Follow These Tips To Ensure You Enjoy Your Overseas Retirement
It has become a popular option for retirees to spend their retirement days abroad. Imagine waking up to the sound of the waves crashing, meeting new people, learning a new culture, all while enjoying the warm summer days all year round. Plus, depending on the destination, many can save their retirement funds due to low-cost living. However, to ensure you enjoy your time to the fullest, there some tips to help you adapt to your new life in overseas retirement.
As much as it sounds exciting to retire overseas (well, it is), one must take a hard look at all the pros and cons before deciding to move abroad. Packing your life in a briefcase and starting life anew in foreign soil is refreshing and invigorating, but it’s not easy for everyone. Every expat will have their share of highs and lows as they navigate their first few months abroad.
Essentially, the first thing you want to do is research thoroughly on the potential destination and figure out if it’s worth making a move there. Start this process as early as you can so you will have time to overcome an obstacle. It may take you months to be thoroughly prepared before you embark on a journey of a retired expat.
Here are five tips that will assist you in being adequately prepared to start overseas retirement life:
1. Learn the Language
First things first, learn the local language. If you are moving to Cambodia, then learning the Khmer language will help you blend in with the locals. You don’t have to master a new language. Being functional or knowing the basics should be your goal. You can always hire a language tutor or get enrolled in linguistic classes. You can also take the assistance of apps like Duolingo or Memrise to keep yourself on track.
2. Manage Your Bank Accounts and Finances Judiciously
Being comfortable with online banking is important before relocating to a foreign destination to start your life as a retiree. Let your bank know that you are moving and find out if you need some clearance to use your credit cards.
Keep your old bank account open so that you can pay various utility or credit card bills apart from receiving Social Security checks in that account even when you are abroad. For instance, as an American citizen, you can claim various Social Security benefits as a retiree even when you are living in a foreign country.
3. Apply for Residency Visa
Suppose you are really enjoying your time in the Netherlands, you should look into applying for a residency visa. Note that residency rules are different across countries. For instance, if you live and work as a self-employed person in the Netherlands, you can easily get a Dutch residence permit.
Age is not a limitation and you can also sponsor your spouse and minor children to be with you. If you have invested about 4,500 euros in business, you can obtain a residency permit for two years. Carry the hard copies of necessary documents when you plan overseas retirement. Incomplete or incorrect paperwork during residency application can cost you a lot of money.
4. Health Matters
No matter where you intend to spend your retirement days, you will need health insurance at this phase of your life. Most of the expat hubs or top destinations worldwide have made it easier for everyone to access adequate healthcare. Ideally, it would help if you opted for international health insurance from a reputed company to enjoy world-class healthcare facilities in your chosen destination.
5. Home, Home, there is No Place Like Home
You may have plans to buy a property and enjoy a relaxed retired life in a foreign destination. However, instead of buying a house immediately, you should rent out a place for the initial few months. Adapting to a new environment and place takes time, so give yourself enough time to decide on buying a house.
You can choose to stay in rented accommodation or hotel for some time till you find the home that suits your lifestyle and budget. Invest your hard-earned money in a property only when you are very sure. After all, it will be your new home.