Retiring Early in Da Nang Vietnam from Miami

About this video

• Video Title: Retiring Early in Da Nang Vietnam from Miami
• Channel: The Cost of Living Abroad
• Speakers: Evan Morel, Mike, Mirel
• Duration: 51:06

Overview

This video features an interview with a couple, Mirel and Mike, who have relocated from Miami to Da Nang, Vietnam, for an early retirement. They discuss their motivations for leaving the US, the significant cost of living differences between Miami and Da Nang, their experiences traveling through Southeast Asia, and the practical aspects of retiring abroad, including healthcare, community, and financial planning. The video aims to provide insights for others considering a similar lifestyle change.

Key takeaways

• Motivation for Early Retirement: The couple decided to retire early due to health concerns (Mirel's Multiple Sclerosis diagnosis) and a desire to travel and experience life before their health declined further, as well as observing clients in their yacht brokerage business who retired and then faced health issues.
• Vietnam as a Retirement Destination: Vietnam, specifically Da Nang, was a surprise highlight among the 110 cities they visited. They found it to be a pleasant surprise, enjoying the culture, food, and relatively low cost of living compared to other explored locations.
• Cost of Living Comparison: Housing costs in Da Nang are drastically lower than in Miami. A two-bedroom condo in Da Nang costs $550 per month, while in Miami, housing alone can be around $5,000 per month. Overall monthly expenses for the couple in Da Nang are estimated to be around $2,000.
• Healthcare and Dental Experience: The couple shares positive experiences with healthcare and dental services in Vietnam, noting the efficiency, quality, and affordability. Mirel had a positive experience with a paralyzed vocal cord issue, and Mike had extensive dental work done, both at a fraction of the cost they would incur in the US.
• Community and Lifestyle: They emphasize the importance of community and found it by connecting with other expats through Meetup groups and local events. They highlight Da Nang's walkability and the ease of accessing amenities.
• Travel and Exploration: The couple has extensively traveled Southeast Asia over eight months, visiting 110 cities. They share their top three favored countries for potential retirement: Thailand (Hua Hin and Koh Samui), Indonesia, and Vietnam (Da Nang).
• Downsizing and Financial Prudence: A key piece of advice is to significantly downsize possessions before moving, as unnecessary belongings are described as "dead weight" and hinder the freedom that comes with a more minimalist lifestyle.