Retirement in Developed vs Developing Countries

Retirement planning can be a daunting task, especially when you live in a developed world country like the Canada or a developing country like Antarctica. Okay, maybe Antarctica isn't a developing country, but you get the point. The difference in resources and opportunities can make retirement planning vastly different depending on where you live. So, let's take a look at retirement planning in a developed world country versus a developing country, with a little humor thrown in for good measure.

Retirement Planning in a Developed Country

In a developed world country, retirement planning typically involves a lot of spreadsheets, financial advisors, and fancy retirement calculators. You'll spend hours poring over your retirement savings, making sure you have enough money to live on for the rest of your life. You might even invest in a few different retirement accounts to diversify your portfolio and maximize your returns. But let's be real, retirement planning in a developed world country can also be a little overwhelming. You'll constantly be bombarded with ads for retirement planning services and financial products. You'll have to navigate a complex tax code and figure out how to minimize your taxes in retirement. A part of my job is to help reduce the overwhelm and anxiety by simplifying the complex.

Retirement Planning in a Developing Country

Now, let's take a look at retirement planning in some developing countries. You might think that retirement planning in some developing countries would be a lot simpler, but you'd be wrong. In fact, retirement planning in some developing countries can be even more complicated, just in a different way. Your retirement plan might involve relying on your children or other family members to take care of you in your old age. Retirement homes like Chartwell offering activities like swimming, fitness centres and golf is not really a thing. If you're lucky, you might have a government pension to rely on - assuming the government doesn't collapse before you retire.

And let's not forget about healthcare. In some developing countries, healthcare can be scarce and expensive. You might have to rely on traditional medicine or home remedies instead of modern medicine. And if you do get sick, you'll have to pay for healthcare out of pocket, which can quickly drain your savings.

Retirement Planning in a Cold Country vs Warm Country

Have you ever noticed that most of the developed countries are the coldest with the most undesirable weather. Maybe, because it takes an entire industry to deal with shoveling snow, and heating houses and buildings which is all jobs for the economy. The best climates are usually found in the developing countries. Despite all the challenges that come with a developing country, you can sit back in the sun, warmth with a cold beer and find solace in that although the healthcare isn’t the best, retirement homes aren’t an abundant industry that its ok, because its not snowing. If a warm climate is high on your retirement list you will find the webinar we did on "Retirement Elsewhere: Canadian Sunseekers" interesting by clicking here .

Conclusion

So, there you have it - retirement planning in a developed country versus some developing countries. It doesn't have to be either or, but getting the best of both worlds by going back and forth. While the resources and opportunities might be vastly different, one thing remains the same: retirement planning is important no matter where you live. So, whether you're poring over spreadsheets or relying on your family, make sure you have a plan in place for your golden years. And don't forget to enjoy the journey along the way - after all, retirement planning doesn't have to be all work and no play. The key is to "Know thyself" and what type of lifestyle you want and what type retiree you are, or will be. The various types include "Comfort Oriented Retiree", "Growth Oriented Retiree", "Angels" and "Unicorns". If this is new to you then listen to the webinar recording "Retirement Rebels & Secrets to Longevity Lifestyle" here .

Orlando Lopez,CFP,CIM,CIWM Book a Meeting