Monday, 21 October 2013

Retiring Abroad (Part One)

After years of working, the prospect of retirement is, for many, eagerly anticipated. With more and more people choosing to head abroad to enjoy later life, we’re taking a look at the ‘retirement expat’ in this two-part series. Where would you move to?

Where to?

When it comes to moving abroad, it’s all about location, location, location. Hot or cold? City or country? Coast, rivers or lakes? The amount of choice can be overwhelming, so if you’re thinking of retiring abroad, it’s best to consider exactly what you’re looking for and doing some research to make sure you’re making the right move. 

We’ll soon be launching the results of our 2013 Expat Explorer report, but findings from the 2012 survey revealed that some of the most popular retirement destinations for expats are India, Australia and the USA, with Canada topping the list.

Image Source: Jared Wong

Having worked and saved for a longer period of time, retirees often have more financial security and greater resources than their younger counterparts. Relocating can be an expensive process and, although it’s often tempting to take cheaper options to cut costs, this doesn't always pay off in the longer term – speak to like-minded expats via social media might be a useful way of finding some good recommendations.

If you’re looking for a slower pace of life in a warmer country, Europe is arguably one of the safest bets. With excellent transport links – which may be particularly useful if you’re keen to travel around or plan to spend part of your time at home – and dozens of countries to explore, Europe could quite literally be your oyster. Lots of expats flock to areas like Spain and France, forming large expat communities which can sometimes verge on the insular side. However, if your priority is a warmer climate and you’re not keen on changing your lifestyle too drastically, this might be the perfect option for you. For those looking to embrace a more native way of life, take a look at more remote regions or bigger cities which might offer a richer culture.
Image Source: The Guardian

The USA and Canada are still seen by many as the lands of opportunity, offering a high standard of living for expats from all over the globe. Although these are extremely popular locations, the red tape can be tricky.

Why retire abroad?

One of the main reasons that expats retire abroad is to join their families. Moving abroad or moving home to join others can throw up lots of questions and will affect where you live. Moving in with close or extended family could be one way to make your move easier – but there are limitations. What’s worked well as a holiday or part-time arrangement before can change in the longer-term, so unless you’re all happy with the arrangement and there’s enough room for everyone, you might like to consider finding your own space. Given that some retirees are more mobile than others, it’s worth checking out local transport options, as well as accessibility to local amenities and healthcare.   

1 comment:

  1. Thanks for this very interesting article about retiring for expats. I just wonder if there is any data about the reverse culture shock among retiring expats who return to their home (or passport) country.


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