Planning for Retiring Abroad, Options and Tips for Current & Future Expats
Planning for retiring abroad is a common dream for many people around the world and an exciting and fulfilling reality for expatriates. It is widely known that expat life can be very exciting and adventurous if you have planned it right. However, being prepared for all kinds of obstacles will help you in having a wonderful life abroad. As a retiree at a new location, you need to follow some tips discussed below and make your stay in your chosen destination very pleasant.
Here are the top 8 tips that can help you in being thoroughly prepared for your next expatriate life:
1. Set Your Priorities
Being honest about what matters to you the most certainly helps. Your priorities may include meeting like-minded and English-speaking friends, cost-effective lifestyle, strong internet connectivity, mouthwatering food, etc. If you can’t imagine life without the things you love the most, you should rethink your plans to move abroad. Remember that you may have to compromise on many aspects when you are moving out from the comforts of your native place.
2. Make Joint Decisions
It is important to have detailed discussions with the people with whom you are traveling abroad. What you may like may not suit your partner or spouse. It is always better to bring these discussions to the table before it is too late. Making joint decisions is always better in the long run.
3. Be Realistic in Your Expectations
It is important to understand and accept the fact that no place on this planet is perfect. You will have to curb your expectations about a particular expat destination by thinking that no city is completely free from crimes or no climate is 100% ideal.
4. Home Sweet Home
A new place will have its own set of advantages and disadvantages. Working hours of banks, government offices, restaurants, bars and shops may vary from country to country. Don’t expect the same convenient life that you enjoyed back home when you are starting an expatriate living abroad.
5. Be Diligent During Property Purchase Abroad
Impulsive buying seldom helps. If you are planning to purchase a property in your chosen expat destination, you should do detailed research before you make the final decision. Property buying is a very big decision, so don’t get duped by unscrupulous property agents. It is always wise to be cautious during property purchases in foreign soil.
6. Consider Renting Accommodations Initially
It is always better to rent out a place instead of buying a house when you have just moved into a new location. Before you are comfortable in making such a big investment, you can always cling on to your rented accommodation for at least a few months. There is a possibility that your expat paradise’s neighborhood may not turn out to be one that you had expected. Give yourself sufficient time before you commit to a property purchase abroad.
7. Be Prepared for the Unexpected
Long after settling in a country abroad, there can be times when you regret the decision of moving far away from your native land. You may end up questioning your sanity for deciding to lead an expat life. So, it is always better to expect the unexpected and understand that every struggle will be solved in due time. You just have to be a little optimistic about your decisions and your future as an expat. You should also think about your house and car insurance options when you live abroad.
8. Get the Right Guidance regarding Local Taxes
When you move to an expat paradise, little things like taking advice and guidance from an expert regarding local taxes can be very helpful. You can save a lot of money and also reduce your tax burden if you get the desired help and guidance from a reputable tax advisor. Learn more via our expat tax page.
9. Don’t Forget Global Healthcare is Critical for Expats Retiring Abroad
If you are planning to retiring abroad, you have to remember that you will probably lose your domestic healthcare. Also, as you know your health deteriorates as you age so it is important that you purchase a high-quality health plan designed for expatriates that will cover you for life. Check out the international health insurance page for tips and information. Expat Financial offers a variety of excellent global health plans, including the Cigna Global Health Options plan via:
Go Ahead – Retire Abroad Today
Apart from adequate panning, being practical while deciding to move to a new city will save you from a lot of hassles. Research and detailed planning are important, but nothing can replace the feeling that you would experience when you land in a destination as a retired expat.