Tips & Tricks to Retiring Abroad
As one plans for retirement, keep in mind that engaging in a healthy, active lifestyle is most beneficial. While many recent retirees flock to Florida; why not dare to be different? Moving to a new country might be more cost-effective than staying in the United States.
In general, there are multiple factors to consider when moving to a different country. Some factors to consider when deciding what country is right for you are property and renting costs, healthcare, entertainment, visa/residency requirements, cost of living, development, and infrastructure of the country, climate, and of course, language. (Lake, R).
For example, Turkey is a culturally and historically rich country, taking in influences from both Europe and Asia. When comparing the cost of living and rent, Turkey is significantly cheaper than a major city in the United States. But, Turkey does not offer a retirement visa, so a residency permit should be completed instead(Chorpenning, A).
Every country has a different visa/ permit situation, so make sure to research what the best option for you would be. Finances must also be researched beforehand. The good thing is that Social Security checks can be accepted all over the world, so you do not have to worry about not being qualified. Online banking is a must, as direct deposit will be the easiest and fastest way to get your checks. Medical care also varies from country to country. Some will allow visa/permit holders to have access to free health services, while others require proof of insurance. As far as housing goes, ex-pats recommend that a hotel stay for the first week or so will be beneficial, as you can view apartments and get to be a tourist for a little while before transitioning to residency. (Cornfield. J).
But where in the world do I go? In 2020, the top 10 best countries for retirees are as follows; Panama, Costa Rica, Mexico, Ecuador, Malaysia, Columbia, Portugal, Peru, Thailand, and Spain. Other popular destinations include Canada, Japan, Mexico, Germany, and the United Kingdom (Lake, R).
Chorpenning, A. (2021, February 17). How to retire in Turkey: Costs, visas and more. Retrieved March 01, 2021, from https://finance.yahoo.com/news/retire-turkey-costs-visas-more-180851816.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABGSCtAKmtifIUp3IkioIzpERCwdRv-bvO7ythl0axlKEuJgkgI9yYE_eLwxcSmasKt-uYliS6TguAa_xfJ7IWHx4YTCW5BV4aSruPZiRcRfAzxeCEeWxjRG55UXhpYn69pa1onCjM33FNK5oUukvaDW--lu_v2vROD6OJCqIxA8
Cornfield, J. (2019, December 31). Check out these insider tips for the top things to know about retiring in another country. Retrieved March 01, 2021, from https://www.cnbc.com/2019/12/31/expat-pros-share-their-best-secrets-for-how-to-retire-overseas.html
Lake, R. (2021, February 13). Here are the best places to retire abroad. Retrieved March 01, 2021, from https://www.investopedia.com/retirement/best-countries-to-retire/