Living abroad after retirement is something that a lot of people seem to be considering and for good reason. Taking some time to slowly explore a new culture and country while enjoying your work post workdays is one of the most amazing experiences.4 things that you should think about before making the big move while Planning to Retire Abroad.Learn all about details of Retire Abroad.
But there are a lot of things to think about before you set off on this new adventure. Most have to do with making sure you are safe and in the right place. Take a look at the following list to learn which are the most important things to consider.
Tips for Planning to Retire Abroad
1. Is retiring abroad for you?
Personally, I love the idea and it has worked perfectly for a lot of people but even before you start making the move there are a few things that you should ask yourself. It can be complicated to truly decide if retiring abroad is for you.
The first one is, how comfortable are you with being away from your family and friends for long periods of time? This is extremely important because you won’t have any kind of support system at first in our new country.
Also, how much do you know about other cultures and are you willing to respect that? This is because you will be entering a completely different culture with costumes and traditions. You have to be aware that you are the one who has to cater to them, not the other way around.
2. Decide where you want to live
You might already have an idea of where you want to get your new home but that might be based on previous vacations to that place. Some other people base their decisions on other’s experiences. But is that fun and cool place good for a long time stay?
It is always to go back to the place you are considering to help you decide. Because this time you will be there with a different mindset. You will be thinking about stuff like the nearest supermarket, how close is the hospital, is a car needed, how safe it is for locals, how’s the weather year-round, have there been any floods recently, do you know the local language enough?
Once you have the answer to all of those and others that you might consider important you will be able to compare all of your options and decide the best one.
3. Understand your expenses and tax situation
If you chose, for example, to move to one of the many amazing Latin American countries. You need to be aware of how much does it cost to retire to Latin America. As you can imagine, cost varies from country to country and finding one where you can have the best quality of life for the best price.
You should also be aware of the local tax regulations and how that will affect the taxes that you already pay in your home country.
4. What is healthcare like in the country you chose?
This is by far the most important thing that should be on your mind when planning to retire abroad. Healthcare should be accessible, high quality and affordable.
In most places, it is best to pay for insurance that will give you access to private healthcare. Another option is to talk to your current insurance provider about the options for international health insurance.
What would be another important thing to think about before making the big move?