It's funny how they expect you to, in 60 years, pay for college, get married, have two kids, buy a house, and fund two retirements. That's a lot of money (perhaps $5 million).
Thank you for bringing personal finance and "cost of living" to the forefront of the conversation (versus mindless consumerism).
"Once we do that, I’m open to the idea of probably not one of these retirement accounts (I can’t have one in Spain anyway)..."
Does that mean someone emigrating to Spain would have to liquidate their existing account(s), or just leave them inactive? Or is this temporary while on the specific visa you have?
Good question. I think you can leave them. However I do think you'll pay Spanish taxes when you take withdrawals. But I could be wrong on this. It doesn't impact me so I haven't looked into it directly.
This is most certainly a lot of new education for me and I appreciate the breakdown into simpler terms. It also helps to get the information from someone that is a bit of an expert, but also at a similar point in life with similar goals. Coming up on 50 years old and never being taught about such things, makes one think it is too late. But your approach to mixing your financial knowledge with Never-Retire: Living The Semi-Retired Life concepts, AND seeing how this plays out from another country is a game changer.
It's funny how they expect you to, in 60 years, pay for college, get married, have two kids, buy a house, and fund two retirements. That's a lot of money (perhaps $5 million).
Thank you for bringing personal finance and "cost of living" to the forefront of the conversation (versus mindless consumerism).
"Once we do that, I’m open to the idea of probably not one of these retirement accounts (I can’t have one in Spain anyway)..."
Does that mean someone emigrating to Spain would have to liquidate their existing account(s), or just leave them inactive? Or is this temporary while on the specific visa you have?
Good question. I think you can leave them. However I do think you'll pay Spanish taxes when you take withdrawals. But I could be wrong on this. It doesn't impact me so I haven't looked into it directly.
This is most certainly a lot of new education for me and I appreciate the breakdown into simpler terms. It also helps to get the information from someone that is a bit of an expert, but also at a similar point in life with similar goals. Coming up on 50 years old and never being taught about such things, makes one think it is too late. But your approach to mixing your financial knowledge with Never-Retire: Living The Semi-Retired Life concepts, AND seeing how this plays out from another country is a game changer.
I'm so excited for your month long trip! Safe travels!
Thanks so much! So are we.
Love the image.
Thanks. It's from my SFO to LAX flight in December.
Quite a bold statement to say „I will never retire“.