The annual increases in the cost of living in most parts of the United States and Canada paved the way for an alternative plan to retire overseas. More often than not, most people, while on the peak of their career, devoted most of their time in earning more money for them to afford these increases and enjoy their retirement years.
The usual concerns of many retirees when looking at overseas retirement are, what does retiring and living overseas involve in terms of separation from the family, learning a new language, selecting an appropriate climate, affordability, safety, and medical needs.
There are of course several countries that fit one or more of these requirements, but the challenge lies on the selection of a country that fits the most of these requirements.
The following factors should be considered before deciding to retire overseas:
1. Proximity to the U.S. and Canada in order to be able to visit or have family and friends visit occasionally without so much expenses or travel time;
2. Sufficient health care at less expensive costs compared to your home country;
3. A suitable climate that is not too cold or warm so that it will not require heat or air conditioning;
4. Comparison of costs of homes and property as well as prices of groceries, utilities, bus and taxi fares, and other major expenses; and
5. Safety and accessibility to recreational activities and places.
Once a particular country has been found to fit most of the requirements mentioned above, and the decision has been made to explore these possibilities, then, and only then, should you move forward and arrange an ocular visit to the country selected for your potential retirement.
After visiting and choosing a country as being the most suitable for your retirement needs, the decision then must be made whether you wish to preserve your current residence in your home country if it is affordable and live there part time, or totally give up your residence and live in your chosen retirement country full time.
Some decide to retain their current residence if they can afford to, and live in their chosen country only part time during the coldest or warmest portion of the year, while others choose the least expensive way and live in their retirement country full time and preferred to become residents of that country.
-Stephanie