If you are coming up to retirement, you might be seriously considering where you would like to retire. Will you stay in your hometown? Will you move closer to your children or aging parents? Is the thought of retiring abroad on your mind? If you are set on retiring abroad, this article will be helpful in focusing your thoughts on where you wish to retire. For those of you with a partner, you might find that what you want is very different to what they want. Spending some time together considering the following points will help you to make sure you are on the same page, or at least guide you towards choosing a place where both of you will be happy.
Retirement destination checklist
You feel the cold while your partner can’t stand the heat? You need to discuss the kind of climate that will be comfortable for you both. Before making your final decision on your retirement destination, you are advised to visit during all of the seasons. You might find that winter has the perfect climate but the summers are too hot.
Proximity to home
How far away do you want to be from your family and friends? Do you want them to visit often? This will determine your retirement destination as some locations, like Mexico, will be cheap and easy to visit, while other destinations, like those in Europe or Asia, will be costly and timely.
Full or part-time
Are you choosing a retirement destination to be your place of residence or just for winters? If you are seeking to immigrate full-time then you will need to choose a country that is open to retirees becoming full-time residents. Part-time retirees may find a wider choice of countries that offer up to 6 months stays.
Will it be a permanent move? If so, you might want to consider a country that has a good healthcare system and where you can still receive your pension if you become a permanent citizen. Likewise, you may want to choose a country that allows dual citizenship (if you do not want to lose your current status) or where it is easy to attain permanent residency.
Cost of living
If you are hoping to downsize and live less expensively, you will need to consider those retirement destinations where you will not be expected to spend a lot of money, particularly those where rents are cheap and real estate is affordable.
Beach? Mountains? City? Countryside? Live music? Theater? Museums? Sports? Shopping? You should assess the elements that are important to you.
What is the state of the current political situation in the country? Is there the potential for social unrest in the areas where you plan to live?
Are you welcome?
Some retirement destinations are more friendly than others towards foreigners. Consider how your nationality is received in your country of choice.
Choosing a retirement destination that helps any chronic conditions or illnesses you have could be a bonus. For example, living near the sea or by mountains can have a positive effect on health due to the negative ions that aid health. You will also need to consider if you can afford private healthcare in the country of your choice.
Will speaking a foreign language be a barrier to your enjoyment of the country? Are you prepared to learn a second language or at least the basics? This is a particular concern if you choose a retirement destination where few of the locals speak your language.
Some countries are notorious for moving a bit slower than you expect back home. If you think this will frustrate you to the point that you will not enjoy living there, then you might want to consider a more developed country for retirement.
The key to deciding which retirement destination is right for you is to shortlist the countries that hit most of your criteria and start to visit them before you retire, while you still have the income. Once you have one or two countries in mind, prepare to visit them at different times of the year so that you can gauge the reality of the climate in all of the seasons. “Try and buy” packages are a great way to get to know a destination, as is fractional ownership.