Should You Plan To Retire Abroad?
When you have reached your golden years and you know that you do not want to retire when you are too old to enjoy life, why not go abroad?
Currently, four million Americans - including military and embassy personnel - are estimated to be living abroad. The fifty-something citizens do look at living outside the country as their primary option.
Here are some tips on how you can make the most out of your golden age by retiring abroad:
>> Plan ahead and research.
So you are about to receive your last paycheck. This is the best time for you to choose a retirement destination.
Do your homework and know everything about the locations available. Better yet, spend a week or two in the country where you are considering retiring so that you will get to have a feel of the place.
>> Choose a country with a low cost of living.
Even for Americans, it is not always cheap to live abroad.
Take Mexico, for example, where more than 600,000 Americans reside. Retirees here are offered residency permits which they can renew annually, if they earn about $1500 per month.
Retirees can also import household goods and other personal items, duty free. Those with a monthly pension of $2000 are eligible for permanent residency status. For those who have their own homes, the income requirement is even halved.
Belize offers a similar deal for forty-something citizens, who earn more than $1000 in pension.
Another factor to make a note of here is that when dollar costs slide, so does your spending power. Also look into the not-so-minor details like health care and social security.
>> Consider your health when choosing a location.
Your goal is to enjoy so the main factor to consider is climate.
Try to learn about all of the seasons in the country where you plan to reside in and see if your health can bear it. A not-so-healthy senior, for example, would not feel too comfortable in a tropical island where the climate changes drastically.
>> Think of the lifestyle that you really want.
Aside from Mexico and Belize, several countries have become popular retirement destinations.
For Americans who prefer more exotic locations, they go to Panama, Italy, France or Spain. Others even consider Belgium and Holland to enjoy a life of fine wine and great exotic pleasures.
No matter where you decide to spend your retirement years, make sure that you have planned ahead and you know everything about the country that you have chosen.
Once everything is ironed out, go ahead and laze around on the tropical island or exotic destination of your choice.
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