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Or alternatively have 500k in the bank and move to a cheap European city where you can live off 14k per year. I'm actually more of a fan of Stefan Sagmeister's

Or alternatively have 500k in the bank and move to a cheap European city where you can live off 14k per year. I'm actually more of a fan of Stefan Sagmeister's method of retirement, where he split up his retirement years and moved it to in between his productive years. https://www.ted.com/talks/stefan_sagmeister_the_power_of_time_off https://www.ted.com/talks/stefan_sagmeister_the_power_of_tim... I could earn in a year enough cash to take the next year off, do fun things, learn new things and then spend the next few on what I figured out in that one "retired" year.

incompatible 10y ago
I'm sure there are cheap places in the US too. I live in a cheap place in Australia, which has the advantage of a government-provided health system and qualification for an age pension at 67. So only household expenses between age ~40 and 67 need to be budgeted for, and with a frugal lifestyle without kids that's not much.
- mmerlin 10y ago
  Except land prices are crazy here in Australian cities
  - incompatible 10y ago
    There are still places, if you avoid the larger cities.
- ux-app 10y ago
  > qualification for an age pension at 67 >only household expenses between age ~40 and 67 need to be budgeted for Pension is $20k/year. You're an Aussie, so you know how incredibly high our cost of living is. 35cents/kWh for electricity (!!) 3x what some places in the US pay + the insane prices we pay for groceries, gas, entertainment, vice taxes etc. Unless you have supplemental income from investments you will be straddling the poverty line on the Australian pension. I've seen pensioners mend shoes with gaffer tape. This all assumes that the pension system stays solvent which is not guaranteed. Already there is talk of lifting retirement age to 70+ > I live in a cheap place in Australia You're probably comparing to other places in Australia (east coast?). Relative to other countries, unfortunately, there is no cheap place in Australia.
  - incompatible 10y ago
    I could live in Europe, but I'm not convinced it would be cheaper. Australia may be more expensive for some things, but there are also savings. Health insurance would be desirable or compulsory in some countries. Not every country has a decent tax-free income allowance like Australia (19k or so), and some even charge a wealth tax. My housing costs are actually reasonable, renting in a city of ~20k with a high unemployment rate. Since my income is so low, my partner can still qualify for Centrelink benefits. Petrol? Don't own a vehicle. Vice taxes? My only vice is an Internet connection. My entertainment is an Internet connection .. frugal all round. The lifting of the pension age to 70 and beyond is potentially an issue.
- kowdermeister 10y ago
  By the time I get there I don't expect to receive any pension. The scheme will likely to collapse and I can't even plan with a single country.
pllbnk 10y ago
Those cheap European cities tend to get more expensive at a really fast pace. You might easily be looking at 50% increase in living expenses in 10 years if you want to live within the same standard now and then.

incompatible 10y ago

I'm sure there are cheap places in the US too. I live in a cheap place in Australia, which has the advantage of a government-provided health system and qualification for an age pension at 67. So only household expenses between age ~40 and 67 need to be budgeted for, and with a frugal lifestyle without kids that's not much.

mmerlin 10y ago
Except land prices are crazy here in Australian cities
- incompatible 10y ago
  There are still places, if you avoid the larger cities.
ux-app 10y ago
> qualification for an age pension at 67 >only household expenses between age ~40 and 67 need to be budgeted for Pension is $20k/year. You're an Aussie, so you know how incredibly high our cost of living is. 35cents/kWh for electricity (!!) 3x what some places in the US pay + the insane prices we pay for groceries, gas, entertainment, vice taxes etc. Unless you have supplemental income from investments you will be straddling the poverty line on the Australian pension. I've seen pensioners mend shoes with gaffer tape. This all assumes that the pension system stays solvent which is not guaranteed. Already there is talk of lifting retirement age to 70+ > I live in a cheap place in Australia You're probably comparing to other places in Australia (east coast?). Relative to other countries, unfortunately, there is no cheap place in Australia.
- incompatible 10y ago
  I could live in Europe, but I'm not convinced it would be cheaper. Australia may be more expensive for some things, but there are also savings. Health insurance would be desirable or compulsory in some countries. Not every country has a decent tax-free income allowance like Australia (19k or so), and some even charge a wealth tax. My housing costs are actually reasonable, renting in a city of ~20k with a high unemployment rate. Since my income is so low, my partner can still qualify for Centrelink benefits. Petrol? Don't own a vehicle. Vice taxes? My only vice is an Internet connection. My entertainment is an Internet connection .. frugal all round. The lifting of the pension age to 70 and beyond is potentially an issue.
kowdermeister 10y ago
By the time I get there I don't expect to receive any pension. The scheme will likely to collapse and I can't even plan with a single country.

pllbnk 10y ago

Those cheap European cities tend to get more expensive at a really fast pace. You might easily be looking at 50% increase in living expenses in 10 years if you want to live within the same standard now and then.