‘The FIRE lifestyle prepares one for situations like COVID, in that we are already living within our means and have no debt.’
Nearly 30 years ago, Billy and Akaisha Kaderli decided they wanted to retire at 38 — in that time, they have experienced cities around the world and their money has survived numerous financial crises. Yet, they’re still doing better financially than when they started their journey, they said.
It’s been quite an adventure, including the one time Akaisha almost lost her finger in Guatemala during the country’s independence day celebrations. A doctor opened up his practice to take care of her, and even with travel to the city, 11 visits with a surgeon, anesthesia and everything else, the total out-of-pocket cost was less than $3,000. As pioneers in financial independence they didn’t have the thousands of blogs about how to save and invest to accomplish these goals.
Billy: From a retirement viewpoint, Mexico is on sale. The cost of living is favorable to the U.S. dollar. The big question is health care. Everyone wants to know. The [doctors there] know just as much as the guys up north. If I want to see a cardiologist, I just go walk to his office in the morning. It’s not like a referral. If he’s in, he’ll see me. If not, tomorrow. We have Medicare as a backup if we happen to be in the U.S.
Billy: You have to have faith in the economic model and the thing is not to panic out of the market. Know that this is a temporary situation and it can be painful and can take years to come out of, but the biggest thing is making an irrational move that could hurt you late in life. Now that we’re 67, the people starting out in early retirement have asset allocation more aggressive than ours, but we still have a 60-40 split with 10 years’ worth of cash.
Since we had that previous discussion over a decade ago, when the pandemic hit and the market went down, there was no need for a discussion again. We already knew what our answer was. We have been living off our investments since 1991 and continue to do so to this day with a higher net worth after spending and inflation than when we started.
MW: Some people may have seen their portfolios hit hard by this pandemic. What do you think people can do to recover or follow through on their plans to retire early? Billy: It’s been easier in that we are able to walk anywhere to get our supplies, no need for public transportation or a car. Open air markets are abundant with foodstuffs, and grocery store shelves have not been empty. Yes, there was some panic buying in the town up the road, but not here in Chapala, Mexico, where we live. The weather is outstanding with sunshine daily, no dark clouds, rain or snow during this “shelter in place” order, so that’s been good mentally and emotionally.
Akaisha: First, I would say, it depends on where one chooses to retire early. Health care access and costs in the States are much different than we have found living overseas. And of course, having children changes everything.
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