The 4 Essential Tips On How To Retire Abroad

9 min read
The 4 Essential Tips On How To Retire Abroad

Advances in technology have made retirement look completely different than it has in the past. These days, there are so many different ways to spend your retirement including living in another country. With communication being so easy now because of video conferencing technology, you can stay in contact with family, friends, and even colleagues much easier than ever before.

 

This isn’t to say that retiring to another country is easy. It can be quite a challenge. There are more hoops to jump through than if you were to retire to another part of your own country. For many people, the chance to live in a nicer climate with a lower cost of living and a chance to learn about a different culture makes up for the challenges.

 

In this article, we will go over several things to keep in mind so you can decide for yourself if retiring to another country is worth it.

The 4 Essential Tips On How To Retire Abroad

1 – Insurance

 

There are two types of insurance that you will need to be aware of that you are going to need when moving abroad. The first is travel insurance for the trip itself. What is the best travel insurance for seniors? Look for policies that allow cancellations.

 

These days there are so many factors that can easily derail travel plans so having some flexibility to be able to cancel without losing your money is essential. There are your own health concerns that could get in the way as well as a global pandemic that can happen and disrupt travel all over the world.

 

The second type of insurance is especially important and its health insurance. Many countries have public health care systems in which everybody is covered and doesn’t need to buy their own insurance. However, if you didn’t contribute to the system then you won’t be able to take advantage of it. Retirees are usually not allowed to join these public programs.

 

There are also countries in which you wouldn’t want to be on the public system since the basic healthcare there is not adequate according to most standards.

 

In either of these cases, you will need to have private insurance that covers you for routine doctor visits as well as emergency care.

The 4 Essential Tips On How To Retire Abroad

2 – Visa and residency requirements

 

Retiring to another country doesn’t mean that you can just arrive and set yourself up to live there. Visas are required to be able to at least get to the country and stay for more than a typical tourist visa would apply. Then there are residency requirements so you can stay there long term.

 

Every country has different requirements for both so it is up to you to call the local consulate for that country and get familiar with them. Even countries that have visa-free entry for certain citizens will require you to have a special visa to stay. This usually requires having a certain amount of money in the bank to show that you can support yourself, some passive income from retirement accounts, and proof of health insurance. In many cases, you have to have all three of those.

 

A permanent residency usually only is granted when you have lived full-time in the country for a specified number of years.

The 4 Essential Tips On How To Retire Abroad

3 – Know the cost of living

 

The cost of living for some countries looks good on paper and seems like places where you can stretch your limited income. However, in some cases, the costs you see are for the basics. When it comes to living according to the standards you are accustomed to, you could end up paying similar prices to what you would back home.

 

Take a trip to the country in question and do some research that you can’t get just by looking at statistics online. See in person what the housing is actually like for your budget. Get a sense of how much it is going to cost for groceries and eating out.

 

Then you can understand if your lifestyle is going to work within the budget you have given yourself or not.

The 4 Essential Tips On How To Retire Abroad

 

4 – How to choose the right country

 

Finding the right country depends on a lot of factors. For instance, you should find a country where you can travel easily. Having a transportation hub like an airport or train station will make it easy for you to go back home when you need to and have people come to visit you easily.

 

Safety should also be a concern. Look for countries that are safe overall with low crime rates. Then make sure that these statistics also apply to the area where you plan to live.

 

Lastly, consider the language barrier. Try to learn the local language but also look for an area with other English speakers around so you can have a social circle as well as people who can help you navigate the bureaucracy.

Check Also

A Beginner’s Guide to Staying Safe While Operating Aerial Lifts

Scaffolding may not be the right equipment for all worksites, making it difficult for pers…