When making plans for your retirement, there are all kinds of things you might be considering.
You might want to settle down in the home you are currently living in and spend time in a place you are very familiar with. Alternatively, you might want to buy a retirement property elsewhere in the country and make a fresh start in a new locale. Or you might want to retire abroad, perhaps in a country that you have enjoyed visiting in the past.
If you do consider this latter option, you shouldn’t make the decision lightly. While it’s an attractive option, it may be that it’s not right for you. Still, let’s look at reasons why you might want to move abroad and reasons why you might want to think again before doing so.
The Benefits Of Retirement Abroad
There are all kinds of legal ramifications to moving abroad, such as applying for a Visa, but with the help of immigration experts, this shouldn’t be a hurdle that is too large to cross. You see, there are benefits to life abroad, so you shouldn’t dismiss the idea because of legal paperwork and red tape.
You can move to a country that has a climate that suits you better, for example. Here in the UK, the weather is notoriously cold and damp, so it might be that you choose a warmer locale. Provided you can stand the hot weather, you might enjoy your retirement years living in the sun. Of course, not every location is unbearably hot (or unbearably cold). There are many places to retire with climates for people of all types, so it shouldn’t be too hard to find a spot that suits you.
You will also get the opportunity to tick something off your bucket list. Many of us want to see more of the world, so if you choose a destination that you have long wanted to visit, you could retire in your dream location. Life is too short not to live out your dreams, so this is as good a reason as any.
And if money is an issue, know that there are some cheap countries to retire to. You would then be able to make the most of your retirement savings and live in a place that you will enjoy living in. Portugal, Costa Rica, and Malaysia are just three of the countries that are cheap and beautiful to reside in.
The Drawbacks Of Retirement Abroad
We have highlighted some of the benefits, but a life abroad isn’t for everybody. While it might seem like a wonderful idea, you have to remember the people back home. Could you live apart from your friends and family? You might start to regret your decision if you move away permanently, although weekly video calls and vacation visits might soften the blow.
There’s the culture shock too. You will have to deal with the language barrier, new rules and regulations, and ways of living that might not be ideal for you. You would need to research the countries you were considering to make sure they were right for you.
And then there’s healthcare to consider. We are fortunate to have the NHS in the UK, but not every country has the same provisions that we do. You should research countries with the best healthcare before moving, as you do need to be well-cared for as you advance into your twilight years.
Is Retirement Abroad Right For You?
We have barely scratched the surface here as there is much more to consider. Still, we hope we have highlighted some of the main pros and cons to help you with your decision making. A life abroad could be perfect for some and a nightmare for others, so if you are considering the move, do whatever is right for your personal situation.