For many people reaching retirement means also finding a new place to live. The classic retirement choice location has great weather and a more relaxing way of life. It’s always a good idea to consider every possible option, even if that means actually leaving the country. Keep in mind the following is retiring abroad is something that you are considering.
Location is probably the number one consideration when you are thinking about retiring abroad. The weather is usually one of the first things that people think about as well as the lifestyle in general, but there are some other things to think about as well. The next step would be to consider if the cost of living somewhere is going to make sense for you. In many countries there is a great conversation rate which will actually drop the cost of living considerable. In Costa Rica for example, pretty much everything is significantly cheaper than it is in the U.S., including the cost of a home. This means that you can not only stretch the dollar in the day to day but that you might have some freedom to travel or take on other fun activities. Not that everything will be cheaper. In some countries things like gas and air conditioning are going to cost you more money, but if your rent is low that might not make much of a difference to you.
Some people suggest that you should go through a trial period before you fully commit to retiring abroad. Before you buy a home for example, you should spend some time getting to know the area and just renting a spot to live in the meantime. This is the perfect solution since you can leave if you don’t like it. If you end up wanting to make that area a permanent home then you will have some time to get acquainted with the area in the meantime. That way you’ll have some time to get familiar with neighborhoods before you commit.
Do consider that if you retire abroad you mind yourself further away from a lot of your family members. It’s always a personal decision. Do consider that if you move somewhere relatively inexpensive you’ll have more travel funds saved up anyway, which means a last minute trip might not hurt your wallet at all. Some people actually decide that they might like to split their time in a country like Costa Rica and the United States. For some the happy medium still makes life fun as well as economical.