Key factors determining expat retirees’ choice of destination

What are the key factors which should determine would-be expat retirees’ choice of destination?

Many potential expat retirees fall in love with a particular destination after spending enjoyable holidays in or near the area, but living full-time overseas isn’t the same as visiting, however regular. Choosing a location which supports dreams of a stress-free everyday life needs research as well as self-examination. The internet can be useful, but those coming up for retirement should realise many articles are advertorials for various services rather than objective assessments of any one destination’s suitability as an affordable retirement haven.

The initial step needs to be an analysis of what you’ll need in retirement, with political stability high on the list followed by the actual cost of living for your preferred lifestyle, taking into account your financial situation. The majority of advisory sites which quote exact monthly amounts are aimed at US expat retirees, quoting in dollars the average monthly pension of around $1,000 – no use at all for British retirees relying on the state pension of rather less. Unfortunately, calculating your actual retirement income and how it fits into your needs can narrow your choice of preferred locations.

Climate plays a huge part in most would-be expats’ decisions and rightly so, as choosing the right ambient temperature can have a positive effect on your overall health. For those British expats whose reaction to the UK’s depressing weather is negative at best, sunshine and warmth can make all the difference. If you’re leaving family behind, the ease of returning home on a regular basis is also important, as is the cost of long-haul flights.

Imagining your daily life as a retiree is essential in determining which destination will provide your needs. Having an entire day with nothing to do should you so wish can be destabilising, so choosing a location with new activities as well as a few established favourite occupations is essential. Many retirees find volunteering the answer, especially if they’re working with animals or children, but care should be taken if getting official permission is necessary.

Choosing a location with an already-established expatriate community works well for many retirees, but it’s best to make sure expats’ clubs and suchlike are truly multinational. Perhaps the best way to solve the retirement destination dilemma is to write down every aspect of life you feel you’ll need, then match the list with your research into several locations. This way, you won’t be planning yet another move after a few years!