If you are reaching your retirement, one idea that you may have had in your mind is moving overseas. With so many benefits and potential opportunities, it certainly makes sense why it’s a popular choice for many.
However, like any significant life decision, you need to plan carefully and determine if it’s the right choice for you. It’s a big change to make if you suddenly decide you miss home.
Below we are going to take a look at five questions you will need to ask yourself before retiring abroad.
Let’s get started!
Can I afford it?
You probably already know that financial planning is crucial for retirement, but when you move abroad, you need to consider the additional costs. Even if you end up in a location with a lower cost of living, you still want to make sure that you have enough savings.
Some of the things you will need to plan for include:
– Travel costs
– Insurance
– Visa fees
– Storage expenses
Where will I be living?
Once you’ve decided upon the best location, you can then start looking at properties. A house for sale in Cebu might take you fancy, but renting could also be a more suitable option depending on your circumstances.
Before anything else, look at what is available and make sure you take into consideration any government laws and regulations. Housing should be one of the first things you get sorted.
Can I speak the language?
Another one of your biggest concerns about moving abroad is whether or not you can speak the local language. While you can always learn, it can be challenging once you reach over the age of sixty.
If you don’t think you will feel confident in a country that speaks differently, you may need to reassess your options. Otherwise, the entire moving process is going to be very stressful.
What are my health care options?
Understandably, before you decide to move away from home you need to make sure that you have adequate health care. While some countries will cover you with their health system, others won’t, so do your research.
Most likely, you’ll want to have a good insurance policy to cover yourself. It’s always better to be prepared, especially as you enter your retirement.
Do I have any commitments back home?
Finally, the last question you need to ask yourself before retiring abroad is if you have any commitments back home. Moving away from family, friends, and pets is never easy, so before you make such a decision, you need to know that you can handle it.
Think hard about not only those around you but other responsibilities that you may have. If it’s a short list, then chances are you won’t miss out on too much.
Final thoughts
As you can see, there are a lot of things to think about before you move overseas. However, if you have a set plan in place and answer all of the right questions, it can be an incredible way to spend your retirement.
Good luck!