Where To Retire Retiring Abroad Costs More

If you’ve decided that retiring abroad is the right retirement choice for you, the next step is to choose a destination and make a plan. If one of your goals is to retire cheap overseas, consider places to retire where the cost of living is low. If climate and the proximity of family and friends are the most important factors for you, those will have a heavy influence on your decision about where to retire.

Where to Retire?

As you consider various places to retire, decide how strongly you feel about each of the pros and cons of each destination. Remember that retiring abroad isn’t necessarily a lifelong commitment, and it’s OK to decide to return home at some point down the road. In the meantime, you’ll want to enjoy your golden years as much as possible, which means having plenty of time to do the things you like and enough money to keep financial worries at bay.

Retire Cheap Overseas: Cost

Many people decide where to retire based on currency conversions and a lower cost of living. However, although you may enjoy a lower daily cost of living, your moving expenses and the cost of a flight home once or twice a year may be exorbitant.

If you have your heart set on a more expensive country, like Finland or Japan, try to figure out an accurate assessment of your expenses, and make sure that your retirement funds will cover them.

Where to Retire: Culture

Will you need to learn another language? Does your chosen destination have a supportive ex-patriot community to help ease your loneliness as you make cultural adjustments? What expectations do you have in terms of entertainment, restaurants and shopping? Carefully research potential destinations to make sure that they meet your needs.

Retiring Abroad: Safety and Healthcare

Consider the following issues as you make your decision about where to retire:

  • How will living conditions and infrastructure affect your well-being?
  • How will you obtain and pay for healthcare?
  • Will you feel safe in your chosen destination?

Places to Retire: Proximity to Family

If you want to retire cheap overseas but remain in close contact with friends, consider retiring abroad to Central America or the Caribbean, which may be just two or three hours away by plane.