From seeking warmer weather to living someplace where your money will go farther, there are many advantages to retiring abroad. Several countries stand out for their safety, ease of attaining a visa and health care systems as benefits to supplement the retiree lifestyle
As the owners of Living The Retirement Lifestyle and UK citizens just like our friends across the pond in the United States, we have to consider the in’s and out’s of retiring abroad and let’s face it in the current economic climate with rising inflation and pending recession it’s important to think about making our money go further, our better health and of course not forgetting that all important lifestyle
Since we can’t speak for those of you in the USA we asked our friends at Retire Guide for permission to publish their Guide To Living Outside The US as they have all the professional back up for those things we don’t know about in the UK such as working after retirement and any IRS rules and regulations, medicare, pensions and retirement accounts
So where would you like to live?
Time to explore
You have a lot of choices when it comes to where to live and what to do in retirement.
Many places abroad could make for a good retirement spot, depending on your preferred lifestyle and interests. Not everyone wants to live beside the ocean even though we know we do!
Here are a few of the best and most popular places you may want to research if you plan to retire abroad.
Costa Rica is without doubt one of our favourite destinations (we’ve visited four times and just love it.
If you love the outdoors and adventure, then this country could be an excellent choice. Costa Rica is one of the most biodiverse nations globally and includes everything from rainforests to volcanoes to cities.
With a very low cost of living, your money can go far in Costa Rica, allowing you to live out a high lifestyle in a country close to home
Then there’s Mexico
If you’re ready to get out of the U.S., Mexico is a good option, but not too far from home. The country also has a significant population of expats, meaning you could probably find a community of Americans to mix with
One of Mexico’s most significant benefits is its low cost of living. It’s another nation where your money will go far, and your retirement savings can support a lifestyle that wouldn’t be tenable back in the U.S.
But what about Panama?
We’re going there in November and it’s been a place we’ve wanted to explore for a very long time
Situated at the bottom of Central America, Panama works to make Americans want to retire there and has one of the most generous retiree packages in the world.
There are many other options such as Spain, Portugal, France but as our friends at Retire Guide say
“One of the most important things you can do if you plan to retire abroad is to spend a significant amount of time in your target country before committing. Try to stay for a couple of months if you can, don’t treat the trip like a vacation and go about your day-to-day activities to see if you can be happy there.
It’s also essential to research and understand your tax and visa obligations. Visas are obtainable for many countries but becoming a permanent resident can be much more difficult and take years.
You’ll also likely need private health insurance, which you must solve before you can move and if you can, speak with a financial planner to assure your move is feasible and that you can thrive financially in your desired destination.”
We hope that we’ve given you food for thought and that sharing a resource that is especially for our US friends that you can seek the relevant financial and healthcare advice that is essential for any move
We cannot obviously verify as accurate any of the information provided by Retire Guide so we would always suggest that it’s in your best interests to do your own due diligence
Happy retirement home hunting