INTRO
Today on the blog I have another interesting collaboration, this one is about the things to consider if you've ever thought of retiring overseas. I've had a few blogging friends who are ex-pats and their lifestyle choices have always fascinated me. It's such an adventure and I must admit to a tinge of envy when I read about what they're doing and the life they're living.
So, here's seven great little tips if you've ever thought that this might be something you'd like to do...
7 TIPS FOR RETIRING ABROAD
Retirement can feel like a fresh chapter, and an opportunity
to live a life that you could only dream of when committed to a job. For some, this means
considering a new life overseas. The reasons vary: lower cost of living, warmer climates,
reconnecting with loved ones, or finally embracing adventure. But while dreaming of starting over
abroad is exciting, it does come with some challenges – you’ll need to plan purposefully for a
smooth transition abroad.
THE TRIAL RUN: VISIT BEFORE YOU COMMIT
Perhaps you already have a place in mind that you’ve been dreaming of, like somewhere you’ve visited on a holiday before. Your experience on holiday will be different from everyday life, so before making a final decision, visit the country again and stay there for an extended period. Consider elements such as healthcare, pace of life, climate, transport and accessibility, and social connection when deciding if you want to retire abroad.If you don’t have a specific location in mind, this is where you’ll need to start. Different countries come with different perks, and the place you ultimately choose to be your home should align with your vision for retirement. Places like Panama, Colombia, Mexico and the Philippines are good options for both a laid-back lifestyle and ease of money management, while Spain and France remain as traditional favourites for their well-established English-speaking expat networks.
UNDERSTAND THE VISA AND RESIDENCY REQUIREMENTS
Once you’ve narrowed down your choices to a specific location, look into the visa and residency laws of that country. Researching early on gives you time to prepare to ensure you meet the legal requirements.Make sure to get your information from the country’s immigration services, Australians can also make use of their government’s travel advice and consular guidance. Resources such as Smartraveller can
provide country-specific legal and residency considerations to help you through the process.
REVIEW HEALTHCARE OPTIONS CAREFULLY
Healthcare should be one of your top considerations when planning for retirement. Your health coverage doesn’t automatically travel with you, so you’ll need to consider the quality of healthcare, medication access, and what (if any) changes there will be to your medical care once you leave Australia. You can check Services Australia for your Medicare portability, and determine if you will need to get local health insurance in your retirement destination.PLAN YOUR FINANCES CONSERVATIVELY
Each country recommends a minimum amount of savings to finance your life for at least six months in their immigration requirements, and this is a good place to start planning your finances. It’s better to plan on the conservative side, accounting for housing, flights and other transport, item shipping, and migration fees and legal expenses. You’ll also have to factor in the differences in pricing due to currency fluctuations. It’s important to leave a buffer for unexpected healthcare expenses and tax obligations.THINK ABOUT YOUR FAMILY AND OTHER CONNECTIONS
Preparing for the emotional impact of retiring abroad is just as important as preparing for the logistics. Retirement overseas can affect partners, family members, and friendships, and maintaining connections long-distance can be challenging. Retiring abroad can leave you feeling lonely and homesick at times, while your loved ones miss your presence. Planning visits and shared experiences can keep your relationships nurtured, while also providing opportunities to create new memories with your loved ones in your new home country.BUILD A COMMUNITY AROUND YOUR LIFESTYLE
When you’re settled in and ready, lifestyle activities could pave the way to building a community in your new home. Many retirees start out in expat communities and language classes, eventually branching out to special interest clubs or volunteering groups. There are many benefits: you can finally explore activities that you’ve been wanting to try before retirement; you can get properly introduced to your neighborhood and build your own community; and you can create an environment for yourself that gives you a sense of belonging.TAKE IT SLOWLY AND STAY TRUE TO YOUR WANTS AND NEEDS
Retirement doesn’t have to be permanent or perfect, especially if you choose to settle abroad. Give yourself grace if you want to change your mind. Trial periods are okay, and you can adjust your plans until you find the life that suits you.
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