Retiring out of state is one thing, but could you retire in a completely different country? You may be surprised at the advantages and disadvantages. Retiring abroad can be incredibly affordable, but you may have to do without many of the conveniences of living in your home country.
Here are some tips and things to think about when discussing retirement abroad.
Where do you wish to retire? Have you traveled there? What is drawing you to that country specifically? You need to do your research before you make any sort of financial and/or emotional commitment.
- Is this country safe? Is there civil unrest or a high crime rate? Is the crime localized to certain areas?
- What is the political situation like? Is their government crooked? Are their taxes high?
The healthcare system in most foreign countries is drastically different from our own. Whether that’s good or bad is up for you to interpret. What is their healthcare system like? Is it inexpensive or free? If it’s one of those two, is the system paid using tax dollars? How is the quality of care? Do you have medical problems that warrant close proximity to a medical facility?
Learn a new language
Would you be willing to learn a new language? Many times, this is a necessity, but there are several countries that are sought after retirement destinations for U.S. citizens. However, if you have to learn a new language, might I suggest Duolingo. It’s a great app that enables you to learn a new language at your own pace.
Live without conveniences
Do you have patience? Obtaining a visa or a second citizenship can take many years.
Will you be able to do without the conveniences of living in America? Can you wait a few days or a few hours even before getting an item? Are you able to travel farther to get to the store? Could you trade in your high-end mall for a small plaza? There are so many things we have in the U.S. that we take for granted that could very easily be missed in another country.
Leave your Family
This is probably the hardest part of retiring in another country. Would you be able to leave your family behind? There is very little chance that my wife and I would ever move out of the state let alone the country. Our family is just too important to us and we couldn’t leave them for an extended period of time.
For those of you that would be able to do this, kudos, you are stronger than we are.
There are many questions that need to be answered when you consider retiring in another country. You need to do your homework and weigh the advantages and disadvantages.
If you are planning on retiring out of the country, send me an email. Let me know where you are going and what helped you get to that decision.
Note: Everything discussed in this post is for informational purposes only. Please consult with a financial professional regarding your personal financial situation. Do not make decisions based solely on what you read or hear.