Retiring Overseas and What to Think About Before You Do
While everyone is usually looking forward to their retirement, some people plan more dramatic life changes than others. Even when you’re planning on life changing quite a bit, it’s still a bit unsettling once you’re home and not following that same old routine you have been for years. 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.
One thing that retirees worry about is the amount of taxes they’ll be paying, since they won’t be earning new money during this time. An important conversation to have with a professional tax expert would be the expected amount of annual taxes someone might pay on their house and property, as well as the average daily cost of living in that particular area.
The cost of food is something to study, especially if it’s a place where everything has to be shipped in. Along with the regular cost of the store food, those store owners are also going to account for the price of transportation. When making your larger bill list for the month, you may need to include this expense, depending on how large your family is.
When thinking about your monthly costs, transportation is another item to think about in terms of whether you want to own and drive your own vehicle or simply pay for public transportation. For example, if you live in the countryside, you may want to have a car; however, if you live in the city, public transportation might be more cost effective over time.
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. Will there be any problems transferring money from retirement income from one country to another? What is your resource is problems develop in your interactions between native citizens and yourself? Backup in the form of legal help is a good tool to have on hand to deal with these issues, even though nobody plans on having problems overall.
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. While they may identify you as a stranger to the country, by making yourself approachable and putting this effort forth, they will work harder to teach you. 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.