Have you considered an early retirement abroad?

Jim of Route to Retire is stepping away from his corporate job of 20+ years and is moving with his family to Panama.  He reached a $1MIL net worth which is allowing him to fund his dream lifestyle.  He'll officially early retire at the end of 2018 at the age of 43.

You'll love Jim's story and the knowledge he has to share about planning for expat life in Panama.

We also chat about...

Timing for an early retirement
Getting credit when you don't have a W2 job
Why he decided on Panama
Health care

Enjoy this chat with Jim of Route to Retire, and please subscribe to us in iTunes if you enjoyed it!

Show notes and links from today's episode

Jim's Blog - Route to Retire
Considerations for Planning to Retire Abroad
The Game Plan
Jim on Twitter
Numbeo
Is Retiring on a Cruise Ship an Affordable Option?
Roth IRA Conversion Ladder

Facebook Groups:
Young Expats in Boquete
Expats in Panama
Expats in Panama
Young Expats in Panama
& FIRE Drill Podcast Facebook Group

Key takeaways from our chat with Jim of Route to Retire
1 - He sold his rental property to fund the Roth IRA Conversion Ladder
Jim didn't want to sell his rental property but needed to get access to his 401(k) money.  He had a killer 401(k) match at his company so he funded that account fully before saving in a taxable account.  This means that he'll have to leverage the Roth IRA conversion ladder to get that money out penalty free.

Although, Jim doesn't mind selling his rental because it's been a bit of a headache.
2 - He's leaving now because it's the perfect time for his family
Jim is worried that his daughter won't want to leave her friends if they wait any longer to make the big move.  She's currently at the perfect age where she's excited about the trip and hasn't hit the teen years where she's forming the super close bonds.  He doesn't want to wait and jeopardize that she won't be up for leaving.
3 - He gave his employer ample notice, because it's the right thing to do in his situation
Jim has worked at this company for years and has a great relationship with his boss.  He gave a length notice because it was the right thing for him to do in his situation.

Not everyone will be able to share their early retirement plans so far in advance.

 
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