What Expats Should Know When Retiring Abroad
So you have been toying with the idea to retire abroad and you have been gathering information on this new adventure. Good job, you’re on the right path! Moving abroad to retire has its perks but it is imperative to do as much research as you can. These tips for expats retiring abroad can be a starting point.
Becoming an expat in a foreign country is exciting, especially if you’re choosing a destination to spend your retirement. Retiring in a new country allows you to be more active as it allows you to pursue new goals, develop existing skills and make retirement a time to grow. Here are the important tips for expats retiring abroad:
Trial run
Before narrowing down to a country, take a vacation to this destination first. Take a trip during your working years and spend some time exploring the city, culture, and language. Instead of resorts, stay in a homely environment, like studio apartments, mom-and-pop motels to gauge your comfort level. Some country requires you to speak the local language so learn ahead. When you’re taking a vacation, speak to the locals and learn as much as you can. Think of it as an investment. Blending in and learning to live like the locals will help you assimilate into the culture.
Money matters
It is important to find the cost of living in the country you’re planning to move to. Countries like Portugal, Malaysia, and Mexico is favorable to many expats due to its low-cost lifestyle. Another tip is to begin early. Save the majority of your income for your retirement. This can be in the form of savings accounts, investments and retirement funds.
Additionally, before moving to your retirement destination, another option to maximize your funding is by selling your house and belongings.
On the other hand, once you’re in your country of choice, look for jobs that support your retirement. For example, you can be teaching English online, or opt for other digital work.
Visa residency
Different countries have different laws. It is important to read the country’s information about the type of visa you need. You can usually qualify for residency through naturalization, ancestry or marriage. Similarly, some countries will require you to show a minimum income before becoming an expat.
Many countries make it easier for people to get citizenship. For example, countries like Panama want you to come and live in their country. It only takes 1-3 years to get citizenship, and the best part is that anyone can qualify. On the other hand, if you have an Argentinian passport, you can visit 150 countries visa-free. Here’s another tip for expats retiring abroad, find out if you qualify for dual citizenship as it will make the transition a little easier.
Access to quality healthcare
When retiring, getting quality healthcare is a top priority. It is important to choose countries that suits your health. You don’t want to end up somewhere you constantly need to seek medical help.
The country you will retire in will have national health systems. It is imperative to investigate the eligibility, availability, and quality of the healthcare systems. Additionally, research on the environmental conditions at your destination. Some places may contribute to specific health concerns.
Look into getting international health coverage as it’s very likely that your domestic plan will NOT cover you during your retirement abroad. Get covered with a respected global insurance company that offers a comprehensive health plan such as Cigna.
Now that you have learned the tips for expats retiring abroad, evaluate your current settings to make the necessary changes. Remember, there’s more to moving to a new country but at the same time, it will be the best decision you will ever make.
