I am currently a pedodontist in Oklahoma City (a transplant from Dallas, TX.) I am 42 and my wife is 38. We have a 16.5 yo son, 14.5 yo son and a 4.5 yo daughter. Born Dec. Oct. Nov. respectively. My mother is 72 and in very good condition (she is a type 1 diabetic, but in very good control.) My father will be 74 in Oct. He is in good condition aside from his knees which give him discomfort (he should be getting total knee replacements in the next several months.) My wife is deaf and all of my family is fluent in American Sign Language. My wife in no way feels disabled. She is very resourceful and doesn't let her limitations limit her. I am tired of all the crud involved in my profession. I love helping and working with the kids, but all the bureaucracy, rules, regulations, stress, etc have really taken any enjoyment out of the health profession. I own my own practice which has the added stress of staffing, hiring, firing, managing, and all the other permits, certification, and millions of other little things you have to apply for and pay for. HIPPA, Sunshine Act, obamacare, Medicaid audits, etc. have just ruined it for me. I am worn out. God has blessed me with a very very very busy practice and I have worked extremely hard the past 13 yrs. We have always been mindful from day one that we need to save and invest. I have never had the attitude to work until retirement age. I wanted to gain financial independence as soon as possible that way if I choose to work it is because I want to not because I have to. We have saved well. We do not have enough right now to retire completely in the US (in my opinion.) we probably could retire, but it would mean some budgeting which unfortunately my wife and I have never had to do in the past 13 yrs. We lived in a 900 sqft home on a meager budget of $24k during school and residency, but that has all been forgotten :-) I really want to retire now. I really really want to retire somewhere warm and I really really really want to retire by the beach. I am a water person. Just being close to water makes me feel better. We have a second home in South Padre Island that we rent out while we are not using it. South Padre is at the very southernmost tip of Texas just across from Mexico. It is the same latitude as Miami, FL. The cost of living is cheaper in South Padre (except for the housing) than many other places in the US, but it is not truly tropical (subtropical) and exotic. We would probably keep the beach house in Padre and use it as a home base for trips back to the US. I believe that I have worked out a rough "plan" to be able to retire abroad. My thinking is that if we have been blessed with the resources and are able to retire abroad now why not do that while we are younger and healthy. My parents are healthy now. If I wait to retire here in the US they may not be as healthy. Ten years is a long time when you are in your 70's. The difference from 30 to 40 isn't that much, but from 75 to 85 is a big difference in abilities. Soooo, after that long winded introduction and preface I will get down to business. My parents have very meager retirement savings. They receive about $3,000 total in social security (sorry about specifics, but I really would like specifics in the responses so a little specifics from me are necessary). Anywho, my first concern is budget. I know it is a somewhat nebulous subject, but in the confines of vaguery I will ask these questions. My wife and I want to live either ON the beach or no more than 2-3 houses removed from the beach. Two to three beds with two to three baths about 1500-2000 sqft. Is it realistic to plan to live an "equivalent" of an upper middle class lifestyle in the Cabarete area (or surrounding areas) on a total budget of $5000/mo.'ish renting or buying. This is not my total income. Just without being specific I am looking for a rough number. I understand there are many variables involved. I would think housing would be the most expensive. Just an average run of the mill upper middle class lifestyle. Cable, internet, cell phones A/C, maid, water heater, out to eat probably 4-5 times a week, one or two cars (cars need not be expensive or brand new, but something like a jeep wrangler or equivalent), golf cart, etc. I understand there are cultural differences and there are amenities available in the US that are not available in the DR that is why I say the equivalent. I am not expecting to drive around in the DR in a BMW 525. I would like an automobile though and preferably 2. I can walk run or bike, but I like to drive also. Aside from my family I have 3 passions in my life the beach, jiu jitsu, and dogs/dog training. My typical day would consist of waking up going for a run with the wife and dogs, showering walking on the beach sitting on the porch, training the dogs some and then jiu jitsu in the evening. I'm not a huge shopper. I order what I need online. My wife loves to run and make crafts. We both enjoy long evening walks. Being from Texas We are used to heat and humidity, but I like to be cool when I sleep. My parents would have a budget of roughly $3500/mo. They do not necessarily care about being as close to the beach as possible as long as they are a short drive to our house and close to a golf course. My parents live on a budget now of roughly a little less than $5000/mo here in the US. Which I help them out with.
To let you inside my head a little my thinking is if I retire and move to the DR in about 2 yrs we will set our minds to stay and give it at least 3-5 yrs. (most likely renting the first year and possibly 2 until we decide if it is permanent.) If I live off roughly 1/3 of my investments and save the other 2/3's then in 3-5 yrs I should have enough to retire in the US if we decide that life in the DR is not for us. Most likely we will just live in the DR 3/4 of our time and spend 1/4 of our time in South Padre and visiting family in Texas. Living in the Caribbean has long time been a dream of mine. I have done much research, but I like hard numbers even if they are best guesstimates. Worst case scenario it is a nice 3 yr vacation and we decide to move back to the US. Knowing myself and my wife I doubt this will be the case but one never knows. I do know that if I don't take the chance and try it I will always wonder what it would be like and it will always be just a dream.
Our 4.5 yo daughter will need to go to the international school or a private school. I have heard people on the forum say the international school is expensive. What is "expensive"? $500 a month? $1000/mo.? All in all I am wondering on a rough rough number to live an equivalent upper middle class lifestyle there. By getting a rough number from people who live there now it will help me fine tune my planning and help build more confidence in my decision. I don't want to move my family to another country just to find out MY estimates were way off.
I do not eat meat aside from seafood which I love. I rarely eat cheese. I LOVE rice and beans. I like an occasional pizza and some junk food, but mostly eat veggie burgers salad, avocados, fruit smoothies, rice, beans. I love tea. I drink a beer once in a while (once every couple of months here in Oklahoma City, but in padre on the beach maybe once a week.) My wife will eat whatever although her staples are cereal and PB&J sandwiches.
Thank you to everyone who takes time to read this. Thanks in advance to those who respond. Please give me whatever rough number you think it would take with any explanations you can. I am looking at this from two perspectives. A realistic monthly budget for myself and family and a realistic budget for my parents. Thanks so much everyone and have a blessed day.
Jason Lee
PS I have struggled with trying to wait 4 yrs until both my sons are out of high school and in college. I really don't know if I can stay here and work for another 4 yrs. In 2 yrs one son will be out of HS and in college. I have their college taken care of and need not factor that into the budget. Advice on this is welcomed. How do kids handle living in the DR?