Best Places In The World To Retire

One of the most often asked questions I get is, “What about your healthcare?” or “What are you going to do about your healthcare? How are you going to pay for it?” It’s important for people, especially for Canadians, to know that there are numerous health insurance programs available globally. We Canadians are not used to going out and sourcing healthcare plans because it’s covered by our taxes and our government program as long as we are not out of...

One of the most often asked questions I get is, “What about your healthcare?” or “What are you going to do about your healthcare? How are you going to pay for it?” It’s important for people, especially for Canadians, to know that there are numerous health insurance programs available globally. We Canadians are not used to going out and sourcing healthcare plans because it’s covered by our taxes and our government program as long as we are not out of Canada for more than six months a year. 
 
Here in the Puerto Vallarta area, I pay about CA$1,200 (US $900) a year, and I get health coverage for catastrophic worldwide. I also have a CA$5,000 (US $3,800) deductible which does not cover dental or eye care, but you can get dental and eye care here in Puerto Vallarta for less than you can get it in Canada, so it’s not an issue.
 
A lot of Canadians don’t realize that they can actually buy insurance in Mexico for CA $1200 (US $900) a year. Insurance shouldn’t hold you back from coming to Mexico for more than six months or for full time. It’s a big thing because I get asked all the time, “Oh you’re Canadian and you live here full time? What about your healthcare?” It’s a huge point for Canadians, because they can’t wrap their heads around it.
 
If something should happen to me, for instance, if I get hit by a car, I’ve got coverage so that I don’t get wiped out financially, but I don’t even bother submitting claims for regular doctor visits because it’s so little it’s not even worth my time submitting a claim. 
 
For a regular checkup, it would cost around 600-700 pesos (US $29 to about US $34) out of pocket. About 3 or 4 years ago, I zigged when I should have zagged, and I ended up with a disc problem. I could barely walk then. I went to my local chiropractor, who said to me, “This is worse than you think it is, and we need to send you for an MRI because I’m not going to try and adjust you without knowing first what the situation is. I need to see it.” 
 
My first reaction as a Canadian to “you need to go for an MRI” is “Oh my goodness. MRI?” In Canada, you have to wait for 4 - 6 months to get an MRI after getting on a list. I said to the chiropractor, “How long will this take?” And he said, “As long as it will take you to drive to Vallarta.” 
 
My husband drove me to Vallarta, and we got there within half an hour. Waiting for me at the clinic with the MRI were the attendants who had a wheelchair ready for me when I got there, and they got me into the MRI right away. I did the MRI, and we drove back to the chiropractor with the results. The total cost? US $300. 
 
I tell my family members and my friends in Canada that if they think there’s something wrong, or they’re not feeling right, they can come to Puerto Vallarta and get the tests done here, and they’ll know the next day what the issue is. You can also choose how you want to deal with the results- you can go back to Canada, go through the system there and have it taken care of if it’s not something that’s life-threatening, or you can take care of it here in Puerto Vallarta, where you can have it done the next day. Time is very important when you’re talking about your health. 

 
In Canada, that’s one of the biggest issues. When you inherently know there’s something wrong, you want to know right away what it is so that you can start treating it. With the Canadian system, it takes time. With the Mexican system on the other hand, you’ll immediately know what it is and decide right away how to have it treated.

 

The most expensive part of maintaining a car here in Nicaragua is the gas, which is about $5 a gallon. 
 
Maintenance, parts, labor, etc. is very reasonable. I’ve never paid for more than $250 for anything and I drive 1993 Jeep.
 
The mechanics here are very reasonable. They can take a used part and make it new. Normally, you go to the parts store and you pick up the parts. Then, you give the part to your mechanic and they charge you labor. Labor is very cheap...

The most expensive part of maintaining a car here in Nicaragua is the gas, which is about $5 a gallon. 
 
Maintenance, parts, labor, etc. is very reasonable. I’ve never paid for more than $250 for anything and I drive 1993 Jeep.
 
The mechanics here are very reasonable. They can take a used part and make it new. Normally, you go to the parts store and you pick up the parts. Then, you give the part to your mechanic and they charge you labor. Labor is very cheap here.  A mechanic here makes about $5.45 per day.
 
Nobody buys new parts here because they would be too expensive.  I’m always stunned by what they can do or fix.  I’ve had my car for almost a year and I’ve never been stuck anywhere.  

 

(Uno gas station in Nicaragua, pictured.)

Belize is an English-speaking country and English is their official language. But some areas on the Caribbean side of the country where people speak Creole which is related to Jamaican Patois. Getting by if you only speak English is not an issue as far as normal visitation where you’re going to a restaurant, supermarket, checking into a hotel, or asking for a taxi. You will not run into a language barrier.

Belize is an English-speaking country and English is their official language. But some areas on the Caribbean side of the country where people speak Creole which is related to Jamaican Patois. Getting by if you only speak English is not an issue as far as normal visitation where you’re going to a restaurant, supermarket, checking into a hotel, or asking for a taxi. You will not run into a language barrier.

There are no poisonous or dangerous animals in the areas of Portugal where people live. You may find them if you go up in the mountains or to the woods in the northern part of Lisbon, in the countryside. You will some little green snakes squashed on the roads that are not even a meter long.
 
Generally, you won’t hear of anybody bitten by a snake. There are no issues related to dangerous animals around the populated areas in Portugal.

 

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There are no poisonous or dangerous animals in the areas of Portugal where people live. You may find them if you go up in the mountains or to the woods in the northern part of Lisbon, in the countryside. You will some little green snakes squashed on the roads that are not even a meter long.
 
Generally, you won’t hear of anybody bitten by a snake. There are no issues related to dangerous animals around the populated areas in Portugal.

 

(The Eurasian wolf inhabits Northern Portugal, pictured.)

Living in Panama for my wife and me was an adjustment. I wanted to do it and she was very skeptical. There were lots of adjustments that we had to make, such as adjusting to the Panamanian thought process, the culture, etc. For me, being a type A person, I always thought I would slow down and be a little bit more tolerant. Fortunately, I have done that enough but it is still a work in progress and I think there is room for improvement, such as learning how to do basic things that we do...

Living in Panama for my wife and me was an adjustment. I wanted to do it and she was very skeptical. There were lots of adjustments that we had to make, such as adjusting to the Panamanian thought process, the culture, etc. For me, being a type A person, I always thought I would slow down and be a little bit more tolerant. Fortunately, I have done that enough but it is still a work in progress and I think there is room for improvement, such as learning how to do basic things that we do without thinking about them too much like getting a driver’s license or getting health insurance. Just dealing with day to day life that way is a little bit different from the way we do it, which could be summed up as “the way they do it is much slower than the way we do it.”
 
When I moved from Boston to Lake Tahoe, I was in my twenties.  When you’re young, you adapt much quicker and easier. Of course most of the people who I deal with who are moving to Panama are a bit older. They are retired or soon to retire. However, that is changing. The demographic of expats when I first got to Panama was much older people but now the expats who come here are getting younger. We are now seeing families with children moving to Panama, which is more indicative of the economic situation. Those are the people who come here for economics versus politics. They can afford to live in the United States but they cannot afford to raise their children with the same quality of life that they grew up on. I find that those people are coming into Panama now and it’s certainly a lot easier for them because the adjustment is much easier for younger people. The older people, of course, are more set in their ways. Depending on how motivated they are; if they’re moving to Panama because they can’t afford to stay in the United States, they tend to be more adaptable because they don’t have really that much choice.

 

(Michael Vuytowecz and wife, Panama, pictured.)

Yes you can get your Social Security Cheques deposited in Panama.  There is a fee as they are being deposited into a foreign bank account.  On another note you can Self Direct your IRA to an investment in Panama while you wait to retire.  Banking in Panama was once a huge challenge but has become a lot easier in recent years.  I have had two clients as of late that opened up a bank account in less than 24 hours.  All you need are two bank reference letters and...

Yes you can get your Social Security Cheques deposited in Panama.  There is a fee as they are being deposited into a foreign bank account.  On another note you can Self Direct your IRA to an investment in Panama while you wait to retire.  Banking in Panama was once a huge challenge but has become a lot easier in recent years.  I have had two clients as of late that opened up a bank account in less than 24 hours.  All you need are two bank reference letters and proof of income but is some cases proof of income was not necessary but a minimum balance of $1,000 is.