often touted around as the required amount to live any sort of high life.

And Kalder, you are probably right. But as you suggest, it depends on each individual person. I just got back from a spin to Venezuela. Eight nights in various hotels. The one in Bucaramanga was just over $200 US per night, Cucuta $130 US per night. One in Venezuela was $50 and the other was $240 US. Yes, the expensive ones were very nice. The $130 hotel in Cucuta was pretty standard.

I paid the check for 4 of us one night, in Palmias(sp) Night club, here in Medellin., 2.3 million.
Yeah, we had a good night, but there was no food !!

When I talked about a " decent standard " of livig here, I meant something more than the standard of living, that the average British takehome pay allows for. The ability to take week-ends away, every now and then, rent a nice finca, go to San Andreas, take a spin up to South Beach in Miami twice a year, eat out in a nice restaurant frequently, I had dinner with Catfish last night, moderately priced restaurant, one bottle of wine, not a " big " night. The bill was still 200,000 COP or thereabouts.

It's funny, talking about money, I just got back from a little stroll down the street for breakfast. On the way back up, there is a poor f**ker scavaging through some garbage bags on the street, outside an arepa store. Myself and the dog walked by him. Then I thought, f**k it, I'll help the guy out. So, I folded up a 50mil bill and walked back and palmed it to him. I've walked away a bit when he calls me. Some swear words, some nastiness and he throws the bill in my direction and stomps off.

Now, don't get me wrong. I don't dispense 50mil bills to every poor fella on the street. I just figured, this morning, 50 was'nt going to make a huge impact in my life, but it was apparent it would make a fair difference in this man's life today. Anyway, such is life.


.

.........Its useless to argue with ignorance

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bickerss says on May 15, 2008, 08:45:

2.3 million for 4 people, no food - what were you drinking?? That over 1200 usd.

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mranderson says on May 15, 2008, 08:46:

I need to start following raay around. Just in case he drops a 50 mil.

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Tinto (Moderator) says on May 15, 2008, 08:53:

The original poster says "savings" -- maybe he's got a higher net worth from home equity, retirement accounts, a partially vested pension, or a collection of Beanie Babies. I wouldn't expect him to volunteer these figures to a bunch of strangers on the internet, but they could change the riskiness of /the ability to recover from the idea he is toying with.

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jonas says on May 15, 2008, 09:05:

OK. So kalder got my point: "That's about £3000. Well in excess of the average British takehome. You must be used to the finer things in life."

go2pr I find it quite amusing that you mix up Dollars with Euros. I assume you are from the US?

To live well, in a big apartment, party lots at the best clubs, shoot some golf, dine out etc. you simply don´t need 5 grand period. Anything over 2 big ones should allow you such lifestyle. I guess go2pr bases his calculation on what he spends on vacationing here. Take a look at what rhydewithdis says, he´s got a point there on the difference between holidays and real life expenses.

go2pr you find my comment insulting? I don´t, it expresses my opinion. I find your comment, to say the least, very arrogant. I also believe you are an employee and carry a lot of debt. Now that´s your lifestyle and thank god not my problem.

Thank you and good bye.

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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rjstuff says on May 15, 2008, 09:26:

I think many posters are misleading - they are basing things on their own or their perceived lifestyle. It depends on your lifestyle; how much it will cost to live in Colombia - I have seen this in discussions about many countries - Costa Rica, Panama, Colombia, India and USA - some people told me I couldn't live in India at $3000 a month - what nonsense, I live in USA for $3000 a month!
Corey can do what he wants to do as long as he maintains his current or slightly higher or slightly lower lifestyle, carefully look at business opportunities and take some risks.
For us - if we move to Colombia, I expect to live a higher lifestyle for one very simple reason - currently our health insurance costs us approx $800 a month (for two - we are quite healthy). This will go down to around $150 a month in Colombia - that alone gives us an extra $650 a month. Add to that lower cost of living, lower property costs etc. and I think we would have at least $1500 a month more in Colombia than here in USA. We will continue to live at or around the same level of lifestyle as we do here and most probably higher - I do not see any problem with that. We do not want to become jet setters or Hollywood celebrities - we will remain what we are and continue our fun life style within our means - our means would definitely expand more when we are in Colombia.

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go2pr says on May 15, 2008, 09:42:

"go2pr you find my comment insulting? I don´t, it expresses my opinion. I find your comment, to say the least, very arrogant. I also believe you are an employee and carry a lot of debt.."

Am I arrogant because my standarts are not the same as yours ? ... seems you are one of those controversial, argumentive and pontificating know-it-all ******** who always try to prove that they are right and anyone else is wrong, and who have come to the conclusion that they have some moral right to preach, debate, deride, insult, chide and argue with everyone and everything they don't agree with.

For your information, to rent a decent apartment in Sao Paulo, Jardim area (where I am now), you need to spend 3000 to 3500 reals/monthly. This is 1200 €. In Bangkok, Sathorn area, around 80 000 baths. This is 1500 €. In Jakarta, CBD area, around 21 millions rupiahs; This is 1600 €. Yeah, €. Not all expats are cheap backpackers.

I'm not from US, I'm not employee, and I have no debts BTW.

Get a life.

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jonas says on May 15, 2008, 09:54:

Sorry, I thought we are talking about Colombia here. Maybe you can discuss how much you spend in Brazil at some more appropriate place, the web is big. In Colombia it is not a good idea to throw big numbers to the public.

What I have, I do not want to lose, but Where I am I do not want to stay, but those I love, I do not want to leave, but those I know I no longer want to see, but Where I die, I do not want to go;I want to stay where I have never been

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bickerss says on May 15, 2008, 10:36:

Consider Panama which is close to colombia and has great investment opportunities including an attractive pensionada program and investor visa programs

http://www.businesspanama.com/latestnews/article.php?nid=257

Other way using Panama is to purchase property andhave it rented out short term basis while livin in Colombia. Rental returns are pretty awsome for nice apartments and there is a shortage of hotel rooms. Only problem I guess i if the USD keeps falling then the conversion to COP will decrease.

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rocinante says on May 15, 2008, 12:44:

" Only problem I guess i if the USD keeps falling then the conversion to COP will decrease."

For now the dollar is falling - but the peso is gaining. There are two economies and two countries at work in this relationship.

Everyone keeps posting in terms of curriencies other than the COP. Quite amusing actually.

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

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morphus says on May 15, 2008, 15:26:

Semi-retirement with 250K is possible. Thats what you should be looking to do. 250K would only last me 5 years in Cartagena. In Medellin, about 20 years.

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morphus says on May 16, 2008, 04:32:

RAAAY, the snicker bars are for you and Robi. Why do you think Robi is so worried about all the mongers coming to Colombia? He does'nt want to get caught :)

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Chriscan says on May 16, 2008, 18:37:

It would be easier to do it pretty much anywhere else because Cartagena is much more expensive. The thing with it being expensive is that if you go into buisness that could work in your favour.

It would certianly be easier to Start in santa Marta as it is a heluva lot cheaper. My rent and utilities come to under $200 a month for a new 2 bedroom flat. There is a lot of comercial property of sale as well. I feel that I could make it for $50000 here if I work hard and invest well.

************* WARNING ************* my words often come from my ass

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sloopskipper says on May 16, 2008, 20:27:

I have been researching the same thing, and as a former American Express Financial Advisor, I think that to find a beachfront you might burn up most of that capital to simply find a home, with little left to invest to generate any income, unless you have another source.

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jinksmiester says on May 23, 2008, 21:31:

The nest egg sounds alright ...but i agree it might be cutting things tight...as others have stated there are manny variables...life style...running a business or investing (no guarantee,s on what that would produce in income).I wish to retire to colombia one day as well with hopfully a little more cash than that..then perhaps find some sort of business or investment to stay buzy.I do exspect i will have at least 2 to 3 thou u.s per month in pentions to rely on.
Want to buy a nice home...have some money to invest...some still set aside..and a stream of pention money to rely on...on the other hand you only live once and if have some savy and use your head investing where its affordable and practical and work to secure your investment there is a good chance you could do okay...as said..depends on life style.. yadda yadda... best of luck to you whatever you deside.

A man is not old until regret takes the place of dreams

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lawman3966 says on May 24, 2008, 21:44:

For the fun of it I ran your numbers (nest egg and age) through an annuity calculator at Vanguard/AIG. It yielded $816.32 per month, with inflation adjustments, for life.

Other calculators might suggest a higher income is obtainable, but may not include inflation adjustments which are critical for getting a useable number. I'm not an expert on Colombia, but have researched the concept of retirement withdrawal rates a lot. There are various theories about how to best pursue it, all of them having some risk.

Another issue is that developing nations will likely experience higher inflation than the U.S. (or Canadian) inflation numbers would. Even with the inflation adjustment, there is a possibility of the buying power of the monthly income being eroded over time. (You're 44 and could be there for 45 years - that's a lot of accumulated inflation).

The answer depends on whether you can generate income while in Colombia. If it were me, I wouldn't go with your numbers, unless I had some assurance of being able to work and generate some income to offset the volatility in the cost of living and of your investments. But, you know about those options better than me.

You haven't mentioned your possible Canadian retirement benefits, by the way. Will you get CPP? OAS? These could be significant. As long as you've lived in Canada for 20 years after the age of 18, you can get about $500 (that's as of 2008, this number will rise over time) per month from OAS, inflation adjusted, starting at the age of 65. This can be received while living overseas, and is independent of your employment history. CPP is yet another possible benefit, but depends on your work history.

It could be worth your while to find out what you could do to supplement your income while there, such as teaching English and the like. Even a small income received during retirement can go a long way toward compensating for the insidious effect of inflation on your nest egg.

Good luck.

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robi666 says on May 25, 2008, 04:39:

It all depends on lifestyle. And if you plan to have a family.
I could spend one tenth of what I spend now if I was a single guy.
And, you will not always be young and in good shape.

First main concern would be to have all your basic expenses paid with an income in local currency.
So that you could feel a problem from the floating of currency exchange rate and INFLATION, but you could always renounce to something you don't really need.
You will need some years to manage to get that income. Those years will probably be heavy on your savings. I mean, planning things with a certain safety.

To be short, your question is "Can we live comfortably and sart a business with our savings of $250,000. I have been in the medical business for 20 years and was thinking of buying a business or 1 or 2 apartments in bocagrande for a rental income....is this enough money to start the move??

My short answer, imagining the lifestyle you are used to and want to have in the future, is NO.
Again, if you do not imply a brutal lifestyle change with your move.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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robi666 says on May 25, 2008, 04:41:

"RAAAY, the snicker bars are for you and Robi. Why do you think Robi is so worried about all the mongers coming to Colombia? He does'nt want to get caught :)"

Morphus, I spend way more than what Ray spends in Colombia. And it is not for bars.
I understand my "decent" lifestyle (as a married man with two kids), is not anywhere near to yours.

I probably spend just for the "guarderia" for my kids (the best in Medellin) and medical care more than what you'd spend here in total. And probably more than what I would spend if I was a single guy like you.

Having a family changes it all.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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