If you are thinking about retiring soon, you may be thinking about retiring in a foreign county. Often times people that are ready to retire are attracted to moving abroad for the rest of their lives, so that they can enjoy their days in a country that has a low cost of living and beautiful weather. I mean, who wouldn’t like to live in a place like that? If you are like the millions of other people retiring every year, the thought of moving abroad has surely crossed your mind before.
However, if you are planning on taking your retirement abroad, there are some things that you may want to think twice about before you decide to move.
Cost of living and standard of living
If you are thinking about moving to a foreign country for your retirement because you have heard that there are places like Peru, Spain, and Thailand that are affordable places to live, then you heard right. There are many places across the world that are attractive to people that want to retire in a place where they can make their money last a long time, but can you live overseas on a budget? Well, the answer will depend on your financial situation, so you will want to make sure you speak to your financial advisor before making the move. One issue that people often have is that they do not realize the places that have a low cost of living does not account for other things such as medical insurance which can be very pricey. Also, the low cost of living does not always equal a high standard of living. That means just because it is cheap to live somewhere does not mean that it will also be enjoyable and up to your standards. There are many places that do offer a reasonable cost of living and high quality of life, but you will need to make sure you do your research because you do not want to move to a foreign country only to find out that it actually costs much more than what you had planned for.
Leaving family and friends
If you are thinking about moving abroad then you will want to think about the family and friends you will be leaving behind back home. Unless you have family that live in the country you plan on moving to, it can end up being very lonely in a foreign country. Before you make the final decision to move it is important to think about the people you will be leaving behind back home. Also, you may start to miss your local community and moving to another country can often be a huge culture shock to retirees.
Health care standards
As we begin to get older we become more likely to require medical procedures, surgeries, and frequent visits to the doctors. If you are moving to a new country for your golden years, then you will want to make sure that you are choosing a country that has a good healthcare system and quality doctors. This is something that people will often overlook as they are looking for a place to spend their retirement, but its importance cannot be stressed enough. Many countries will not have the same standard of health care as they would back home. Some countries have long waiting lists for procedures and some countries will have poorly trained staff and medical professionals. That is not to say that all countries have a bad health care system, but it serves as a reminder that as you age, you will eventually become more dependent on the healthcare system of the country you are living in. That is why you should think carefully when choosing which country to move into.
You can still travel
If you want to move abroad because you want to see the world, then you should remember that there are other options available to you at all times. When you are retired, it will be just as easy for you to stay in your home country and travel the world instead. This will allow you to experience many different places in the world and you will not have to be stuck in the same country for the rest of your life.
If you are thinking about moving overseas for your retirement make sure you think long and hard whether you are financially able to make the move. It is also important to ask yourself what you truly want during your retirement and if you are truly willing to sacrifice time with your family and friends. In the end, the decision is up to you, but make sure to gather some advice, preferably from a professional, and think twice before making the decision.