Each year more and more baby boomers make up their minds to retire abroad. For millions of people beaches of Miami or mountains in Arizona are not that exotic, so they prefer to spend several years overseas. Sure this choice doesn’t come easily. There might be many points and many problems one should go through before retiring abroad. Here we have put together some very important points, questions and benefits you might get when coming to this decision. Many people are in love with oversea countries, islands and even exact cities, but in fact they are not informed well enough and their dream is living with them just as a dream. We want you to know all your chances and go for your dreams. Check out our article and make sure to post all your questions about specific places – we promise to try to help! Well, here we go:
What questions you should ask yourself before retiring abroad:
- Is your family abroad? Do you have any relatives or friends in the country you’re thinking to retire in? Or do you have enough income to visit your family and friends in the US? These are first questions you should think and find the answers to. Still, you won’t have to let go of your dream. You should just understand the timing and all expenses beforehand not to get stressed later.
- Do you have clear understanding of health care system and related costs in the country you’re thinking to retire in? This is another important point, and don’t underestimate this question. You may be quite healthy now, but chances you’ll need health care in the near future are not small. So think about it.
- Are you going to work after retirement? If yes, are there any options for you in the place you’re moving to?
- What are the chances to get back to your hometown? Can you sell your property acquired abroad?
- Are tax advantages the main reason you want to retire abroad? Are you sure you won’t have to pay double tax for your income: in the US and abroad.
Pros of retiring abroad:
- Everything’s new: isn’t it just amazing to have new experiences, make acquaintances of new people, a different culture and language? This may be the most interesting challenge you’ve ever had in your life! Having fun while aging is what each baby boomer wants to face after retirement.
- Cost of living: is living in the US too expensive for you? Do you want to have more fun, spend more money on trips and journeys? You’d definitely love to live somewhere very far from the US where you can buy twice or even three times more things for the same money.
- Health care: in many countries health care costs are also much more affordable, than they are in the US. Just find the perfect place for you and compare costs.
- Dreams: As we’ve already mentioned above, living abroad/overseas may be the biggest dream of your life. So retiring there is the best option for you!! We recommend taking a look at our latest international listing: condos in Phuket, Thailand.
- Weather changes: sun and warm water the whole year? Is this your paradise? Go for it. Pick your spot on the map. Or do you fancy tropical rains, hiking through snowy mountains? These are all choices for retiring abroad.
Cons of retiring abroad:
Almost each point may have both advantages and disadvantages. You should just consider all the steps again and see what is right for you.
- Maybe the cost of living is not low in the country where you’re going to retire.
- Maybe the weather is not like what you expected.
- Maybe you’re not ready to face cultural and language differences.
- Maybe you want to see your grandchildren more often than once a year.
- Maybe you just wanted to have your vacation in a tropical forest, but never live there. Or it might be so that you miss the cold weather and want to make a snowman with your friends even if you’re 50 or 60 years old.
- At last, maybe you need much support, and living surrounded by strangers is not the best option for you.
Whatever you want and wherever you go, remember you live once and you should never let your dreams go. Remember, if you’re a retiree or a near-retiree, all you need is a great plan for the beginning! Consult some specialists to grow your savings and be able to retire abroad and be sure you know your chances in real estate abroad.
By: Hermine Aslanyan
Tips For Buying Into a 55 and Over Retirement Community by Bill Gassett
Benefits of retiring in svannah by Teresa Cowart
Great Tips For Buying Your Retirement Home by Debbie Drummond
5 Home-Buying Mistakes That Can Sabotage Your Retirement via Erika Lewis / realtor .com
5 Critical Steps to Take Before You Retire via Investopedia