Couple Sitting in Chairs on Beach

Three steps to plan your retirement abroad

So… You’ve worked hard all your life, and retirement is getting closer.  You might be looking forward to it, finally getting some free time. Maybe take up gardening, or stamp collecting. Or you don’t feel like resting just yet, and fancy a completely different adventure altogether – one which will lead to resting as well, but resting in style: on a tropical beach with a cocktail glass in your hand, or sipping a fine wine in your new favorite bistrot. Yes, retiring abroad seems to be the way to go for the many who aspire to a relaxing yet new and exciting lifestyle.

More and more are retiring abroad, clearly proving that a late relocation is anything but impossible. However, there are three big steps you’ll want to keep in mind if you decide to move on to greener pastures, and Global Eye walks you through them.

1 – Time to dig: do your research.

Okay this may not be real financial advice, but at least it is good common sense advice: think carefully about where you want to move. Throwing a dart at a world map and packing a suitcase is very romantic, but probably not the smartest way to spend your retirement fund… When you do have a place in mind, take the time to really assess whether it is the right culture for you: do you feel like you need to – and then are able to – learn the language? Do you see yourself staying there more than a few weeks in a row? Now these are obvious questions, but all the more reasons to ask them. You should also talk to your family, see if you will be able to see your kids and grand kids regularly from your new home. Once all this is cleared, you should consider talking to a consultant and see the practical details associated with your planned destination.

2 – Time to dig deeper: move there for a little while.

Before rushing to buy a house in the Eldorado of your choosing, take the time to live there for a little while. Do some long term renting at first, stay for a month or two. Get a sense of what it is to be a resident and not a tourist. Meet the expat crowds, and maybe look at interesting property deals…

3 – Time to move? Plan your budget.

If you’re determined about moving, it is now time to look at other serious budget questions. Maybe don’t rush into it and get all your cash tied in one place: you could buy a place and rent it for a few years before the big move.  Keep the local costs of living in mind: it might be cheaper, but relocating never is. Similarly, beware of shifting currencies that can mess with your savings. Finally, don’t forget to be very thorough about your medical needs. Make sure you can get the right treatment in your new home, and that you will be covered for it.

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