When we come to a foreign land as visitors, it is easy to get caught up in the romance and mystery of the place. Sometimes, the attraction is so much that retiring in such a country becomes a major consideration. People who are at this stage of nearing retirement should never approach this decision with haste since they are in effect deciding on where to spend the rest of their lives after working hard for the most part of their young lives.
The decision on where to retire should be considered long before retirement time comes so that all options can be looked into. It should go without saying that preparation starts while still very much gainfully employed since the product of work efforts will determine what kind of options will be made available to retirees. The better employment and income one has, the better outlook is offered by the future if sound planning practices are observed. It is therefore important to understand and stress the importance of the present in relation to future retirement.
It is sensible to consider the following when retiring abroad or in a foreign country forms part of a person’s long term plans.
1. Living in a country is entirely different from visiting it.
Visiting connotes a temporary thing which allows people to leave at any time when desired. Living or retiring in a place connotes permanency since investments to that effect are done such as buying real estate, transferring businesses, and relocating families. All of these require effort and money which will be difficult to recover with a sudden change of mind due to inconvenient situations.
2. Retirement has specific concerns that have to be addressed.
Retirement has its own specific concerns which will have to be considered regardless of where retirees choose to live. Foremost of these concerns is the availability and accessibility of health facilities since people in advanced ages have at least one health issue. Healthcare providers in one country also usually do not extend their coverage beyond territorial borders so it best to check if sufficient coverage can be obtained in the country where retirees intend to relocate.
3. Financial issues have to settled.
Retiring in another country does not relieve retirees from financial responsibilities regarding taxes due in the country of origin. Several arrangements have to be made for banking services, insurance coverage, and other related services. Prior arrangements eliminate problems and inconveniences that can be difficult to resolve when already staying in another country.
About the Guest Blogger
Dorothy is a financial consultant who provides personal finance guide for senior citizens.