American retiree travels the world: it's cheaper than living in the US

Norman Boer, 70, left the United States for Europe with his wife in 2019. He believes that many people, even those who consider themselves quite successful, are walking quite close to the edge of the financial abyss. If they have health or work problems, their wealth will quickly disappear. According to Boer, moving is a good way to ensure a dignified old age. He tells the publication about his experience Business Insider and offers advice to baby boomers who want to do the same. From here on out, in the first person.

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On the brink of financial ruin

In the early 2000s, I was a successful real estate professional. I worked in mortgages, and I hosted a real estate and finance radio show with a partner in Los Angeles. I was making good money. But everything fell apart during the 2008 recession.

For many people, if they have health or financial problems, it doesn’t take much to deplete their savings. That’s what happened to me. In four years, I had depleted my retirement accounts, savings, and investment properties, reducing my income from a healthy six-figure number to a tiny amount. Like many seniors, I found myself closer to homelessness than I cared to admit.

It was a real test of my ego. No one likes to realize at 60 that you are a failure, that you have lost everything you have worked for all your life, especially when the peak of your career is behind you.

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Back to minimalism

I had to cut back on my expenses to survive. Since I had never been particularly frugal, and the cost of living in California was rising, I knew that retirement would be a tough sell. I realized that I needed to start rebuilding myself so that I could live the rest of my life. While some things were out of my control (the economy, my clientele), I could control my spending, where I lived, and my lifestyle.

I became a minimalist. In 2013, after 27 years of marriage, I got divorced and went from living in a large, four-bedroom house worth $700 to renting an Airbnb in Costa Mesa, Orange County, for about $000 a month.

The economy was starting to recover from the 2008 recession, but I had no interest in getting back into real estate. Instead, I started a video marketing consulting company. But living in Orange County was still expensive, so I started collecting Social Security as early as possible, at age 62, to supplement my income."

Leaving the US was never a goal

Leaving the US was never on my radar, my dream or my goal, it all happened by chance. In 2016, I was invited to speak in Europe as a video marketing consultant. Within three weeks of being there, I realized that the cost of living outside the US was much more reasonable.

My second wife and I came to Malaysia for several reasons. One of the main ones is that we had never been here before. Also, the country has very affordable healthcare. My wife needs cataract surgery, which costs between $4000 and $6000 in the US. But in Malaysia, it can be done for less than $2000.

While living abroad, we retain our American health insurance. We have Medicare, but we opted out of the part that covers doctors and prescriptions. We paid $170 a month for it, and we have little or no access to it while living outside the US.

I believe moving was the right decision, and I encourage other boomers to do the same. Yes, I miss some things about the U.S., like my friends and the familiar conveniences of going to In-N-Out Burger or Target, and being able to easily read store signs. But my wife and I continually cultivate gratitude for life, remembering that we are truly blessed.

Plans for the future

We've already planned out next year: We'll be in Malaysia until December 22, then head back to Bali, where we'll stay at a cliff-top hotel overlooking the ocean for $26 a night. We'll spend 60 days in Indonesia, then another 60 days in a country we haven't chosen yet, and then head to Europe.

We are planning to fly to Greece in April, and before that we will pick up the bike in neighboring Romania. We plan to travel around Greece for a few months, and then take a ferry to Italy to explore the southern part, Sicily, Malta and Sardinia. Then we plan to spend a few months in the Balkans, after which we will probably return to Asia.

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A few months before leaving the US, I created my blog Travel Younger. The goal is to teach everyone over 50 how to travel wisely. Until I visited Europe, I was amazed at how easily young people travel the world. This can sometimes be intimidating for an older person who has never been a very experienced traveler. But I said to myself: I need to learn how to travel like young people do. Blogging is not a source of income; it is just one of the ways I give back to the world.

Many people my age are starting to think outside the box and realize that with a monthly income of $3000 they can easily travel the world. So I want to show them that this is not the world they remember from 50 years ago. I feel that gaining new experiences keeps our minds young.

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