Can You Retire Abroad?

It’s a dream of many people to retire abroad. Not only does it afford you the luxury of living in someone where you might only vacation, but it also allows you to fully experience another culture without having to worry about a job or making enough money to survive. However, wanting to retire abroad and being realistically able to do so are two completely different things.

Retiring in another country can be a great way to stretch your retirement funds

  1. You need to have enough money – If you really don’t want to work when you retire abroad, you will need enough money to survive, based on predicted longevity figures as well as the time that you’re planning on not working. This can take years to amass, so if you’re even considering retiring abroad, begin saving now.
  2. You need find a place to live – If you want to spend the rest of your days abroad, you’ll need to find a home that’s easily accessible for you and your family as well as ready to withstand that next ten or twenty years that you plan to live in it. Try to find a home that’s either newer or has recently been renovated in order to feel confident in the home’s ability to last as long as you do.
  3. Buy the place where you will live – This tip goes along with the idea of having enough money. If you’re planning on living out your days abroad, try to buy your home outright so that you can have one less payment and bill to worry about.
  4. Are you well-versed in the language? – You don’t need to be fluent from the start, but having a good idea of basic phrases and a willingness to learn your local language will help you when you retire. You need to be able to communicate in this language more than your native tongue, so it’s wise to take lessons and prepare well in advance. You can even study a language online with teachers in your target destination.
  5. Do you have family that needs you at home? – When you still have someone to care for back home or grandchildren that you want to see often, it may not be a good idea to move abroad. Perhaps you can simply rent a home abroad and stay there for parts of the year, rather than the entire time you are retired.
  6. Are you able bodied? – While handicapped and challenged retirees aren’t unable to move abroad, you might want to consider how accessible things will be for your abilities. Many areas in rural cities will not have the access capabilities that you might be accustomed to. Also, if you’re not in good health, the stress of moving far away might not help your body heal or maintain a state of vitality.

You can retire abroad if you have the money and the desire to do so. However, be sure that you and your spouse are in full agreement as to how things will work in your new setting. That can solve your problems more than anything else.

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