Steps to take before committing to your dream retirement haven

Steps to take before committing to your dream retirement haven

Steps to take before committing to your dream retirement haven

Nowadays, retiring overseas isn’t just for professionals used to living outside their home country, it’s for any individual or couple who enjoy new, positive experiences.

Many believe Americans were the first to embrace overseas retirement as a must rather than an option, but Brits and a good number of older citizens of European states soon caught on to the chance of a cheaper, more enjoyable and rewarding retirement. For UK pensioners, Spain was a favourite and still is, but many other world countries now have their quota of older residents living the lifestyle they’ve always wanted.

Obviously, leaving the familiar and embracing the unknown has its occasional shocks and disappointments, but careful preparation for such a huge lifestyle change can cut such incidents down to a minimum. Research is easy nowadays, with every popular destination’s relevant info just a click away, even for older would-be expats to whom the tech age is an anachronism. The cost of living is the most important issue for those with average pensions and cash in the bank, although possible currency fluctuation indications should be taken seriously.

Especially for British expats, a warm climate is usually essential as daily life depends on it. One problem which often blights an otherwise perfect location is language, as English is a second string at best in many favourite expat hubs. Surviving by confining your social activity to the local expat community is a mistake, as you’ll miss out on local festivals, traditions, lifestyles and new, fascinating friends unless you at least learn a little of the local lingo.

One, often irritating issue is local banking, as it’s almost always conducted in the language of the country. Banking rules across the world are at least similar, but actually opening an account can be a stressful experience. Taking a more experienced friend with you is the way to go. Currency exchange rates can cause issues for expats whose pensions are paid in the home country’s money as they can slash by 25 per cent the actual value of your monthly income.

One very important issue which needs to be carefully examined are your chosen country’s current visa and residency permit requirements. In many countries including the Gulf States and some Southeast Asian states, visa requirements seem to change by the month and may, in the worst case scenario, mean you’ll need to choose another destination in a hurry.

Another possible problem is the cost of private healthcare, whether or not you have an existing insurance which covers your new country of residence. Staying clear of countries who’re pushing medical tourism is wise, as charges for expats in general are often more expensive than the same service in the home country. For many older would-be expatriates, stability, safety and security are priorities, but it should be remembered that media reports of violence, scams and suchlike sell papers worldwide as well as informing residents of possible problems.

Lastly, very few world countries are considered totally safe as well as having stable economies and no reports of corruption, crime and suchlike. Sadly, those which do are mostly unaffordable for the average would-be expat retiree.

Related Stories:

Latest News: