Hold On, Here We Go Again…
By the time our early retirement plan comes to fruition, you will be either too dizzy or too confused to follow this blog.
Remember how I said, Ecuador would most likely be our retirement destination of choice and then we had a change of heart and thought perhaps Bonaire could work for us and then we were back to Ecuador and then I think when I last left you we were back in Bonaire mindset.
Well, after doing some pre-retirement homework while we were on island in Bonaire, reality has again kicked us in the pants. Guess what? We apparently are not made of money and once we quit our jobs, we will no longer have a bi-weekly income in which to support the lifestyle we’ve become accustomed to.
So while we could financially make Bonaire work short term, we aren’t convinced it could be sustainable long term. Housing is more than what we want to spend, groceries are on average 5-10% higher than they are here in Canada and the daily housing costs (hydro, propane, water) are significantly higher than Canada.
We need to keep reminding ourselves that the amount of money we leave Canada with will be what we have to live on until we become eligible for our provincial and federal government pensions. So, our cash will need to last a minimum of 10 to 15 years from our date of departure. We have some retirement savings set aside, but these are under secured plans and cannot be touched until age 70.
What does all this mean? It means that we’re back to researching Ecuador and other potential retirement destinations. Panama has now been tossed into the ring as a potential contender. Why Panama? Well, Panama has the climate we’re looking for, easy daily access to mainland North America, affordable housing and healthcare, reasonable residency requirements, mainland amenities in Panama City and it would give us the ability to scuba dive in either the Caribbean Sea or Pacific Ocean – both within a few hours’ drive. How awesome is that?
Like the choices before with Ecuador and Bonaire – we won’t know if Panama is truly right for us until we’ve gone to do some exploring, dipped our toes in the Sea or Ocean, left footprints in the sand and downed a few ice cold cervezas while watching the sunset.