Important Considerations of Retiring Overseas
The life changes that retirees plan for once they stop working can vary from something as simple to sleeping in to moving from one country to another. No matter what your plans are, you know life as you know it is about to change entirely and that can be a little unsettling. However, this can be a very exciting time in your life, especially if you are making the dramatic change of moving to another county and here are some things to think about first.
Since the retirees are going to be living off the money they’ve saved, taxes is often a concern for these individuals when they’re making their money plans. You’ll want to talk to a tax expert who lives in the country you’re thinking of moving to before you make any official plans, so you know what the daily average cost of living is, as well as annual taxes people pay on homes on property.
Countries who are in a location where everything needs to be shipped in, the cost of food should also be on your priority list to study. The price of transportation is also going to be included in whatever they charge you in local stores for the food you buy. When making your larger bill list for the month, you may need to include this expense, depending on how large your family is.
It’s also necessary to think about the cost of public transportation versus owning and driving your own car in the new country. City living could allow you to use public transportation conveniently, but rural country living may not allow for this.
It may not be your first thought, but you should consider how you’ll be treated differently by the local laws as a resident versus a citizen who is native to the country. Are there rules against income from other countries and accounts? From where will you get assistance if problems do come up in business transactions or just in general between you and native citizens? Nobody anticipates problems, but it’s good to have a backup plan if necessary, especially if you need legal help.
The best way to truly enjoy your retirement in another country is to do all you can to learn their customs and assimilate into their local culture. With this knowledge, you’ll understand how to mix in, relax and stand out less from those who were born there. The people who live there will work harder to teach you, even if they easily see you as a stranger in the country, if you show an effort to understand them. If you put all this information together, you’ll look forward to your retirement that much more, you’ll relax and it will be everything you’ve worked so hard for.