For many people reaching retirement means also finding a new place to live. For a lot of people that means relocating to someplace a bit warmer of easier. One of the options in doing this is moving abroad. Here are some things to consider if you’re thinking about retiring abroad.
Probably the very first thing that you’ll want to think about it where exactly you would be the happiest retiring You might choose your ideal locations based on the weather or lifestyle, but then there are some other things to think about as well. The next step would be to consider if the cost of living somewhere is going to make sense for you. In many countries there is a great conversation rate which will actually drop the cost of living considerable. In Costa Rica for example, pretty much everything is significantly cheaper than it is in the U.S., including the cost of a home. This helps to make everyday life easier, and it might also give you some newfound freedom to do stuff that you didn’t get the chance to do when you were working. Not that everything will be cheaper. In some countries things like air conditioning are an expensive luxury so it’s worth considering whether you need that type of thing in your new potential lifestyle.
Moving abroad is a pretty big decision, so you can actually take the process in steps to make sure that you like it. Before you buy a home for example, you should spend some time getting to know the area and just renting a spot to live in the meantime. This is the perfect solution since you can leave if you don’t like it. If you end up wanting to make that area a permanent home then you will have some time to get acquainted with the area in the meantime. When you take some time to get to know the area you’ll have a great idea of why it works for you.
Do consider that if you retire abroad you mind yourself further away from a lot of your family members. It’s always a personal decision. You will however be able to travel more if you are saving money on a cheap place to live, so you might actually plan a lot of trips back home anyway. You might even choose to do some back and forth regularly. For some the happy medium still makes life fun as well as economical.