Home Real Estate How We Survive On A Retirement Income In Madeira, Portugal | Our Best 4 Tips

How We Survive On A Retirement Income In Madeira, Portugal | Our Best 4 Tips

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How We Survive On A Retirement Income In Madeira, Portugal | Our Best 4 Tips

We all want to succeed in retirement – to not go broke, to save some money, and to live a long, financially secure retirement. We are on a finite budget living here in Madeira, Portugal, so we follow these 4 best-practices to make sure we can stay afloat on this beautiful island!
Cheers! 😊 ~ Doug & Monique

In October, 2021, we achieved financial independence in North America and retired early at age 50, moving abroad to live in Portugal. We sold everything, and downshifted to our “Second Half of Life.” We make our base here, on the beautiful island of Madeira, Portugal.

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28 COMMENTS

  1. Hello. You mentioned you have pensions from your professions. I'm guessing you took a hit on your monthly benefit by retiring early OR maybe delayed receiving benefits? If either of these are true, did this cause any issues about having enough monthly income in retirement? Great video as always. Thanks.

  2. Hello, we came to Madeira last month and decided to stay couple more months and posible retired in this beautiful place. We have been watching your videos and we really found all the information you share very helpful. Would love to buy you a coffee or drink and talk about your experiences here. Look forward to hearing back from you, have a wonderful week.

  3. Hi Doug and Monique! Another great video with great advice for everyone but especially for those of heading towards retirement. Thanks for taking the time to create these excellent videos. Cheers!

  4. Hello! We are really enjoying your videos. My partner and I are in our mid-40s and mostly retired (we own rental properties in the US) and are doing a deep dive into emigrating to Portugal in a couple years. As a youngish mostly-retired couple, we are already struggling with how to fill our time. We run, hike, exercise, do not really enjoy the typical consumer activities (eating out and shopping), so we usually fill our days with finding projects to do (we recently installed a solar system ourselves because we were bored – ha!). We have mild concerns that without a garage or workshop, we (ok, mostly my partner) will be bored. We would LOVE a video about what a typical day (or days) look like for you.

  5. Thanks for an interesting presentation of topics of interest to potential retirees
    Many like me would love to hear about how you spend your time on the island of Madeira

  6. Go where?!
    Monique is funny.
    So glad you mentioned a boat. Can you address docking availability and docking fees? Also secondary used boat/car market in Madeira? I'm trying to evaluate between coastal property that includes a dock versus inland property and public moorings.

  7. Always good advice for sure, never look at anyone else because they have their own struggles in their own way, we all do… but personally if I was to move to another country I would actually buy many properties wherever I live, be it Turkey or Europe and rent them and that way my money will keep growing when the investment value grows, plus I will have a continuous stream of income to buy a boat and car and travel without having to think twice.
    You never know when a bank will close its doors and you have no access to your money, at least if you own properties unless the world really goes to the dogs, you still have the majority of your wealth and an income.
    Money in the bank or super is not sure income, it’s just gambling with your future. Just remember 2007 crash and see how all these institutions robbed everyone of their wealth, but properties if they were paid off were always there standing and producing security for those who had them.
    Something to think about 😉
    As usual good videos, and I really love Madeira , absolutely stunning spot to visit for a long stay and trek around the beautiful landscape.
    All the best guys 😊👋

  8. It is a rewarding feeling getting rid of all of the things you don't absolutely need. Like getting a monkey off your back. A bit bizarre how those items make you feel weighed down without you even realizing it until you sell them. Never going back to that.

  9. I don't keep up with anybody, they have to keep up with me, I love being me, I don't follow trends, I have my own signature, being smart and getting what I want, when I want, one of the ways I found to save money on the long run, buy quality stuff, not trendy, why? it last longer, therefore you don't need to buy so often, cheap, costs you more, not good for the environment, its a win, win situation.
    Life is good, leave it!

  10. Hey, I'm moving to Madeira next year. Would love to meet up. I'll be coming alone, so I'm excited to meet new people. Also, any advice you can give me would be greatly appreciated. Can't wait! 🙌🙏❤️🤗

  11. I have learned from more than 2 decades now how to live to not keep up with the Joneses and do my own thing. And that is, there will always be somebody richer than you, prettier than you, a much bigger house than you. Just like you said- “there will always be somebody above you”. It helped me relax better.

  12. Hi Doug and Monique, as I weed out all of the stuff I’m won’t be taking with me me to Portugal in early 2023 and paying or driving or scheduling to hand off to someone else or donating the “minimalist” lifestyle has become more and more clear! I’ve had everything and more in Life! Second half will be much different. Still enjoying, learning, exploring and being thankful but just with less “stuff”. Feels amazing to get rid of stuff! JP

  13. Guys first and foremost, I love the channel and you guys are on your way. Just a little bit of constructive criticism; consider doing your videos with more background light. You guys have a balcony with a view to die for. Why not shoot outside with the Madeira mountains and ocean in the background? You guys have a beautiful villa and I think your backdrop looks very dole and dark. To be harsh, it looks very un-inviting. Love the content and keep trucking on!

  14. Did you guys visit there before moving? And also what's the weather like, in the summer, in 80s? I was in Portugal this summer for 2 months, and it was miserable as in many parts of Europe. Also I read that the aiport there is really small. and one of the hardest to land in?

  15. Everything you mentioned about trying to keep up with the Joneses is VERY TRUE and people end up being Unhappy, stressed out, stressing out other family members in the household, in financial distress etc. For me a car was a reliable tool i needed to go to work and commute to places. A new $16K (bot in 2010) Sedan still serves my needs and I couldn't justify a $60K car just because others had it. Besides after 10 yrs the car has no value and is a depreciating investment. I would rather spend that extra money on my modest 3 BR /2bath /1600 sft house which will give me comforts for the time I spend in it the most, while still appreciating. Though a single income earning professional, I put my 2 kids through college with "0" loan, and today I feel a lot comfortable financially and that is a far nicer feeling than being financially insecure in retirement stage, than showing off my fancy car or my expensive home that is way too big than my needs. If some one (relatives / friends / neighbor) judges you by what you own, than who you are, that shouldn't bother you and just lead your life the way that works for you. Great subject on this Vlog and hope it will be an eye opener "why one shouldn't follow Keeping up with the Joneses". Cheers! and wish your channel a quick growth to 10K soon.

  16. When we retired, it was about realizing our desire which had been planned way back then. While we were working, our mindset was to do whatever we needed to do to achieve our goal. Yes, that beautiful Merceds Benz was very appealing but it was going to be a waste of our hard earned money. So we didn’t fall into the trap. We’re survivors lol. But indeed, it takes determination to do or not to do certain things. We have a D7 appointment in September at the Portuguese consulate in Boston. We’re looking forward to immigrating to Portugal 🙂

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