For many people reaching retirement means also finding a new place to live. At that point many people prefer to pack up and move somewhere that will be fun and easy to manage. Of course those options do not need to be limited to the United States, moving abroad is always an option too. If retiring abroad is a possibility for you, we’ve got some things to consider.
Location is probably the number one consideration when you are thinking about retiring abroad. Certainly most people are drawn to a casual, tropical environment, but there are some other things to keep in mind as well. The next step would be to consider if the cost of living somewhere is going to make sense for you. It’s a good idea to look at locations that are inexpensive to live which will essentially make it feel like you have more money. In Costa Rica for example, pretty much everything is significantly cheaper than it is in the U.S., including the cost of a home. This helps to make everyday life easier, and it might also give you some newfound freedom to do stuff that you didn’t get the chance to do when you were working. Not that everything will be cheaper. In some countries for example, using your car might be a bigger expense than it is in the U.S., so some people switch to public transportation.
Moving abroad is a pretty big decision, so you can actually take the process in steps to make sure that you like it. Perhaps first rent a home or apartment in your desired country and see how you like it. If your first stop does not end up being your dream location than you simply pick up and move to the next spot. Most people feel more confident about buying a home anyway when they know for sure that they are making the right choice. When you take some time to get to know the area you’ll have a great idea of why it works for you.
Do consider that if you retire abroad you mind yourself further away from a lot of your family members. Some people are ready to get far away from their family but others prefer to see them more often. Do consider that if you move somewhere relatively inexpensive you’ll have more travel funds saved up anyway, which means a last minute trip might not hurt your wallet at all. For some people splitting their time between countries is even an option. Since there are so many wonderful options out there the choice is always yours is creating your perfect retirement circumstances.