Recently returning from a whirlwind 10-day journey with Leslie's 85-year-old father, we were reminded that retirement isn't just about age; it's a celebration of life at any stage. Despite the inevitable limitations that come with aging, Leslie's father exemplified the essence of living every day to the fullest. His message echoes the sentiments of a fulfilling retirement: keep up with your health, stay busy, and understand that you can figure out a way to enjoy your life while you are young and healthy enough.
Traveling with Leslie's father illuminated the profound idea that retirement is not a static destination but a dynamic journey—one that evolves with time and embraces the present. With this perspective, we share our own journey of creating a dream retirement on a modest budget of 2500 euros a month for a couple, living on the picturesque island of Madeira in Portugal.
To Get Started You Need To Think Beyond Borders:
1. Research Affordable Destinations:
We found it best to begin by researching countries or regions with a lower cost of living. Consider factors such as housing, healthcare, transportation, and overall lifestyle. Madeira, with its moderate climate, affordable housing, and welcoming community, stood out as an excellent choice for us.
2. Visit Potential Retirement Destinations:
We know this sounds like a broken record but it is so important and fun. So, before making a decision, visit prospective locations to get a firsthand experience of the local culture, amenities, and lifestyle. Stay as long as your budget and time will afford you. This helps ensure that the chosen destination aligns with your preferences and budget.
Budgeting for Comfort:
3. Prioritize Living Costs:
Identify the essential costs of living, such as housing, utilities, and healthcare. In Madeira, we found that housing costs were lower than in the United States, allowing us to allocate more of our budget to experiences and leisure.
4. Adapt Your Lifestyle:
Adjusting your lifestyle to match your budget is crucial. Embrace local markets for fresh, affordable produce, explore free or low-cost activities, like walking the levadas, and consider public transportation to cut down on expenses. Well maybe not this one. Because we just had to bring the bug.
You May Want To Create Additional Income Streams:
5. Identify Your Expertise:
Reflect on your professional expertise and personal hobbies. Determine how these skills can be monetized or shared with others. It could involve consulting, teaching, writing, or turning a passion into a small business. I think my next YouTube channel one will be 'watch repair', since I am sure I can't become the 'Hoof GP'.
6. Explore Online Opportunities:
In the digital age, there are numerous online platforms where you can offer your services or share your knowledge. As an example our 'It'll Be Fun' YouTube channel, also websites for freelancers, online courses, and e-commerce platforms provide accessible avenues for creating a supplementary income. Also working with others as an affiliate can add to your income stream.
Embracing the Courage to Retire Now:
7. Challenge Traditional Retirement Norms:
Retirement comes in many forms. Question the conventional idea of waiting until a certain age to retire. If health and financial circumstances allow, consider retiring earlier to fully enjoy life while you're still active and in good health. If they don't allow then that just means you will need to be more creative and courageous. Trust us 'It'll Be fun!'.
8. Health and Wellness Focus:
Prioritize your health and wellness. Engage in activities that promote physical and mental well-being. This may mean you need to find a way to retire now in order to make the most of your time before age-related health issues become a significant concern. Or as in our case we are almost 9 years apart in age and wanted to be able to enjoy life together while we were both healthy enough to do so.
Our journey of crafting a dream retirement on a limited budget involved thorough research, adapting our lifestyle, and leveraging our skills to create additional income streams. By thinking beyond borders, budgeting wisely, and embracing the courage to retire earlier, we've discovered that a fulfilling retirement / semi retirement is not just a dream but an achievable reality. Whether you're drawn to an overseas adventure or seeking something closer to home, take the first step towards making your dream retirement a reality today.
Why? Because- LIFE IS SHORT and We Should Have Done This Sooner!
Comments