How I Moved Abroad to Afford Retirement on $3,000 a Month
Norman Bour and his wife, after facing financial hardships in the US, moved abroad to live a more affordable and fulfilling life. Here’s their story and tips for others considering the same path.
RetirementCost Of LivingTravelingAffordable LivingInternational LivingReal Estate NewsOct 21, 2024
The financial downturn forced Norman to liquidate his retirement accounts, savings, and investment properties. Over four years, he watched his savings dwindle, and the thought of retirement became a distant dream. Like many older individuals, Norman found himself teetering on the edge of homelessness. The ordeal was a significant blow to his ego, but he knew he had to take control of his finances and lifestyle to survive.
In 2013, Norman divorced after 27 years of marriage and downsized from a large four-bedroom house worth $700,000 to a small Airbnb room in Costa Mesa, Orange County, for around $700 a month. He started a video marketing consulting company but found that Orange County's high cost of living was still a challenge. To supplement his income, he began drawing Social Security as early as possible, at age 62.
The turning point came in 2016 when Norman was invited to speak in Europe as a video marketing consultant. During his three-week stay, he realized that the cost of living abroad was much more reasonable compared to the US. This revelation sparked the idea of moving overseas. In February 2019, Norman and his girlfriend, now wife, decided to leave the US and start a new life abroad.
They sold everything they owned, raising about $8,000 in savings. Norman receives $1,700 a month from Social Security and earns another $1,000 from his consulting and writing work. His wife receives alimony, bringing their total monthly income to around $3,000. Living in California would have felt like poverty, considering the costs of rent, insurance, food, and other expenses. Moving abroad provided a viable solution.
Since then, Norman and his wife have visited and lived in over 43 countries across South America, Europe, and Asia. Weather is a significant factor in their choice of destinations, as they prefer warmer climates. They also avoid expensive cities to maintain their affordable lifestyle. Currently, they are living in Kuala Lumpur, Malaysia, where they enjoy a large, comfortable one-bedroom apartment with a beautiful view for just $700 a month.
One of the main reasons they chose Malaysia is the affordable medical care. Norman's wife needs cataract surgery, which would cost between $4,000 to $6,000 in the US but can be done in Malaysia for less than $2,000. They have dropped Medicare Part B, which covers doctors and prescriptions, as it was no longer necessary without a home in the US.
Despite missing certain comforts and friends back home, Norman and his wife are grateful for their new lifestyle. They have a year of travel planned, including stays in Bali, Europe, and the Balkans. Norman also runs a blog called 'Travel Younger,' aimed at teaching people over 50 how to travel smartly and affordably. The blog is a way for him to give back and inspire others to embrace a nomadic lifestyle.
Norman's journey shows that it's never too late to make significant life changes. By being flexible, open to new experiences, and willing to adapt, he and his wife have found a way to live comfortably on a modest income while enjoying the world.
Frequently Asked Questions
Why did Norman and his wife decide to move abroad?
Norman and his wife decided to move abroad primarily due to financial reasons. They found that living in the US on their limited income would be very challenging, and the cost of living abroad was much more reasonable.
How much monthly income do Norman and his wife have?
Norman and his wife have a total monthly income of about $3,000, which comes from Social Security, consulting work, writing, and alimony.
What factors do they consider when choosing where to live?
The most important factors for Norman and his wife are the weather and the cost of living. They prefer warmer climates and avoid expensive cities to maintain their affordable lifestyle.
Why did they choose Malaysia as their current home?
They chose Malaysia for its pleasant weather, affordable cost of living, and reasonable medical care. Norman's wife needs cataract surgery, which is much cheaper in Malaysia compared to the US.
What is the purpose of Norman's blog, 'Travel Younger'?
The blog 'Travel Younger' is aimed at teaching people over 50 how to travel smartly and affordably. It's Norman's way of giving back and inspiring others to embrace a nomadic lifestyle.
Related News Articles
Indian Housing Market Sees 12% Annual Price Growth in Q2 2024, NCR Leads with 30% Appreciation
The Indian real estate sector is experiencing a bull run, with housing prices growing by 12% annually in the April-June quarter. Delhi-NCR witnessed the highest price rise at 30% YoY.
REPL Gets SEBI Nod for ImpactR SM-REIT, Revolutionizing Real Estate Investments
REPL receives SEBI approval for ImpactR SM-REIT, making it the second SM REIT in India. This milestone marks a significant step towards transforming real estate investments for smaller investors.
Kartik Aaryan Expands Real Estate Empire in Mumbai Amid Rs 50 Crore Film Fee Rumors
Bollywood star Kartik Aaryan is not just shining bright in the film industry but is also making smart investments in the real estate market. With reports of a Rs 50 crore fee for his next film, he adds two luxurious properties in Mumbai to his portfolio.
Ajay Bagga Explains the Impact of US Tariffs and Global Uncertainty on Market Sentiment
Passenger vehicles show signs of recovery, while the two-wheeler segment continues to struggle. Real estate stocks have outperformed fundamentals, with a recovery on the horizon.
Luxury Home Sales Surge in 2024: 86% Growth in ₹3-5 Crore Segment
Apartment sales in the ₹1 crore and above category recorded a robust 30% Year-on-Year growth in 2024, with Bengaluru, Mumbai, and Pune leading the market. Sales in the ₹3-5 crore segment witnessed an impressive 86% increase.
Bengaluru's Property Market Sees Unprecedented Boom and Rising Prices
Bengaluru's housing market is experiencing a significant upsurge, making homeownership increasingly challenging for middle-class buyers. Discover what's driving this trend and its implications.