Retirement planning always brings up questions. When is it time to retire? How much money should I have saved up? Will I continue to work or volunteer my time? How do I intend to stay entertained and active? Influencing all these decision is one crucial factor: where you decide to retire. Do you stay in familiar territory or venture to a foreign land?
While many Americans prefer to spend their retirement within U.S. borders, an increasing number of seniors are feeling the call to retire in foreign lands. To help you navigate these waters, here's a simple rundown of the advantages and disadvantages associated with each choice.
By default, most retirees stay put in their existing homes or move within their state lines. For a significant number, their family stands out as the most compelling reason. It becomes an even stronger argument with grandchildren involved. (Pro's)
- Established connections and social networks.
- Presence of family and friends.
- Stability and convenience.
- Comfort and familiarity. (Con's)
- High living expenses.
- Costly healthcare.
- Expensive assisted living.
- Risk of falling into monotonous routines.
Retiring abroad undeniably carries a hint of adventure, the intensity of which entirely depends on the destination. Be it tranquil beaches in Vietnam or bustling cities in South America, choosing a foreign place that meets your requirements for modern amenities, accessibility, climate, activities, cuisine, healthcare, culture, and local customs can be enticing. (Pro's)
- Unique experiences and improved environment.
- Reduced living expenses.
- Affordable healthcare options.
- Program benefits exclusive to retirees. (Con's)
- Distance from friends and family.
- Language, cultural, political, and economic disparities.
- Risk of double taxation.
- Hiccups with obtaining the right visa.
While many retirees would scoff at the idea of settling abroad, others are convinced it's their path. If you're part of the latter, it's advised to start the planning process early – it could take months, or even years, to organize paperwork and logistics.
If, however, you're a retiree or around there and undecided, this poses a tricky decision that will need some introspection and research. Perhaps taking a few exploratory sojourns abroad might be the key to settling this life-altering dilemma.