Advice on Retiring in a Foreign Country
If you or your spouse is nearing towards retirement age, the search for finding a location to relocate to once your retirement has probably already begun.
Additionally, it has become a popular trend for those aged 55 or older in the US to have an “early retirement,” so this search might start sooner than expected. It is projected that by 2014, US individuals who retire between the age of 55 and 59 will be around 72 percent according to the US Census Bureau of Labor Statistics.
If you are searching for where to retire, you might find the information found in the HSBC Expat Explorer Survey to be helpful. This survey polls expats around the world in regards to three main categories: economics, experience and raising children abroad. Here will we offer advice on guidance on finding the best places to retire. We will also have specific advice on things you should know before retiring overseas and resources for when you are ready to make the move.
Thinking About Retiring Overseas?
Retiring abroad is an excellent way to spend one’s golden years, and there are a lot of benefits to life as an expat. You can experience a new culture, see new things, enjoy new life experiences, and enjoy a lower cost of living.
Depending on where you move, you may even be able to enjoy access to some of the best healthcare systems in the world.
Before you can start planning your retirement overseas, you’ll need to decide where you want to go. To help you get started, we’ve put together a list of the 10 best places to retire abroad.
1. Retire in Nicaragua
According to CNBC, buying property and retiring in Nicaragua will cost you $100,000. And for that money, you can live in the beautiful colonial town of Granada, little beach towns such as San Juan del Sur, and cities such as Managua.
Expats can expect to enjoy good tax benefits, including not having to pay any taxes on any out-of-country earnings. You can bring in $20,000 of household good duty-free and enjoy a sales tax exemption on the first $50,000 worth of home building materials.
Medical care is good in major cities but can be a bit of a struggle in remote areas. As for health insurance, you can purchase an international major medical plan for lifetime coverage if you enroll before you turn 65.
2. Thailand for Retirees
With its amazing culture, thriving social life, and local markets, Thailand is one of the best places for expats to live.
The cost of medical assistance in Thailand is low, and you can opt for a cheaper international insurance plan if need be.
As a retiree living in Thailand, you can expect to do pretty well. It has one of the lowest costs of living in the world, making it an excellent choice for retirees looking to make the most of their savings.
3. Retire in Ecuador
Quality healthcare and a low cost of living make Ecuador a top choice for retirees. Both CNN and NBC News have named it as one of the best choices, and while it may not be on your radar, it’s certainly worth considering.
Expats in Ecuador can expect to pay as little as $20 to visit a doctor – and that’s for individuals who don’t have health insurance.
4. Move to Portugal
Portugal is one of the more affordable places to move to Europe. It’s welcoming to expats, Wi-Fi is everywhere so you can stay connected with family at home, and the culture is similar to that in the US. It has all the amenities you will find in any major country and healthcare is reasonably priced, especially with a private universal plan.
5. Retire in Costa Rica
A favorite among retirees and expats, Costa Rica boasts an amazing climate, a diverse culture, and incredible scenery. There are a variety of different provinces to choose from, and each has its own culture and vibe.
Whether you like the beach, the city, or a rustic town, you’ll find it all in Costa Rica.
International Retirement – Other Great Retiree Options:
- Mexico: Rich in culture and full of activities, Mexico is safe and has an affordable cost of living to stretch that retirement fund even further.
- Panama: With an affordable cost of living, Panama is an extremely developed South American nation perfect for retirees.
- Malaysia: If you want affordable healthcare and incredible food in an English-speaking nation, Malaysia is for you.
- Colombia: With beautiful weather year round, Colombia makes it easy to live an active, healthy lifestyle.
- Spain: Rich with history and known for its beautiful weather, Spain is a top destination for retired expats looking for luxury with a Spanish flair.
Final Word on Retiring Abroad
One of the beautiful things about working for years upon years to be successful is that one day it all ends. Suddenly, you are finished-depending on your retirement funds you are set around 60-65 years old, and you have lots of living to do still! A situation that is becoming increasingly popular for those who have completed their time in the workforce: retirement overseas. But these days, the daunting task of finding the perfect location for retirement abroad keeps you up at night. There are so many factors to consider! If you live in the United States, you have to consider the high cost of living, the fluctuating stability of the economy and most importantly, the disappointing fact that the healthcare system is not as affordable as you would like it to be. If you are from Europe, finding an affordable place is a little easier thanks to the EU —which allows for quite a few benefits if you retire in an affiliated country. If you retire in Asia, your bigger concerns will not be the cost, but the quality of your healthcare—especially in the very low-cost countries, such as Thailand or Malaysia.
Related: Best Countries to Retire Abroad In
Being an expatriate seeking the perfect retirement location does not have to be disappointing or keep you up at night, especially when it comes to finding a location with suitable healthcare. With international health insurance for retirement purchased to help ensure you are able to receive the care you need as an expat, your long-term residence in a variety of places makes the memory of long hours of work fade into the horizon. Looking for a few great places to relocate to and spend your retirement in? Some of the best places include France, Belize, Argentina, Italy, Mexico, Nicaragua, Panama, Portugal, and Spain according to AARP.
If you will be relocating, it is never a bad idea to visit your ultimate destination a few times before you actually move. Take a couple of vacations, stay for several weeks, learn the language, explore the culture and participate in the community. Give into the opportunity to grow new roots and see what blossoms—it could be your new home. You could be on your way to celebrating the years of toil for the years of relaxation! There are so many options out there, even for those with a budget, anything is possible! The possibilities for retirement abroad are almost endless.
This is just a short list of some of the best places to live abroad, but it’s a good place to get started. Before you decide where to go, think about how you want to spend your retired years. Some retirees want a luxurious lifestyle. Others prefer something exotic. Some want to enjoy a low cost of living. Think about whether you want to spend your years on the beach, in a city, or in a specific country that you already know you love. With a bit of research, you’re sure to find the perfect place to retire overseas.
- Health Insurance for Retirees Living Abroad
- How to Retire Abroad on Social Security
- Moving Abroad Checklist
- Best Countries to Live in as an Expatriate
If you would like information on finding international insurance once you decide on where to retire abroad, Find Global Health Insurance plans today.