There is no one way to approach retirement, but many people are getting creative in stretching their money for a comfortable even luxurious third act of life. One strategy? Retiring abroad.

International Living, a magazine focused on Americans living overseas, released its annual Retirement Index recently. The index was curated by US expats and ranked countries "where you can live a healthier and happier life, spend a lot less money, and get a whole lot more" in retirement. Portugal was named the best country for retirement because of its affordable lifestyle, quality healthcare, temperate climate, and dining.

Business Insider spoke with Tricia Pimental, who retired to Portugal in 2012 with her husband, Keith, from Park City, Utah. They currently live in central Portugal and spend roughly $2,330 in a typical month.

They spend that money across categories including housing, food, transportation, healthcare, and entertainment.

Do you have a similar story or budget you'd like to share with Business Insider? Get in touch with this reporter at tborden@businessinsider.com.

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Retired American expat couple shares their cost of living in Portugal - Business Insider

Healthcare is a major expense for seniors, so much so that recent estimates put the average cost of it at $387,644 throughout retirement for the typical 65-year-old couple retiring today. But while that figure may seem astronomical, it actually doesn't account for a related expense that many seniors will inevitably face: long-term care.

A good 70% of seniors 65 and over will need some type of long-term care in their lifetime, whether it's a few months of home health aide assistance or a couple of years in an assisted living facility or nursing home. And unfortunately, Medicare won't pay for long-term care, which means the majority of seniors could be looking at some very large bills.

That's why it's crucial to secure long-term care insurance, and your 50s are generally considered the best time to apply. At that stage of life, you're not signing up to pay premiums for too long, but you're also more likely to get approved for a policy and snag a discount on its cost based on your health.

Image source: Getty Images.

But new data from TD Ameritrade reveals that only 16% of Americans in their 50s have a long-term care policy in place. If you're without this key insurance, it's time to get moving on your application -- before that window of opportunity passes and you run the risk of racking up some extremely expensive bills.

Many seniors don't realize just how costly long-term care is until they actually need it. Here's the average price tag for a number of commonly required services, based on Genworth's 2019 Cost of Care Survey:

Long-Term Care Service

Average Annual Cost

Assisted living facility

$48,612

Home health aide

$52,624

Nursing home -- shared room

$90,155

Nursing home -- private room

$102,200

Data source: Genworth.

Keep in mind that these are just averages, and that in some parts of the country, these services can be far more expensive. Worst yet, Medicare generally won't cover them because they're largely considered custodial care, which is another term for non-medical assistance. To be clear, Medicare will pay for seniors to recuperate from injury or illness, but often, the need for long-term care doesn't stem from such circumstances; it's just a result of aging. And if you don't line up coverage for long-term care while you're relatively young, you could wind up facing some insanely expensive bills just to remain functional.

Of course, long-term care insurance itself isn't cheap. Though your premium costs will depend on a number of factors, like your age at the time of your application, the state of your health, and the specific amount of coverage you're looking to secure, to give you an example of what you might pay, a 55-year-old man in New Jersey applying today could receive a benefit of $150 per day for up to two years at an annual cost of $1,195.43.

Now, let's assume you wind up spending two years in an assisted living facility that costs $150 per day. All in, you're looking at $109,500. Let's also assume you pay an annual premium of $1,195.43 for 20 years to obtain that benefit, for a total of $23,908.60. Despite the large amount of money you'll end up sinking into your premiums, it pales in comparison to the $109,500 you might otherwise be looking at.

Nobody has the ability to see into the future, so it's impossible to predict whether you'll need long-term care. But if you'd rather not run the risk of bankrupting yourself and your estate, you'd be wise to apply for a policy. Though it's best to do so in your 50s, you may qualify for affordable coverage in your 60s as well, so even if that ideal application window has passed, it still pays to see what options are available to you.

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Only 16% of Older Americans Have Made This Smart Retirement Move - The Motley Fool

Dear Catey,

We are a physician and engineer couple planning to retire in 10 to 15 years. After spending most of our adult lives in several cold places (Wisconsin and Illinois, among them), we would like to move south and retire there. Our plan is to take up jobs in or near areas that we ultimately plan to retire in.

We are looking for liberal, midsize, culturally diverse college towns with access to good health care and low taxes in Arizona, Tennessee or North Carolina. Your suggestions will be highly appreciated.

Thank you, NM

Dear NM,

First of all, congrats on planning so far ahead for retirement. Though many people cant do what youre planning, its a smart idea to move to the place ahead of when you plan to retire full time; and through your jobs in the area, you can meet people and establish friendships ahead of retirement.

Further kudos to the two of you: It sounds like youve done a lot of research on where you want to retire, having narrowed it down to three states. Here are some spots for you to consider.

Chattanooga, Tenn.

Outside magazine calls it the best town ever (it has twice won that publications best-towns contest), and both Kiplinger and our sister publication, the Wall Street Journal, hail it as a great place to retire.

A peek at the perks of Chattanooga reveal why: Nestled against the Tennessee River in the foothills of the Appalachian Mountains, Chattanooga, Tenn., has transformed itself in recent decades from an unassuming town to a hyper clean, high-tech (Gig City was the first in the United States to offer gigabit internet speeds), outdoorsy family destination that offers hiking trails, rock climbing, museums, one of the finest educational aquariums in the world, and innumerable food and entertainment venues, writes the New York Times, which adds that Chattanooga is a breath of fresh air.

Its got a lot to offer you guys in particular, as it leans liberal and is a midsize city (population is about 175,000) thats also a college town (home to the University of Tennessee at Chattanooga). Kiplinger highlights the hospitals in the area: Health care is available through the Erlanger Health System, which has five hospitals based in Chattanooga, it writes, and there are others, in addition to being situated about an hour and a half from Atlanta, which has myriad other hospitals.

Plus, the cost of living is significantly below average for the U.S., which may offset a somewhat high sales tax. Tennessee does not have an income tax, and Kiplinger concludes its one of the most tax-friendly states for retirees.

The downsides: It can get hot and humid here, and, as the Wall Street Journal notes, at times it can seem like theres a lot of construction going on.

Tempe, Ariz.

Tempe checks a lot of boxes for you two: Its a college town (home to Arizona State University) that leans liberal, is somewhat diverse (about one in four residents is Hispanic, and more than one in 10 is either black or Asian) and is midsize (about 175,000 residents), according to Sperlings Best Places.

It also offers great access to health care, thanks to its proximity to Phoenix, as well as warm weather year-round. Admittedly, though, it can get very hot in summer, and Arizona isnt quite as tax-friendly to retirees as some states thanks in part to a high sales-tax rate (though it does tend to have low property-tax rates and does not tax Social Security). You can read more about Arizonas taxes here.

More Tempe perks: The downtown area has more than 100 shops and restaurants to enjoy, and its also somewhat artsy (theres an orchestra, a place to see Broadway shows, plenty of museums and a major annual arts festival). Plus, you have excellent access to the outdoors (and great weather to enjoy it), including hiking, biking, a town lake and more.

Winston-Salem, N.C.

Ive recommended this city to a retiree in the past for many reasons: Its a college town with a low cost of living, friendly vibes, lots of shopping and recreation, and solid health-care options so you can read my entire description here. I will add a few things that you asked for that I didnt mention there: The city leans liberal, according to Sperlings Best Places, and North Carolina, according to Kiplinger, is a mixed bag when it comes to the taxes that retirees tend to care about.

See the article here:
I want to retire in a college town with warm weather and lower taxes where should I go? - MarketWatch

Dear Catey,

I currently have about $315,000 in retirement savings and am 38 years old. I have about $30,000 in consumer debt (this is the only debt we carry, no car payment or mortgage) about $24,000 of which is an unsecured loan that Im paying about 10% interest on; the rest is on credit cards that are on a 0% promotional period and that I hopefully pay off before the 0% period expires in October 2020.

Im trying to pay down my debt and continue to save aggressively for retirementIve made minimal improvements over the past couple of years paying down my debt and continue to play the balance transfer game on credit cards to retain 0% interest rates or other low rate options. We also have two small children that add to the list of expenses.

My plan for 2020 is to lower my 401(k) contributions from 15% to 5% and use the additional income to pay down debt. My company contributes 10% no matter what I contribute. What are your thoughts on this?

Best, M.F.

Dear M.F.,

Your issue is a common one: The average personal debt load (thats debt excluding mortgages) of people with debt is about $38,000, according to research from Northwestern Mutual. And many of them, like you, are struggling to pay this debt down while also trying to save for retirement. So I asked financial experts: Should you cut retirement contributions to pay down debt?

The answer: This person has a fairly decent plan: lowering the 401(k) contributions to pay down debt, says Mitchell Hockenbury, a financial planner at 1440 Financial Partners in Kansas City, Mo. . He is still contributing 15% (10% employer, 5% employee) toward retirement with a long runway being only 38 years old.

Frankly, you might even be able to contribute less to retirement if that meant you could pay down debt faster: Saving money for retirement is incredibly important, but between your savings to date and your companys 10% contribution (which is amazing kudos to them), your retirement fund should continue to grow steadily even if you take a pause from saving altogether and drop your contribution rate down to 0%, says Amy Ouellette, director of retirement services at Betterment for Business adding thats true only as long as youre truly ready to be focused on paying down your debt as rapidly as possible.

Why is paying down debt so beneficial to you? Getting rid of debt is one of the most profitable things you can do for your bottom line in terms of net improvement, says Kimberly Foss, founder of Empyrion Wealth Management in Rosedale, Calif. When you pay off a 10% loan, you are in effect boosting your net worth at a 10% annual rate.

In general, many financial experts recommend that people with high-interest debt pay that down as quickly as possible, while also putting in at least up to what your company matches in your 401(k).

Of course, its essential that you do use the money you are redirecting from your retirement fund to pay down that debt quickly. If you cant get a grasp on your monthly spending it may be a temporary fix, says Hockenbury. Establish a realistic spending plan and provide yourself some leeway for the unexpected expenses of your two small children. Dedicate yourself to the spending plan and then work the math on the debt reduction plan.

Also, look for money in other spots too, or ways to bring in any additional income both of which can help you more quickly pay down debt.

Once that debt is paid off, and youve gotten your spending down through budgeting, youll likely feel relief: When youve eliminated your debt, youll be in an even stronger position to resume higher contributions to your retirement planwithout the drag of making interest payments to a credit card company or other lender. At your age, youll still have lots of years to make up the difference for the decreased deposits to your retirement account, says Foss.

*Letters are edited for clarity and length

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Im 38 with $315,000 saved for retirement, but have $30,000 in debt. Should I lower my 401(k) contributions to get rid of that debt? - MarketWatch

Daniel Cormier said Monday if he doesn't get his trilogy bout with heavyweight champion Stipe Miocic by the summer, he would consider retiring.

"You can't wait forever," Cormier said on Ariel Helwani's MMA Show. "Every day that passes does not benefit me. I'm a realist, I understand that. Either we're going to do it or we're not going to do it."

Cormier has maintained he wants to fight once more, against Miocic, before retiring. The two split their first two fights, with Cormier winning on July 7, 2018, and Miocic regaining the belt on Aug. 17, 2019. Miocic said he needed surgery last September due to inadvertent eye pokes by Cormier, and Miocic's agent told ESPN on Friday that he will not fight again until they are "100 percent confident" in the short-term and long-term health of his vision. There is no timetable on his return.

"When I fight, it's going to be for the championship or I'm not going to fight," Cormier said. "This is not about money. This is about finishing what we started. Also because I know I can beat him."

ESPN's No. 4-ranked heavyweight Curtis Blaydes, who beat No. 5 Junior dos Santos on Saturday, said if Miocic hasn't yet made a decision by June or July, he'll call for the champ to "defend or vacate."

"If he wants DC, that's fine, but we don't even know if he wants DC," Blaydes said. "I didn't envision him being a champion to create a logjam like this. It feels to me that he's just soaking up the spotlight, which is well within his rights, but in order to be the champion, a champion has to fight. He has to defend the belt. He has to continue to prove that he's the champion."

2 Related

After beating Miocic in 2018, Cormier defended the belt four months later against Derrick Lewis. The UFC needed the bout to headline its card in Madison Square Garden. Miocic may have wanted Cormier to wait for a rematch, but Cormier said he felt obligated to help out the UFC and he didn't want a short camp for a Miocic rematch. Cormier was asked if he thinks Miocic is making him wait now because he made Miocic wait.

"I had back surgery [after the Lewis fight]," Cormier said. "I couldn't have done it any sooner. When I think about it, I probably shouldn't even have fought [Miocic] in August. I didn't want to keep the guy waiting. I didn't want to not fight. I like to compete, it's what I've done my whole life.

"If they're playing a game with me, whatever. It's not even upsetting. It's almost like it kind of breaks you down. But I have faith in the UFC. I have faith in Dana White. I have faith in all the things him and I have spoken about in regards to the fight. If [Miocic] doesn't [fight], we'll see what happens. We'll see if there's an opportunity for an interim championship or maybe he would strip him of the title. He's a guy that's won one fight in two years. Over the course of those two years he will have fought twice, so it's not like he's the most active fighter."

White has said the trilogy between Miocic and Cormier is the fight he wants, and Cormier said he wants Miocic's name attached to his final bout.

"I don't really like fighting anyone else," Cormier said. "At this point, Stipe has the ability to retire me."

Cormier said he's currently dealing with more back problems that require treatment. "Stipe's not the only guy that's banged up, that's hurt," he said.

"We fought five rounds and I won almost four. ... So I can imagine why he wouldn't want to fight."

Cormier also said Miocic's callout of boxer Tyson Fury is "misguided."

Read more:
Daniel Cormier wants third fight with Stipe Miocic by summer or may retire - ESPN

For many Americans, retiring with $1 million saved would be a dream come true. A nest egg of this size would provide around $40,000 in annual income, assuming you follow the 4% rule. When combined with Social Security benefits, this could provide a pretty comfortable lifestyle.

But while $1 million is a nice number to aim for, is it actually possible to achieve?

To determine that, you'll need to know what it would take for you to retire with seven figures saved up. And that answer depends on when you start saving as well as the returns your investments earn.

Image source: Getty Images.

Here is what you'd need to save to have $1 million by age 65, depending on your annual rate of return and how old you are when you begin putting money aside for retirement.

Starting Age

Savings Per Month at a 6% return

Savings Per Month at a7% return

Savings Per Month at an 8% return

Savings Per Month at a 10% return

20

$363

$264

$190

$95

25

$502

$381

$286

$158

30

$702

$555

$436

$263

35

$996

$819

$670

$442

40

$1,443

$1,234

$1,051

$754

45

$2,164

$1,920

$1,698

$1,317

50

$3,439

$3,155

$2,890

$2,413

Calculations by author.

If you start saving in your 20s, it's not too difficult to hit your goal, especially with a reasonable return on your investment.But the longer you wait, the harder it becomes. For those who begin investing in their 50s, hitting $1 million will be all but impossible without a very high income and a lot of spare cash.

Depending on how old you are, you may need to get very aggressive about cutting your budget or even earning extra income to hit your monthly savings target. In some cases, this may mean switching to a less expensive vehicle, downsizing your home, or starting an extra job.

You'll also want to make sure you're earning a reasonable return on investment, since this helps determine the amount you need to save.

To maximize your returns while minimizing risk, you'll want a diversified portfolio with the right asset allocation. The younger you are, the more of your money should be invested in stocks. A good rule of thumb is to subtract your age from 110 to see the percentage of your funds that should be in the stock market.

If you're not sure how to buy individual stocks, you can learn the fundamentals or build a simple ETF portfolio. These model portfoliosinclude some suggestions for funds to include.

The chart above should tell you that you don't want to waste time if you want to invest a reasonable amount and still end up leaving work with a seven-figure investment account.

Originally posted here:
Here's How Much You Need to Invest to Retire With $1 Million - The Motley Fool

Jamie Grill | Getty Images

When do you plan to retire?

Many individuals have an age at which they want to call it quits. And then there's the age when you really stop working.

If you're lucky, those ages are one and the same. But research shows that they're likely not.

Transamerica Center for Retirement Studies recently found that a majority of workers 54% plan to stop working after age 65 or never at all.

"By and large, many simply have not yet saved enough to retire comfortably," said Catherine Collinson, CEO and president of the Transamerica Center for Retirement Studies, of the research.

More from Personal Finance: Why Americans are contributing more to their 401(k)s Social Security narrows wealth gap but many retire in poverty New parents can take penalty-free early retirement withdrawals

But a September survey from personal finance website NerdWallet found that today's retirees stop working at age 59, on average.

That's much earlier than when experts generally recommend retiring. For one, Medicare eligibility doesn't generally kick in until age 65. What's more, full Social Security retirement benefits are now starting as late as age 67, depending on your birth year.

NerdWallet's survey found that some of those retirees 36% said they didn't have a choice as to when they retired. Moreover, 18% said they had to stop working because of their health, and 9% said a job loss forced them into retirement.

Right now, you're probably saving as if you will be the one deciding when you retire. You may not have to retire unexpectedly early, but you should save as if you may have to.

If you're in your 20s, putting more money away now means that you will have to save less over time, noted Arielle O'Shea, investing and retirement specialist at NerdWallet.

Even if the idea of retirement itself doesn't motivate you, the flexibility that having those funds will give you should.

"You're giving yourself options," O'Shea said, including the ability to pursue a different career if you choose to.

If you're in your 30s or 40s, do not get discouraged, O'Shea said.

Take advantage of any changes to your expenses, such as children switching from private day care to public school, to invest that extra money toward your retirement.

Bottom line: "Save as much as you can," O'Shea said.

One thing all retirement savers should do: calculate how much you need to save for based on multiple retirement ages. Non-retired survey respondents most commonly said they expect to retire between 60 and 66.

By moving your target retirement date higher and lower, you can see how that changes your retirement savings targets, O'Shea said.

"Americans aren't saving enough for retirement, and we're hoping to open their eyes about that and do whatever they can to boost those numbers," O'Shea said.

NerdWallet's online survey was conducted by the Harris Poll in July. It included 2,027 individuals ages 18 and up, 1,605 of whom are not currently retired.

Read more here:
The retirement savings blind spot you don't realize you have - CNBC

Kyle Long's retirement is a stark reminder of how much he's meant to the Bears

Maybe the craziest Kyle Long fact of all is that his football career started because he was tired of stocking the shoe room.

That was 10 years ago, and Long was 21. Then, playing at Saddleback College in California, not only did he switch from defensive end to guard(which Im sure never comes up in the Long household), but he picked it up so effortlessly that Pac-12 powerhouse Oregon offered him a scholarship after one season of JuCo ball. Playing on the offensive line against D-1 talent for the first time, Long started six of 12 games for the Ducks before being taken 20th overall in the 2013 NFL Draft.

But anyways, hows your early-20s hobby going?

We think the world of [Long], Ryan Pace said at the Bears end-of-season press conference. Its unfortunate hes had a handful of injuries. Hes tried to battle through all of them.

Those injuries are why, 10 years later, Long is hanging it up. Turns out, theres not a whole lot of individual accomplishments left after earning three different Pro Bowl selections and a spot on the team-sanctioned Top 100 Bears of All-Time list.

Unfortunately -- not to mention unfairly its his time spent off the field thatdominatesthe conversation these days. Long played 16 games only twice (2013 and 2015 seasons)and hadnt played in more than 10 since 2015. His labrum, triceps, foot, ankleand shoulder all failed him at one point or another along the way, and the collective toll outweighed another grueling offseason of rehab.

"Some Chicagoans are probably happy to hear I'm finally stepping away and getting my body right," Long tweeted. "Some Chicagoans may be sad to hear this. Either way u feel about it, I want u to know how lucky I am to have spent time in your city. I became a man while playing in Chicago. Thank you."

The end of Longs career was objectively hard to watch; you dont often see someone getting placed on IR after playing a full game just days before. But like Long tweeted, the writing was on the wall. At his peak, though, Long was not only one of the best players on the Bears, but one of the premier offensive linemen in football. According to Pro Football Focus, he graded as an elite or above-average NFL starter in every year from his rookie season in 2013 through 2017.

Hes also entertaining as hell, bringing his energy to both Halas Hall and The Web. The Bears locker room isnt short on vocal leaders anymore, but it was Long who stood up and talked for teammates while the team limped to various third- and fourth-place finishes in the NFC North. This past summer, in the span of a month, Long got kicked out of practice for fighting AND went full-frontal (accidentally, which cannot be stressed enough) on Tarik Cohens Instagram without so much as one preachy column about Athletes These Days.

Hes also more Logged On than his brother, retired NFL star Chris Long, which is arguably more of an accomplishment than the Pro Bowl at this point. The way Kyle used Twitter to hint at his retirement was a master class in content creation. Hes got a future in media should he want it.

As for Long's on-field abilityat his peak, fellow O-lineman Charles Leno Jr.summed it upbest.

"I told him I've seen how dominant he was, Leno said after the Bears put Long on IR. Literally seen him pick 350-pound guys up off the ground. That's really hard to do if you guys don't know. He would do that consistently. It just really sucks because I remember what he used to do and I just wanted to always get him back there.

The 2020 NFL draft will be here before you know it. The Senior Bowl gets underway with practices beginning on January 20, and the NFL Scouting Combine will follow soon after from February 23 to March 2. Add in a slew of college pro days, and it's draft weekend.

Free agency will play a big part in which positions the Bears target with their two second-round picks, but the way the 2020 draft class is looking right now after the slew of underclassmen declarations, there are two positions that may make the most sense for GM Ryan Pace: quarterback and tight end.

This year's quarterback class will feature several first-rounders, including LSU's Joe Burrow, Alabama's Tua Tagovailoa and Oregon's Justin Herbert. Other prospects like Utah State's Jordan Love and Oklahoma's Jalen Hurts have also received some first-round praise. But that doesn't mean Chicago won't have a chance to land a promising player with starter's upside at picks 43 or 50.

Washington's Jacob Eason, for example, is a prime candidate to come off the board in the early portion of Day 2, and with Mitch Trubisky's status as the team's starter in 2020 on shaky ground, it's an absolute necessity that Pace add a prospect to the roster from this year's class.

Whether he pulls the trigger on a quarterback in the second round is anyone's guess, but if he does, Eason would be hard to pass up. Here's how The Draft Network broke down his game:

Eason has a cannon for an arm and projects best into an aggressive vertical passing offense to take advantage of his arm talent to the deeper levels of the field.

He'd bring that touchdown-to-checkdown mentality that Matt Nagy has preached to Trubisky, who has yet to look like anything resembling a consistent NFL starter.

Quarterback won't be the only focus for Pace early in the 2020 draft. He has to fix the tight end position too, and the recent decision by Notre Dame's Cole Kmet to declare for the draft was great news for the Bears.

Kmet will jockey for the right to be this year's top tight end prospect throughout draft season. But even if he earns that title, he probably won't be a first-round pick. The top tight ends in the 2020 class are clustered together as early second-rounders, which, again, is fantastic for the Bears.Chicago can upgrade from Trey Burton and Adam Shaheen with one pick, and Kmet could be that guy.

Kmet's skill set as a receiver, whileoffering the baseline minimum as a run blocker, make him an every-down player who could eventually do for the Bears what many of the league's more reliable tight ends do for their offenses. He'd be a massive upgrade over anyone Chicago fielded in 2019, and that includes Burton.

If the Bears were able to come away from the second round of the 2020 NFL draft with Eason and Kmet, the offense would at least have a candidate to start immediately next season and a much-needed prospect at the game's most important position.

And that would be an absolute win.

The 2020 NFL offseason is already underway for the Bears, but the real fun won't get started until March when free agency officially kicks off.

Here are some key dates to circle on your calendar if you plan on tracking what general manager Ryan Pace does over the next few months:

Pace will have some difficult decisions to make between March 16 and 18, and some of those decisions will involve the futureof current Bears players.

Here's the list of current Bears who are scheduled to become unrestricted free agents, per Spotrac:

The good news for the Bears is there are only a few names on this list who warrant serious consideration to be re-signed. Kwiatkoski, Trevathan, Williams and Clinton-Dix immediately come to mind, but McManis and even Daniel deserve some attention. It isn't easy to find a special teams player as productive and selfless as McManis nor is it a simple task to land a backup quarterback who can serve as a coach and mentor without a starter's agenda.

The most likely scenario to unfold this offseason is this: Pace will identify two of the Bears' unrestricted free agents as priorities (my guess would be Kwiatkoski and Clinton-Dix) and will do everything in his power to re-sign them before March 16. He'll allow the market to dictate the terms for Trevathan and Williams; if their contract offers from other teams are reasonable and Chicago can offer the same terms? Maybe the hometown club gets the nod.

Pace acted swiftly to extend safety Eddie Jackson last week, and there's no reason to believe he won't (or shouldn't) do the same with wide receiver Allen Robinson. Then it'll be time to turn his attention to the team's players who are ready to cash-in on the open market before getting raided by clubswith more money and bigger needs.

Read more:
Why the Bears will miss Kyle Long on and off the field - NBCSports.com

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Thinking of retiring abroad in 2020? Have you seen these headlines in recent months? Death Toll in Chile Protests Since October Rises to 27, Nicaragua Has a Simple Message for Protesters: Dont, Thousands Flee to Shore as Australia Fires Turn Skies Blood Red," Hong Kong Protesters Return to Streets as New Year Begins, Strike Bites French Economy and Seven Days of Unrest and Counting: Thousands Stream Into Ecuadors Capital.

On the face of it, the news about these protests, strikes and fires might seem enough to keep you firmly planted in the United States for retirement (we never have such problems here, right?). But the truth is, no place in the world is immune from altercations or natural disasters. So, if you are considering retiring abroad, keep that in mind. Better yet, do your homework to learn about the pros and cons of potential locations.

One way to start is by poring through the Best Places to Retire Around the World lists just out from International Living (The Worlds Best Places to Retire in 2020, which ranks 24 countries) and Live and Invest Overseas (Worlds Top 10 Retirement Destinations for 2020), the two colossals on the subject. Both crunch numbers for key factors ranging from cost of living to health care to climate, though they often come up with different places.

Also on Forbes:

For 2020, however, both lists cite Portugal as No. 1; Live and Invest Overseas lists cities or regions, so its winner is actually the Algarve area of Portugal, for the fifth year running and its now tied with Mazatln, Mexico.

Another way to prepare for retirement abroad is to read stories with advice about such relocations; Next Avenue has published a bunch, and theyre noted at the end of this post.

Dan Prescher, an International Living editor who lives with his wife Suzan Haskins in Merida, Mexico, notes that his publications reporters around the world factor in safety when producing their annual rankings. If a correspondent feels a place is not safe or secure, theyll tell us, he says.

So, protests aside, International Living believes its Top 10 places to retire abroad for 2020 five in Latin America and Mexico; three in Europe and two in Asia are safe for American expats. Two of them werent in its Top 10 in 2019: France and Vietnam (theyve replaced Peru and Thailand).

1. Portugal

2. Panama

3. Costa Rica

4. Mexico

5. Colombia

6. Ecuador

7. Malaysia

8. Spain

9. France

10. Vietnam

The Live and Invest Overseas Top 10 list for 2020 (five in Latin America and Mexico, four in Europe and one in Asia):

1. Algarve, Portugal

2. Mazatln, Mexico

3. Cuenca, Ecuador

4. Valletta, Malta

5. Citt Sant Angelo, Italy

6. Ambergris Caye, Belize

7. San Ignacio, Belize

8. Bled, Slovenia

9. Medellin, Colombia

10. Chiang Mai, Thailand

"Many of the new destinations are not well-known and not yet on the mainstream radar," says Kathleen Peddicord, author and publisher of Live and Invest Overseas, about her list.

One reason Portugal rose to the top of the International Living list this year is that this ranking organization changed the way it scored countries for climate. Countries with a range of climates were given more weight than just ones that are warm all-year-round, says Prescher.

Portugal also doesnt seem to be going through the flips and twists that a lot of European economies have been going through," Prescher adds. Its incredibly affordable and not a basket case. Portugal received the best International Living score for Housing, Health Care and Climate of all 24 countries ranked.

International Livings Portugal correspondent, Tricia Pimental, says Portugal is the second least expensive country in Europe, after Bulgaria. Pimental and her husband spend about a third of what they did in the United States, adding that you can live a comfortable lifestyle in Portugal for about $2,500 a month. By contrast, International Livings report says a couple can live in Mexico for $1,500 to $3,000 a month, depending on location.

Panama, No. 2 on International Livings list for 2020, frequently ranks at or near the top of its annual list. This year, it had the top scores in the categories of Retiree Benefits & Discounts, Visas & Residence and Opportunity (how well the local authorities support small business, whether its easy to work remotely and whether theres a strong economy).

Panama made residency a lot easier to get, says Prescher, who describes the country as a very cosmopolitan place and with a government as stable as governments in the Americas get.

He adds: Theyve standardized the amount needed for a retirement visa and an investment visa. It used to be a lot more complicated and costlier. U.S. expats can get the Friends of Panama visa by having at least $5,000 in a Panama bank account, and either buying real estate, starting a business or getting a job in the country.

Frances appearance on International Livings Top 10 for 2020 may surprise you, considering the high cost of living in places like Paris and Lyon. Truth is, the country only scored a 66 out of 100 in the Cost of Living category.

Yes, France can be expensive, but it doesnt have to be, says Prescher. You can live in the countryside very easily. International Livings France correspondent, Tulla Rampont, writes in her Best Places to Retire report that outside of major cities like Paris and Lyon, rent is about a third of what I paid in California and so is my mortgage payment. She manages an English-language school in Toulon, in the south of France.

Prescher offers a word to the wise about retiring to Mexico: Health care is in flux there right now, he says. The country has plans to combine private health care and public health care so everyone has access to the same, affordable health care. But no one knows when that will happen.

That said, according to the new book about boomer retirement in Mexico, The Fun Side of the Wallby Travis Scott Luther, more than a million U.S. citizens currently live in Mexico and the country is the No. 1 nation for American expats. The most popular cities for them: Tijuana; San Miguel de Allende; Mexicali, Ensenada and Chapala. And, Luther notes, Puerto Vallarta, Merida and Tulum are growing fast as expat hotspots.

Luther writes that Americans considering retiring in Mexico need to prepare themselves for a slower pace of life, which has its pros and cons.

A leisurely life may sound great when you decide to bury your watch in the sand and just lay on the beach until you feel like going home, but it might not be so great when you are waiting for someone to come repair your broken shower, Luther says in the book.

Also, Luther notes, for almost all Mexico boomers [from the U.S.], working in Mexico is impossible. Even if they wanted to pursue meaningful employment, they would be locked out due to residency or tax and benefit restrictions.

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2 New Retirement Abroad Authorities Issue Their Best Places to Retire Abroad in 2020 - Forbes

By Leslie Hunter-Gadsden, Next Avenue Contributor

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If youre thinking about running a part-time business in retirement, researching and even starting it while youre still working full-time is a smart move.

Its great to see if there is a market for your business while not depending on it for an income, said Phillip Phan, a Johns Hopkins Carey Business School professor as well as an editor on the EIX Editorial Board of the Schulze School of Entrepreneurship at the University of St. Thomas in Minneapolis. (EIX is a funder of Next Avenue.)

Whether youll want to, say, provide a concierge service to care for pets, create craft items or run a nonprofit for a cause you love, getting things going before you retire also offers an opportunity to assess if there is a demand beyond your friends and family, said Kimberly A. Eddleston, a Northeastern University entrepreneurship professor and a senior editor on the EIX Editorial Board.

Mary Pender Greene, a psychotherapist, social worker and career coach, laid the groundwork for incorporating her consulting business in New York City MPG Consulting during her last full-time year as an executive at The Jewish Board of Family and Childrens Services in 2010. She had worked at that nonprofit for 26 years.

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MPG Consulting is committed to ensuring that organizations serving populations of color are prepared to provide transformative culturally and racially attuned clinical, programmatic and administrative services, noted Pender Greene. Between 2010 and 2013, Pender Greene continued working at The Jewish Board in a smaller capacity, roughly six hours a month, keeping a connection to the organization while expanding her consulting firm.

There was never a moment when I thought: Oh, what else am I going to do? I was always thinking about what else I could do, said Pender Greene, author of Creative Mentorship and Career-Building Strategies: How to Build Your Virtual Personal Board of Directors. No matter what, there are always transferable skills.

Having a wide swath of contacts helped Pender Greene grow her consulting practice to a team of roughly 60 diverse consultants with a broad range of experience as coaches, clinicians, trainers and managers.

Launching a business perhaps one to five years before retiring from your current one provides the chance to test the market for your product or service. By starting a business before you stop working, you can see what your time commitment will actually be. It will help you to understand what your actual day would look like once you are doing it full-time, said Eddleston.

Pender Greene agrees. When youre thinking about leaving your current job, you need at least a year to plan before you leave, she said. A part of what makes it successful during the transition is to keep your focus open. If you hold on too tightly to a goal, you might not see the new opportunities.

Also, said David Deeds, Schulze professor of entrepreneurship at the University of St. Thomas, and EIX executive editor, You need to really take the time to do your research getting feedback from potential customers.

If youll be test marketing a new business while fully employed, there are two things to keep in mind:

For one, make sure theres no conflict of interest between your idea and what you do for your current employer. You dont want to be accused of stealing intellectual property.

Sometimes, this just means having a conversation with your employer ahead of time, noted Phan.

Youll also want to learn your states tax reporting requirements for small businesses. Work with an attorney and accountant, said Phan.

Taking these steps to slowly roll out your business idea lets you find out if what you want to do provides the profit margins that you need. You want to fail early and cheap, without putting your retirement savings and investments at risk, said Deeds.

(This article is part of Americas Entrepreneurs, a Next Avenue initiative made possible by the Richard M. Schulze Family Foundation and EIX, the Entrepreneur and Innovation Exchange.)

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Starting A Part-Time Retirement Business Before You Retire - Forbes