As seen in Market Watch
In the U.S. alone, there are 10,000 baby boomers retiring every day, a
trend expected to continue for the next 15 years. This means that about
3.6 million Americans are retiring each year. And more Americans are
retiring outside of the U.S. every year, as evidenced by almost 375,000
retirees receiving their Social Security checks overseas in 2013 (the
latest data published by the Social Security Administration).
The
dollar has appreciated against most foreign currencies. Thanks to this
exchange rate, purchasing property overseas has become relatively
reasonable and certainly much less expensive than the purchase of
similar property here in the U.S. The cost of living in most overseas
locations is a good deal less, which means you can maintain a better
lifestyle and your savings will last longer.
In addition,
although the cost and quality of health care varies substantially from
country to country, there are many overseas locations that offer health
care services similar to what is provided in the U.S. and usually at a
great deal less.
As you research overseas locations you should
select some destinations and check to see how they compare to your needs
and expectations. Considerations should be:
Lifestyle/cost of living.
Is the beach important, what about restaurants, shopping, skiing, the
arts, etc.? Do you want to live near the mountains or near the beach or
even both? What lifestyle will your budget provide?
Climate.
Many overseas retirement destinations are hot and humid, while some can
be chilly and others have a rainy season lasting several months. How
does climate affect your decision?
Health care.
Do you have medical problems or a medical condition that requires
special medical attention or require that you live near a hospital? What
kind of health care is available in the country you select, what are
the costs and is this available locally?
Time to travel/ease of travel.
If you plan to return often to the U.S. to visit friends and family, or
if you want them to visit you; if you have health issues and need to
return to take care of them this is an important consideration.
Safety. If you don't feel safe, you may not feel comfortable in certain overseas locations.
Politics/government/local laws/stability.
How comfortable are you living in a country with anti-American
leanings, or where you must be careful with your interactions with the
police or local politicians?
Natural disasters. Some places have hurricanes, volcanoes, earthquakes, flooding, etc. and their infrastructure is not set up to handle them.
The arts. How important is access to museums, opera, symphony, ballet, theater?
Sports.
Do you wish to play golf, tennis, ski, run, bike, hike, scuba dive, or
climb mountains? Do you wish to be able to attend professional or
amateur sporting events? Is it important to view sporting events on TV?
Shopping. Is shopping important to you? What about shopping for food, clothes or staples?
Language.
Are you comfortable in a country where English is not the native
language and perhaps is not spoken or understood by many of the locals?
As you do your research on retiring, relocating abroad check out:
RetiredBrains content including a chart
evaluating many destinations according to cost of living, health care,
climate, etc. Links to evaluate how far you money will go in over 300
countries, IRS tax implications and much more
International Living's World's Healthiest Places
MarketWatch 10 Best Places to Retire Abroad
