Preparing for retirement is an exciting stage of life, especially when considering retiring abroad. But just like retirement itself, it’s important to plan ahead to understand all the aspects of retiring in a foreign country. It requires extensive preparation and retirement financial planning, so it is highly recommended to speak with a financial planner to understand the best places to retire, and how to prepare financially for the best and most relaxing retirement experience abroad.
Benefits for Retiring Abroad
There are many wonderful benefits for retiring abroad, but here are just a few reasons why you should consider to retire abroad:
- Cost of living can be less expensive than your home country while enjoying a higher quality of life
- Many countries offer better and more affordable healthcare and social security offerings, which is important for those in the retirement age to ensure they are safe and fully protected
- There are higher income tax benefits for annual income earned from investment portfolios
If these benefits speak to you, then you may be ready to prepare for your retirement abroad now that you’ve decided this is a great option for you and your family retiring abroad.
Choosing a Retirement Destination
The world is your oyster and can be rather overwhelming to choose the right destination for your retirement abroad, especially considering the major cities and top retirement locations for the best retirement planning. Here are some important things to consider that can help you narrow down your destinations for retirement abroad:
- Cost of living
- Residency requirements and resident visa process
- Expatriate community
- Social security with a good retirement index
There are two ways to narrow down your list: either start with the specific requirements for your retirement abroad or start with the list of country destinations and then narrow down by your criteria. Once you’ve narrowed down your list, it’ll be much easier to prepare for your retirement.
Most Common Retirement Destinations
The most common cities and countries where expats retire abroad include:
- Costa Rica
- Panama City, Panama
- Puerto Vallarta, Mexico
- Chiang Mai, Thailand
- San Jose, Costa Rica
- San Miguel de Allende, Mexico
- Ambergris Caye, Belize
But of course, it’s important you find the right retirement destination based on your personal lifestyle, goals and cultural interest.
Preparing your personal finance for overseas retirement is a major part of the retirement process and requires an expert financial advisor. A professional financial planner can guide you on private equity, annual income, exchange rates, estate planning, tax planning or personal loans.
You can speak with a financial expert specialized in expat retirement overseas on our expat moving platform to help guide you in your personal financial plan for retiring abroad.
Many countries offer retirement visa and each country has different types of visa and resident permits to expat retirees. It’s important to understand all the required documentation necessary to retire abroad with ease and secure the appropriate retirement visa for your long-term life abroad. Here are some documents typically required for a retirement abroad; however, be sure to check with the destination country of preference to ensure you have the exact checklist:
- Adequate funds
- Medical reports
- Police clearance with no criminal record
- Health insurance
- Proof of stay
If you’re still uncertain on what steps to take to fully prepare for retirement abroad, you can speak with a financial planner or immigration lawyer on our expat moving platform to give easy, step-by-step guidance on your retirement overseas.