Retiring Abroad? Choose Your Destination Wisely

Retiring abroad in an exotic country is what dreams are made of. Whether you seek an adventurous few golden years or something a little more quite retiring abroad is becoming increasingly popular. There are countless places to consider, each offering its own culture, climate, and experience. You need to know that if you’re planning to retire abroad you should choose your destination wisely.

But, choosing your perfect destination can be as daunting as the actual move. Mike Keane of Javea Properties, a local estate agency on the Costa Blanca, advises you to follow these simple steps when deciding on where to retire to overseas.

To help you get started it is recommended that you make a list of the countries which best suite your needs. This needs to be done early, preferably before your retirement. Next list the reasons why you want to move there next to each country. By doing this you are exploring all the options for moving to each country.  Once you have done this, you need to cut it down to your top five choices these using the below tips further eliminate destinations which may not meet your requirements.

Finances

This is the most important step in finding the right country for your retirement. You need to make sure that the country you have chosen fits within your budget. It really is not wise to choose a destination which will drain all your retirement funds in just three years. You need to not only look at where you will stay but also what the lifestyle in the country will cost you. To know what you have to spend on your retirement you need to know how much you’ll have saved. Then you need to calculate how much you will have every month and don’t forget to take into consideration inflation.

Once you know how much you’ll have you need to compare that with the cost of living in each country and eliminate the countries which fall out of your affordability range. To do this, you need to take a close look at what it costs to live in each of your chosen countries. You need to look at basic food items, daily travel, taxes, rates, and bills. Cross out those countries which you cannot afford. This will give you a realistic look at the countries which you will be able to afford.

Health care

While we all imagine retirement to be sunny days reading books and long walks in picturesque countries, this simply is not true. One of the biggest considerations you will have to make when choosing to move abroad is whether the health care systems are up to scratch and how far they are from where you will be staying. As we age, our bodies do not work as they once did; health care is an essential service. You need to make sure you properly research the health care system for the countries left on your list and eliminate those which are not up to standard. 

Hobbies

You need to make sure that the country you choose will allow you to continue participating in your hobbies, what else will you be doing with your free time. For instance, if you are a keen golfer, you don’t want to move to a country where your closest golf course is an 8-hour drive away.