Should You Retire in Medellin, Colombia?
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- Опубліковано 30 лип 2024
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Colombia is a great place to retire if you're of retirement age - and we're going to give you the 3 top reasons why in this video.
Furthermore, we're also going to explain why many people have actually retired early (as young as 40) by moving to Colombia.
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#medellin #colombia #medellincolombia #expat #retirement - Фільми й анімація
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In my mind, retirement is simply the point at which paid work becomes optional and you gain control of how you utilize your time and energy. Good video gents.
That's a great way to look at it, then retirement has no age.
Great information!!!
Thanks Gio!
I AM retired guys! At 66, I'll be living in Bolivariana starting on Jan 12, 2024. I rented an Airbnb in Bolivariana for one month. The advice is to check it out before fully committing to getting a Retiree Visa.
Great advice Glenn, everyone should spend a few months here before making the decision to move long term.
Only a fool would retire at 65 if they could have retired at 45. Me I chose to retire at 45 with a 5k a month passive income and live in Colombia forever. I could have doubled my passive income and retired at 65 but figured what if I die at 70 then why did I work till I was 65😂😂😂😂
That's amazing!! As you already know, $5k a month more than double what you need to live an incredible life in Medellin - so you've got it sorted!
I was thinking about moving myself to Medellin at 25 years, plan was to go and open up a business until my father enjoyed the idea. Then we saw a couple of video’s about enjoying retirement in Colombia in general and we are from europe so he has his pension given by the government and could receive it in Colombia. So for Europeans it’s even better once they reached the lowest pension age mostly between 55-60 in west europe to get a pretty good pension. So not so hard for them. Even when they own a house and could sell it. For selling our house we can get a very nice penthouse in Medellin. Healthcare is another bonus but is pretty good in europe.
Good point, thanks for the comment!!
I'll be there in the next 2 weeks
Enjoy!
Tell me about it, I'm all ears I'm retiring soon and Looking and thinking!!
Good luck with the retirement!!
Good video yall
Cheers Jeremy, glad ya enjoyed it!
I’m married to a native Colombian for 23 years and we have a small child. All her family lives in Medellin. Thinking about retiring from my teaching job in about 4 years . Have been to Medellin 5 times and like it enough. I’m thinking that it may be a place to retire to. How much would i need monthly to live comfortably as a family of three? Also what job opportunities could i seek as a teacher of English literature. I also speak Spanish well , but not fluent.
If you have $3k-$4k per month I think you'll be able to live a comfortable life - once again this depends on your lifestyle and which area of the city you choose to live in.
Getting a visa as an early retiree can be tricky though.
Visitor visas (tourism, digital nomad, student visa, etc) are easy to get, but they don’t build up time towards residency and you need to reapply every 6-12 months.
Migrant visas are probably what people would want to get if you are planning to live in Medellin permanently.
The pension visa is great if you qualify. The income requirement is only about $800/month, but it needs to be from a government pension (social security, miltary, etc). That can be tough for an early retiree who’s money is in 401k/IRA.
The rentista visa has a $2500/month requirement of income from passive sources (rental property, private annuity, interest income, etc) and as of 2022 this became a visitor visa only, not migrant.
A marriage visa might be the easiest to obtain, as there are no income requirements. But I’m not sure getting a visa is the best reason to get married. To each their own though.
The property/investment visa is likely the best option for most early retirees. But this requires buying property worth about $85,000 (likely more as the $ increases with inflation, so probably more like $100k-$125k to ensure the value for when you renew the visa). This is probably what I am going to look to do in the next year. But it can be quite a financial hurdle for someone without the resources. And even though I've been visiting Medellin for 10 years, and spent 2-3 months in the city at a time, it can be intimidating to sink that much money into a foreign country.
I was going to sell my house in the USA and buy something in Medellin but then as a foreigner I didn’t feel comfortable owning property in a country where they can basically take my visa away at anytime or not even re new it. I feel Renting in Colombia is such a better option especially when you can rent a top notch apartment for 600$ or less a month because you never know what the future holds and if you need to leave colombia one day all you need is your suitcase and plane ticket. I definitely gotta believe selling a property in Colombia is not an easy thing to do.
It's actually closer to $160k to ensure you get the investment visa! But yes you're right - getting a visa can be tricky for some but for many it's not lol
As of August 2023, the average retirement check from social security in the US is $1,792.37/month for retirees.
As far as health insurance, when you get to age 65, medicare is mostly free IF you are in the US. There is no healthcare for Americans aged 65+ outside the US. Though there are prescription costs that can be very high under medicare and maybe some additional costs for services (called co-payments).
This assumes you are the typical American who does not exercise, eat well or take care of themselves and instead relies on pills and doctors to solve all the health problems they created. Otherwise, if you live more of a Medellin lifestyle, get plenty of exercise, don't take a car everywhere, then maybe you won't need much expenses on healthcare and can just pay the very affordable unisured costs of healthcare services and medicine that exist in Colombia.
E.g. I went to a specialist dermatologist in El Poblado for a diagnosis with no huge waiting or having pre-appointments with a screening nurse or general doctor and it cost me just 100.000 COP (25$). That would be IMPOSSIBLE in the US, even in Nebraska ;-)
1795$ in Colombia a month tour considered rich. You could live good eat good and still save 500$ a month ❤ I retired at 45 in Colombia with a 5k a month passive income and I feel like a millionaire. For the first time in my life I can actually save 3k a month 🎉🎉🎉🎉🎉🎉
I retired...that hairstyle, lol. Great video!
hahaha you definitely lost your comb that day!
I want to retire now at 38. Lol. I'll be in Medellin late December to scope it out as a possible destination. Let's get a drink boys. Maybe you can help guide me. Lol😂
We have a course for people exactly like you Kevin, check it out here: medellinmasterclass.com/
The thumbnail picture has me in stitches
This is what happens when my girlfriend & I have too much time on our hands 😂
The only reason I think Colombia is not a good place to retire early is the damn high taxes
For example?
Hey, the audio is kinda low, about -14db, below. You can always check it out by right clicking on the video and hitting the ¨stats for nerds¨ to get the audio and video stats. Cool channel, tho!
Wow that's so interesting I never knew about that feature - thanks for the tip!
I do not know if you use Davinci Resolve for your edits, but the latest version makes it super each to hit 0 db, with just one click of a button. @@AKJoel
Yeh I use Resolve Studio 👍🏾 so good!
What happened to the other Joel @createdbyjoel. No offence to show was better then.
Yeah the Colombia Podcast was a great show, unfortunately Joel has other commitments these days so you're stuck watching me. 😂
@@AKJoelsounds like a hostile takeover LOL
HAS SUPER HIGH CRIME RATE - 12 FORIEGNERS MURDERED IN LAST 4 MONTHS - BE CAREFUL ALSO
The crime issue has been overblown, we need to look past the numbers into the circumstances surround these murders. Most of these incidents resulted from men meeting women on dating apps and inviting them over to their place immediately. If you don't do irresponsible things you will be fine.
i lived in medellin for 500 a month
Speak up
In which part of the city?
renting a small room in Laureles with a Venezuelan
Healthcare for $350 a month is very high for Colombia. Did you mean 350,000 Cop?
No - that's premium health care for a 60 year old. COP 350,000 per month is more in the range of a 35-40 year old.
You can get less than premium health insurance for that age at 100$ a month@@AKJoel
Does Xbox live work in Colombia?
Honestly not sure, sorry mate!
Andrew did not age well in retirement 😂😂😂. Great !video guys
😂😂😂 glad ya enjoyed the vid mate!
1:48-1:51 retirement in the USA depends on what job you had @AKJoel. Unfortunately though due to Joementias policies it's more sadly.
Damn!