Have you ever thought about ditching the states and spending your retirement years abroad? If you haven’t, you may want to consider it—especially if you’re worried about having enough savings accumulated for the length of your retirement.
You may even be able to retire sooner if you choose to relocate to a foreign destination.
Why is retiring abroad a great option for retirement? Well, simply because there are numerous cities around the world that offer a much cheaper cost of living than anywhere in the United States.
There are more factors to consider, as well. Nearly 700,000 retirees today receive their Social Security benefits abroad, and they’re not sacrificing any comfort to do so. Keep reading to figure out if retiring abroad is right for you!
Going Digital
If you’re someone that prefers paper over the internet, then retiring abroad might not be the best choice for you. If you move overseas, you will need to embrace the internet in order to continue easy communication with the states.
A big aspect of your life that would transfer to the web is your finances. Instead of corresponding with your bank via letters and physical statements, you will need to convert to online communication and digital statements.
Factors to Consider to Manage Finances When Retiring Abroad
Update contact information
Set up online banking
Enroll in e-statements
Opt for online bill payments
Keep important documents secure
Learn about online security
Inform beneficiaries and loved ones
Consider international money transfers
Check internet availability and reliability
Familiarize yourself with digital tools
Healthcare
Even if you’ve managed to stay out of the doctor’s office the majority of your life, that likely won’t continue as you grow older. It’s simply natural as we age to find ourselves visiting the doctor more often.
Therefore, healthcare is a very important factor to consider when choosing to retire abroad. If you have a chronic condition and visit the doctor often, then retiring abroad may not be the smartest option for you.
Medicare doesn’t extend outside of the U.S., so if you rely heavily on these benefits, you may want to stay in the states. However, there are foreign countries that offer suitable healthcare options for seniors. Do your research before choosing your destination.
Embracing Change
Are you someone that likes to experience new things, or are you set in your ways? If you lean towards the latter, then retiring abroad may prove difficult for you. Enjoying life in a foreign country requires an open mind that will allow you to embrace change.
Depending on where you go, the majority of people may not speak English, which can be a huge adjustment for Americans, of course. If this doesn’t sound appealing to you, then living abroad may be miserable for you.
No amount of money saved is worth sacrificing your happiness!
These are just a few things to consider when deciding whether or not to retire abroad. Another huge aspect to consider is leaving your family. Bottom line is, there’s a lot to consider when making such a big move. However, many seniors thoroughly enjoy retiring abroad, and you could, too!
Do you have more questions about your retirement? We’ve for the answers! Contact Plotkin Financial Advisors today to see how we can make a difference for your financial life!
Frequently Asked Questions (FAQs) About Retiring Abroad
Retiring abroad can be a great option because many cities worldwide offer a much cheaper cost of living compared to the United States. Additionally, some retirees receive their Social Security benefits abroad without sacrificing comfort.
If you choose to retire overseas, you’ll need to embrace the internet for easy communication with the United States. This includes managing your finances through online banking and digital statements.
Healthcare is a crucial factor to consider. If you have a chronic condition and rely heavily on Medicare benefits, retiring abroad might not be the best option. However, some foreign countries offer suitable healthcare options for seniors.
Yes, retiring abroad requires an open mind and a willingness to embrace change. You may encounter language barriers and cultural differences, so being adaptable is essential for a fulfilling experience.
Leaving your family is a significant aspect to consider. Retiring abroad means being physically distant from loved ones, which can impact your overall happiness and well-being.
Besides healthcare, embracing change, and leaving family, there are other aspects to ponder, such as the legal and financial implications of moving to a foreign country. Proper research is crucial before making such a big decision.
Yes, many retirees receive their pension or Social Security benefits while living abroad. However, it’s essential to understand the rules and regulations regarding international benefits payments.
