The financial system. The condition of the country. Criminal Behavior. Societal violence. Every one of the above things contribute to the growing number of Americans retiring overseas every week. Studies done over the last few years show that more baby boomers are considering moving overseas.
In the past decade, the expat lifestyle has had a growing popularity. Researchers predict that this popularity will double over the next ten years. Right now there are roughly over 7 million North Americans (including people from Canada and the United States) who reside around the world in different countries. That is about the size of the population of Chicago. Seven million is larger than the population that is contained in over 30 states.
Many people who retire abroad are searching for better healthcare options. “Modern Healthcare” predicts that the amount of Americans that travel overseas for healthcare will grow by 700%. Almost three quarters of a million Americans in the past two years traveled overseas for different healthcare options, and that could grow to up to 6 million Americans traveling overseas by the year 2010. This fact contributes to the many reasons people find for retiring abroad.
This list of five guidelines to follow for life as an expatriate will be very useful to you if you decide to follow this road someday, for whatever reason. Your plans will go much more smoothly and your decisions should be a bit easier to make.
1. Money is truly of the utmost importance, because without it, you will not have much of a retirement to speak of. Don’t skimp on how much you are going to need, and ask yourself if you are really prepared. If not, then there are several avenues for you to take: a) simply continue to work and work and work.
b) Spend the rest of your years in a place where a little bit of money goes a long way, or c) find a way to earn a passive income so that you can enjoy your retirement years any where that you want to be.
2. Figure out the best place to retire overseas – that fits your needs! But if you desire to investigate expatriate living, you have to begin researching and discovering which country you actually desire to spend your life in.
3. If you’re considering a potential retirement location, especially one outside the country, it’s smart to visit there a lot and if possible live there for six months before your permanent move. You should get as familiar as you can with where you’re hoping to live your expat life. There are things you can’t know about what it’s like there in the winter if you only go there in the summer and vice versa, so make several trips. This is a tried and true way to know if you’ll like the new country in all seasons and what your expenses for such things as heating and air conditioning will be.
4. Get a complete physical before moving overseas. If you know what your overall health status is, you can anticipate what you will need in the future for health care. Though costs may be extremely high in your own birth country, health care costs should be considered in the country you choose to live in. In addition to costs, you should also consider specialized care, such as cardiology. You should be certain that all medical needs will be covered in the country that you choose for retirement. If this happens to be one of your concerns, it is important that you should start setting money aside. Monies set aside for an emergency fund can be used if you happen to be one of those unfortunates that become sick while overseas. Not only will the emergency fund cover your healthcare costs, but it will also give you peace of mind.
5. Be sure to take into account how this will affect your family. You may lose touch with friends, and you will miss some important years in your family’s lives. After considering these things, if you come to the conclusion that retiring overseas is still an excellent option for you, you must then consider some practical issues. Will you be able to afford to return annually? Will you be able to host your friends and family if they come visit you? It is important to take these questions and issues into account before deciding to move.