For many older adults, the chance to retire abroad sounds like the ideal way to escape to a paradise of tropical beaches and affordable luxuries. Retirement living abroad can be fantastic, but it requires careful planning. There are a number of things you’ll want to consider when looking for a place to settle.
Legal issues
New Zealand may be the ultimate best place to retire abroad, but getting a residency permit there isn’t easy for mature adults, even for those who are financially well off. On the other hand, countries like Malta and Spain welcome retirees with special visa schemes that make settling in easy. Unless you plan on spending only a few months of the year in the country, you’ll almost certainly need a residency permit and it’s well worth checking into how simple or complex getting one will be before you set your heart on a particular country.
Safety and comfort
Roughing it may be an exciting adventure for a while, but it can get old fast. For your own well being, make sure the location where you plan to spend your later years can provide modern conveniences and high quality medical care. Issues like the crime rate and political and economic stability should also be factored in. Likewise, consider whether or not you’ll really be comfortable with the weather. Some otherwise excellent retirement spots may have unbearably hot, sticky summers or lengthy rainy seasons.
Society and culture
One of the biggest stumbling blocks for those who retire abroad is culture shock. It’s hard enough learning a new language and adjusting to a new culture when you are college age, but for some individuals over fifty the challenge can be overwhelming. When looking for a retirement spot, consider the how similar locals’ way of life is to your own and whether or not you will need or want to learn the language. Also, take into account how older adults are viewed in the country and whether or not you will have enough opportunities to socialize.
Cost of living
The chance to stretch a pension and savings a little farther leads many retirees to consider locations like Mexico or the Philippines, where the cost of living is relatively low. Unfortunately, high inflation can quickly shoot down dreams of cheap luxuries as retirees in Greece and Portugal can tell you. If you are looking into a developing country, consider the rate of inflation carefully or you may soon find the country is developing right out of your price range.
The decision to retire abroad is a life-changing one and these are just a few of the points you will need to consider. Distance from home, the local expat community, opportunities buy property or invest, and local taxation issues are also things to think about. Prepare well, though, and you can retire abroad without any major problems.
Recommended reading from Amazon:
- Retirement Without Borders: How to Retire Abroad–in Mexico, France, Italy, Spain, Costa Rica, Panama, and Other Sunny, Foreign Places (And the Secret to Making It Happen Without Stress)
- Grown-up’s Guide to Running Away From Home: Making a New Life Abroad
- Choose Panama . . . the Perfect Retirement Haven (Second Edition)
