6 Things to Consider if you are thinking of Retiring Abroad
Thursday, 03 December 2020

If you are considering jumping on a plane and going abroad to retire, there are lots of things you should think about first. You may have dreams of spending your latter years basking in the sun and living a stress-free life, but unless you have done your homework and given thought to the bigger picture, it may not turn out like that. 

Here are 6 things to consider if you are thinking of retiring abroad.

 Will you cope with not seeing your close family?

You may feel ok moving just now, but have you considered how you will feel if your children have kids of their own and you can’t see them or spend any time with them? If you already have grandchildren, how will you cope with being unable to hug them or kiss them and only seeing them a few times a year or less? Although you may think it will be fine, it is worthwhile having a trial run and taking a vacation for a month or so to see how you feel.  

Consider learning the language
 
Although it's not essential, if you are moving to a country where the first language is not English, then it might be worthwhile learning the basics of their native language. Not only will it help you to communicate a little easier, but it might help you fit in a little better too. Being able to chat with the locals could be very useful, so why not have a look for online courses or find out whether there are any night classes at your local college or within your community. Once you move, you will probably pick up the language fairly quickly, but knowing the basics could give you an advantage. 
 
Where will you live?
 
You will no doubt have done lots of research into the best places to retire in the world and managed to narrow down your options. What you also need to consider is where you will live once you get there. Many countries have very strict rules about foreigners buying property and will only allow them to lease until they have resided for a certain length of time. If you fall into this category, you need to be sure that you can afford it. Rent may not be cheap, and if you are not working you could be living on a tight budget each month. Find out as soon as you can whether there are any housing restrictions as it could put a spanner in the works.  
 
How does the cost of living compare?
 
There may be a huge disparity between the cost of living in your current country of residence and the country you intend to move to, so making sure it's affordable is imperative. In many countries, fuel can be more than double the cost compared to the U.S, for example. Similarly, you may be used to spending less than a hundred dollars a week on groceries, but find that it costs far more elsewhere. Find out how the cost of living compares and work out a monthly budget. You should very quickly see whether your budget will stretch as far as it may need to.
 
How will you spend your time?
 
If you are already retired and enjoy a wide variety of outdoor activities or hobbies, try and find out what activities you may be able to take part in when you move. It may be very different from what you are used to, but it's the ideal opportunity to try something new. It's also a fabulous way to meet new people and, hopefully, make some friends.  
 
Another thing to consider is whether there are volunteering opportunities you could get involved with. From helping at a local school to volunteering in a food bank or hospital, there are usually a host of different alternatives. It will be a great way to find out more from the locals and to help the local community at the same time.
 
What healthcare facilities are there? 
 
As we get older, our bodies may need a little more medical attention than they used to so you must find out what the situation is in terms of healthcare. It may be that you need to pay a premium each month for a certain level of medical cover or you may be better taking out a medical insurance policy. You need to have peace of mind that if you or your spouse become ill you can get the treatment you need, so find out what it entails and put something in place. 
 
The last thing you want to do is move to the other side of the world, become ill, and find out that it will cost you thousands to be treated. If you are in any doubt at all, seek professional advice.  
 
 
 
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