For many people reaching retirement means also finding a new place to live. At that point many people prefer to pack up and move somewhere that will be fun and easy to manage. It’s always a good idea to consider every possible option, even if that means actually leaving the country. If retiring abroad is a possibility for you, we’ve got some things to consider.
Location is probably the number one consideration when you are thinking about retiring abroad. The weather is usually one of the first things that people think about as well as the lifestyle in general, but 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 some countries like Costa Rica you might be able to get a house for about half of what you would in the U.S., and everything from food to housekeeping is cheaper as well. For many retirees the allure of having travel funds free is a good enough reason to cut down on the cost of living. Although the costs do vary a bit which is something to keep in mind. Just do your extensive research to make sure that the cost of living will actually 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.
Some people suggest that you should go through a trial period before you fully commit to retiring abroad. Perhaps first rent a home or apartment in your desired country and see how you like it. If you don’t end up liking it doing so could save you a lot of trouble down the line. 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.
Another thing to keep in mind is how you feel about the space from your friends and family. Some people are ready to get far away from their family but others prefer to see them more often. Do consider that if you move somewhere relatively inexpensive you’ll have more travel funds saved up anyway, which means a last minute trip might not hurt your wallet at all. You might even choose to do some back and forth regularly. It’s always possible to create your ideal circumstance that ends up being easy on the wallet and easy on life in general.