Redefining Retirement: Pursue Your Passion and Live a Life with Purpose

Far too many people spend their entire lives working hard to make someone else rich, only to find that when they finally cross the finish line to retirement, they’re bored and aimless.

Sadly, this is the reality for many who retire, leading to deteriorating health, depression, and early death.

And now, according to recent studies, more baby boomers than ever are becoming homeless. It takes just one crisis, like a job loss or medical bills, to push someone nearing retirement onto the streets!

The traditional concept of retirement is outdated, but you can redefine your retirement to make it more fulfilling and purposeful while protecting yourself from the dire consequences of unexpected hardships.

The Problem with Traditional Retirement

With traditional retirement, you spend your whole life saving as much as possible, work to a certain age, and then stop working. A lot of retirees stop doing much of anything.

If you live in the United States, the rising cost of living and healthcare may eat away at your retirement savings faster than you expected, and that could lead to financial disaster later in life.

However, according to an article from MarketWatch, the retirement mindset is changing. People are beginning to realize that saving enough money for retirement is important, but having choice, autonomy, and agency matters even more.

Redefining Retirement: Live Life on Your Terms

Retirement doesn’t have to be a death sentence. By ditching the outdated concept of traditional retirement, you can create a life that revolves around your passions and interests.

Today’s retirees are redefining what it means to retire, with many continuing to work on their own terms or pursuing delayed dreams.

Here are some suggestions for how to redefine your retirement:

• Try something new – Explore new hobbies or interests that bring you joy and a sense of purpose.
• Turn your passion into a business – Utilize your life experiences and interests to create a meaningful, purpose-driven venture.
• Create passive income streams – Although passive income is not entirely passive, it can allow you to live life on your terms and prioritize what truly matters to you. Check out our Online Income eCourse for ideas and quick start checklists.

We’ve seen it ourselves – people living unconventional, freedom-based lifestyles that they thought were unattainable.

Moving abroad, for example, has provided us with the flexibility and freedom to shape our lives in ways we never thought possible.

If you’re in your 30s, 40s, or 50s and don’t have enough investments or income to retire yet, you’re not alone. Neither do we.

But it’s never too early or late to take control and redefine your retirement, which might mean retiring early (with the right plan).

Overcoming Retirement Obstacles

To break free from the constraints of traditional retirement, and possibly retire early, consider these strategies:

• Reduce expenses – Cut back on unnecessary spending, such as retail therapy or buying things you don’t need.
• Downsize – Consider moving to a smaller home or relocating to a more affordable area.
• Move to a low-cost country – Many countries offer a lower cost of living, allowing your retirement savings to stretch further.
• Pay off debt – Use the Debt Snowball Method to pay off your debts and free up more money for saving and investing.
• Earn more money – Start a side hustle or find online income opportunities.
• Save and invest – Look into financial strategies like the FIRE movement to boost your savings and investments.

It seems cliche to say you need to spend less and earn more, but it really is that simple.

You can reduce your expenses starting today by cutting out things you don’t need. For most people, housing and cars are the biggest expenses, but it might take longer to downsize those.

We sold our house in the suburbs of Denver and moved into a one-bedroom apartment downtown. Then we sold one of our cars. When you factor taxes, insurance and maintenance into the equation, the savings was well over $2,000 per month!

It might take a little longer to start a side hustle to earn extra income, but that’s probably easier than you think, too.

It took us almost a year to earn income from our YouTube channel, but that was due to a lack of knowledge. If we were starting over today, we would be able to earn income within the first two months because of the lessons we’ve learned.

Discovering Your Ideal Retirement Destination

If the idea of redefining your retirement and moving to a new country sounds appealing, we’ve compiled a list of 5 popular countries to work online or retire early according to World Population Review (2022).

These countries offer a blend of affordability, excellent healthcare, and beautiful landscapes, making them perfect for anyone looking to embrace a new way of life.

Panama

Panama is known for its lower cost of living (compared to the US), large expat community, and excellent healthcare (#56 CEO World ranking).

Its proximity to the US and the use of the US dollar make it a popular choice for expats. Many locals speak English, although learning basic Spanish is recommended.

Panama offers a 6-month tourist visa, a 9-month digital nomad visa (with extensions available), and a pension visa with a requirement of $1k/month.

Costa Rica

Costa Rica is famous for its “Pura Vida” or “Pure Life” lifestyle, focusing on simplicity and well-being. With stunning mountains, beaches, and incredible wildlife, it’s a nature lover’s paradise.

Costa Rica ranks #50 for healthcare (CEO World) and offers digital nomad and long-term visas, including a 1-year DM visa (renewable with a requirement of $3k/month) and a pensioner visa with a $1k/month requirement.

Mexico

Mexico offers more than just beautiful beaches! You’ll also find great places to live inland like Lake Chapala, Ajijic, Guanajuato, and San Miguel de Allende, boasting pleasant weather and rich culture.

With its affordability, large expat communities, and good healthcare (#29 CEO World ranking), Mexico is a popular destination for those seeking an “America Lite” experience.

Mexico offers 2-year temporary visas that allow you to work but doesn’t have an official digital nomad visa.

Ecuador

Ecuador is a birdwatcher’s paradise with more bird species per square kilometer than any country on earth. Plus, the Galapagos Islands and the Amazon rainforest are waiting for you to explore them.

The country is known for its culture, excellent healthcare, dental tourism, and affordability, with the US dollar as its official currency.

Ecuador offers a digital nomad visa with a 2-year term that can be converted to permanent residency. To qualify, you’ll need a monthly income of $1,350 (as of April 2023). Other visa options include pension, investment, and professional visas, making Ecuador one of the easiest places to relocate.

Malaysia

Malaysia is an extremely developed country with solid infrastructure, a rich history, and high-quality healthcare (#34 CEO World ranking).

Kuala Lumpur was voted the best city for expats in 2022. With its beautiful scenery and affordable cost of living, Malaysia is an attractive destination for digital nomads and retirees alike.

The country offers a new digital nomad visa requiring $24k/year, valid for 12 months with a 12-month extension available. Additionally, Malaysia has a 10-year permanent resident visa and the MM2H visa, a 10-year retirement visa with investment and monthly income requirements.

Final Thoughts

As the concept of retirement evolves, so too should our approach to it. By redefining retirement and focusing on our passions and purpose, we can create a life that’s truly fulfilling and rewarding.

Don’t be afraid to break away from the conventional retirement mold – embrace the possibilities of a freedom lifestyle, location independence, or early retirement.

The choice is yours and there are lots of amazing countries and cities to choose from if you really decide to embrace the unconventional life and move abroad.

Watch Our Video About The NEW Retirement

Videos We Mentioned in the Video:

• How We Paid Off Our Debt
• Best Expat Countries

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JP Stonestreet

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Hola todos! Welcome to my author bio page! Let's see. Where to begin... I grew up in the country on a lake outside a small Kansas farm town. As soon as I could, I got the hell outta there! Since then, I've lived and/or worked in Kansas City, Washington D.C., Denver, San Francisco, and Ecuador. I started and sold a dotcom, wrote a book about it, started a YouTube channel, and now I write a lot. Amelia and I have embraced the Unconventional Life and we want to help you do it, too!