Triple Your 401k Overnight!

Your retirement equation works in two directions for maximizing your distribution dollars. Minimize your expenses or increase your income. They both provide you with a more comfortable retirement. And for those that haven’t planned their finances well, it becomes necessary to maximize every dollar as you dip into your nest egg.

As we have more and more baby boomers entering retirement, a growing number of retirees are faced with the question of how to best utilize their financial savings. For those willing to live abroad for 1-5 years, it could mean a significant stretch to those nest egg dollars. While we all enjoy the comforts of our own routines, those that are willing to break these norms can triple their distributions overnight.

I’m writing this article as I share my experience and story of being able to afford a comfortable life style without much income. My journey to write my second book wasn’t met with a large check from one of the top publishing companies. As a result, I needed to be creative financially to not blow through my life savings. So, for those that are willing to give up the comforts of their own home; you will find living abroad can pay you 3 to 1 on the American dollar.

I am living in Istanbul, Turkey where 1 USD currently trades for 3.75 Turkish lira. And the lira stretches far in my new city. I can eat a d?ner sandwich at numerous restaurants for lunch at only 3 lira, or less than 1 USD. Or for an upscale meal, I can eat Norway salmon at a sit-down restaurant for 25 lira. This less than $10 meal will include fresh bread, a small salad and they typically bring you a complimentary tea after your meal.

Furthering your income is the opportunity of renting out your home. Airbnb, VRBO and property management organizations provide you with a solution to turn your home into a revenue generator. The money made on your property can often pay for your own monthly needs without even touching your retirement distributions. And for the non-homeowners, the move is even easier to make!

Many reading this article may find the opportunity cost equation to be too great. As grandchildren are born, routines formulated and perceived obligations feel too strong; many will negate this as a viable solution for stretching their retirement dollars. But this doesn’t need to be a permanent move. Tripling your retirement income for one to five years can drastically change your financial comfort for your remaining years as baby boomers look at a longer life expectancy than previous generations.

We have become a global society. With internet being everywhere, communication has become easier and cheaper than ever to stay in touch. So those choosing this path will no longer be choosing any type of perceived isolation as FaceTime, email and text messages connect us instantly around the world.

If there is a need to return to the U.S., it won’t consume the dollars you are saving by capitalizing on exchange rates. A flight from the U.S. to Europe can be expensive, but it can also be very affordable for those who are able to fly on a flexible schedule. My flight in October 2017 from New York City to Amsterdam cost me $209. The places and opportunities for inexpensive travel are endless with research and an open calendar.

As far as securing a place to live, you can minimize your rent to around 1000 lira if you are looking for a one bedroom apartment without a view and no furniture. For less than $300 a month, you can now furnish your retirement location where you’ll find many household items at a lower cost than you are accustomed to in the United States.

I went a different route as I have a 2-bedroom furnished condo with one of the best views in Istanbul. My view looks out at the water of the Bosphorus from the Asian side. And every night I see the sun setting next to the famous Blue Mosque.

Knowing the value of the USD, I negotiated to pay American with my landlord at $40 per day. I couldn’t be happier to afford one of the best views in one of the most historic cities in the world. My rental payment here is covered by renting out my home in San Diego, California. While my stuff was minimized to a storage facility and what traveled with me in my suitcase, this choice provided me with the view you see here.

But as far as retirement goes, I realize most people need more than a nice view. The first concern many people will have is health insurance. In December, I published an article on my annual health insurance costing $75.

Since everyone has different healthcare needs. This will be part of the research required as you work towards tripling your retirement distributions. Financial rewards come with work and this alternative is no different.

From an entertainment standpoint, the many touristic sites are quite inexpensive to visit and some are free. But there is only so long that anyone can play tourist in their own town. So, simple pleasures like going to the movies at 25 lira are equally important. The movies are in English with the only difference being Turkish subtitles, which makes your $7 evening go a long way.

For those that are more adventurous and want to travel, you’ll find round trip flights from Istanbul to Berlin, London or Tbilisi for a little over a $100. This is just to name a few as you will be able to go almost anywhere in Europe for under $200 round trip.

If you would rather travel by train and explore Turkey, you’ll find it is home to amazing places that are not as well traveled as other touristic hot spots. Here, you will find the City of Troy, the ancient Greek city of Ephesus, the coastal city of Antalya with waterfalls into the Mediterranean Sea and not to forget the underground city of Cappadocia. There are worse ways to spend your retirement and those will cost more!

But for those not looking to live in Turkey, the Republic of Georgia currently trades 2.58 lari for 1 USD. And Poland is happy to trade 3.50 zloty for 1 USD as well. These additional two countries provide great examples of how to triple your retirement overnight with similar conditions for how the USD is spent in Istanbul. Whether it be for an extended stay or on a more permanent basis, your retirement distributions can go three times as far when you trade your dollar in the right country.

Your list of traveling opportunities does not end with the three I’ve listed. Monetary exchange rates are similar to the stock market and change daily. When the exchange rate falls in your favor, take advantage and increase your retirement funds by traveling to the countries where food, housing and living are all on sale. Sometimes, the grass isn't browner on the other side, so don't be afraid to try new and adventurous opportunities!

If you saw value in this article, please like and share it. Jon Markwardt’s first book, The Grass Is Browner on the Other Side -Sales Edition, is a self-help book teaching readers the greenest grass on the block is their own. The book is geared toward those in professional sales, but the message is clear to all. Everyone needs to love their life and be happy where they are at. If not, you may be in need of a change. And this book will give you the courage to make it happen!

If you are interested in obtaining a copy, below is a link to purchase on Amazon:

Purchase Book Here