Holiday Home Times

Are you Really cut out to Retire or Relocate Abroad?

Retiring abroadOn an average, thousands leave their countries each year to go in search of a new life abroad with most leaving their countries being retirees looking for a golden retirement in the sun. So are you planning to be one of them in the near future and thinking about whether you should look elsewhere for your retirement home?

The reality which most people underestimate is that this big step can be quite as challenging as it is rewarding if not planned. No wonder while the dream of a new life overseas is wonderful and very rewarding, the question is: ‘Are you cut out for a move overseas?’ That’s what we will find out today in this article!

Why would you relocate to this place? Probably you must’ve had a fantastic holiday in the location and you believe it could be a great place to start a new life. But then ‘do you want to be a perpetual tourist or have you actually thought about the realities of living in a holiday destination?’ If you’re looking for Shangri-la then you are likely to be disappointed. There are dozens of beautiful, friendly and safe places where you could choose to retire or relocate, but there’s no such thing as one-size-fits-all retirement haven. Even if it is the climate you like about a place, you must be realistic about this place in the sun that the climate is not going to stay pleasant all year long. So manage your expectations accordingly.

Have you got your priorities right? Just don’t fool yourself! Be honest and set your priorities and decide what matters most to you. Can you do without the company of your English-speaking friends or your extended family? If you can’t imagine life without going to the Broadway once in a while then you certainly need to rethink the entire proposition. Plus is relocating overseas your unilateral decision or your spouse is equally involved? Make all decisions jointly with your significant other and get her/ his perspective too.

What about your family and loved ones? You will be leaving behind your support network of friends and family if you move abroad, so will you be able to cope without them? Factor in issues about accessibility and affordability to travel to and from the country you want to retire to see family and friends or for them to visit you.

Have you put all the eggs in one basket? It’s very important to have an alternative plan. It might be a pleasant holiday, but might turn out to be a nightmare as a resident in the same place. Tomorrow you might feel ‘I was better off in my own country.’ So once this feeling sinks in, will you be able to shift back without losing much or you will be stuck in this new country with which you no longer share any bonding?

Can you actually retire in the country of your choice? Many countries may not have specific retirement visas and you can only live there if you are of working age. In many other you need to prove that you have enough income to sustain yourself throughout retirement. 

Have you accounted your cost of living? Are you moving overseas simply because you friends told you that it’s a cheap place, or you have done your own research? Many countries it might seem cheap, but certain can’t-do-without things come with a high price. Is it the same lifestyle you want to continue in the new place or you are expecting something better – plan accordingly right to the cost of a pint of beer.

What happens to your medical coverage? Find out if the health insurance in the country of your origin covers you once you leave the country. Although most countries have good options for both health insurance and healthcare you might still want to decide whether you would like international health insurance or you are equally comfortable with a local insurance in the country where you’ll be living. Just remember that a local health insurance will cover you only in the country where you’d be living. So if you are planning to travel regularly it could be an unrealistic choice.