What Factors do you Need to Consider when Retiring Abroad?

Written by asad sami | Last modified on:

Need Factors Retiring Abroad

For a great number of people, moving abroad when retiring is a very tempting option. The thought of getting away from it all to live healthier in the sun with great air and new friends is appealing to many retirees. If you are thinking of heading to foreign parts for a more relaxed lifestyle with potentially lower living costs, then you are certainly not alone. However, there are some key factors to ponder on before retiring abroad.

Retiring abroad needs careful thought

Retiring itself is a big change in your life, even if you stay in your own country. With this in mind, retiring abroad is an even bigger undertaking that needs some serious thought. Here are the major things to mull over:

  • Visas – when it comes to retiring abroad, you will need to check out what paperwork or visas you need in the new country. These will all differ according to where you are going and may take several months to get sorted. Head online to check this out at the embassy of the country to which you are thinking of retiring.
  • Healthcare – if you live in the UK or Canada, then you will be well aware of the fabulous healthcare services that can be accessed for free. This is not the case in a lot of other countries abroad, especially for foreigners! Take the time to check out the healthcare arrangements in the country to which you are thinking of moving.
  • Pension transfers – the chances are that you will be eligible for some kind of personal or state pension when you retire. This will be the main source of income to live on when abroad in all probability, so you need to make sure that you have arrangements in place to receive your pension. The best advice is to set up a bank account in your new country and then use an international money transfer company to have your pension regularly paid into it. For those moving from the UK, there are lots of great London money transfer companies that can help set this up for you.
  • Community – most retirees will like to live in a place where there are people to socialise with daily and where there is a vibrant ex-pat community. If this is important to you, then make sure to research what the ex-pat community is like where you are considering retiring to so that you don’t get lonely.
  • Culture and facilities – another big factor to consider when retiring abroad is the local culture and amenities. Do they speak English? Is there clean water and electricity? All this needs to be found out before you move.

Retiring abroad can be magical

There is no doubt that retiring abroad to live is a great option and can really help you enjoy your later years to the full. By following the above advice, you will be able to choose a country that is not only safe but also perfectly set up for pensioners to enjoy.