When people think about retirement, it does not always mean retiring in the place where they grew up in or the city they raised their family in. It can often be a brand new location to start their retirement years, essentially creating a new lease on life.
Over recent years, there is a growing trend in Bermuda of individuals who are ready to retire or who have just retired leaving the island to make the most of lower living and/or a more adventurous lifestyle. Whether you are choosing to move to the US or Canada or something a little more exotic like Panama or Spain; making sure you plan accordingly is key. Retiring overseas can be a great idea but without research and a clear understanding of what is involved, it can be a very bad idea.
Sometimes when people are moving somewhere new, they get wrapped up in the excitement of moving to a brand new country and forget to do crucial planning; however, this crucial planning can certainly make or break the success of the relocation, and if planned without a great deal of research, it can also cause financial hardships.
I myself have often thought about the glamour of living in a new country, navigating my way through to embrace the cultural differences and integrate into a new society, enjoy new cuisines, and make new friends.
Nevertheless, I also recognise that there are more considerations that we need to think about before booking that plane ticket. Here are eight questions you should be comfortable answering prior to making the move:
1. Have you spent more than a month there and lived like a “local”?
2. How will you get access to your money?
3. Can you get the medical care you need?
4. How hard is it to establish residency?
5. Are there any tax implications on your assets and/or your retirement income?
6. Do you speak the language?
7. How do you plan to see your family?
8. What essential items do you need to bring with you?
Retiring abroad can be a wonderful experience and depending on the place, can sometimes stretch your retirement income a whole lot further. If you conduct your research, plan correctly and anticipate any potential challenges, you may have a far more enjoyable retirement long term.
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