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How to Plan Your Retirement Abroad

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                       How to Plan Your Retirement Abroad
A growing number of international citizens are contemplating the concept of taking early
retirement, escaping the hectic monotony of the daily grind and retiring abroad in a low cost
location to make the most of their retirement savings.

If you'd like to live overseas to escape the high costs of living associated with countries such
as American and Britain for example, this is a guide to planning your retirement abroad so that
you don't run out of money, you don't run out of friends and you never lose your adventurous
spirit.

When contemplating retirement the majority of us seem pre-programmed to only consider the
far reaching financial implications of never bringing in an income again! But the fact of the
matter is that there are many more things to consider if planning on retiring abroad, not to
mention the fact that many retirees overseas pick up odd jobs and part time positions advising
and assisting other expatriates with their lives and businesses anyway!

However, as the financial implications of retirement are uppermost in our minds let's tackle that
subject first: -

By retiring overseas in a low cost country such as Mexico, North Cyprus or Belize for example,
retirement money simply goes far further. Taxes on property and income are far lower in many
overseas countries, property prices are amazingly affordable in plenty of emerging
destinations, and the abundance and quality of fresh produce in many sun-blessed and
affordable retreats means that day to day living costs are quite simply reduced.

There are considerations that those moving to less well developed but cheaper countries
should bear in mind though - such as affording a decent level of health care cover – but in a
country such as Northern Cyprus for example the cost of receiving quality medical treatment is
so low that an insurance policy's excess is usually higher than the amount having to be paid
out anyway!

It's important to research a preferred destination to discover the true cost of living there as well
as the likely realities of daily life, and researching all options and alternatives is an absolute
must for those planning an overseas retirement before making a firm commitment to retire
abroad to any particular affordable haven.

Other than the financial implications there are a number of social considerations that those
planning on retiring abroad should think long and hard about. By moving physically away from
friends and family, homesickness and longing for familiarity can be intensified which can make
it harder to settle in abroad. This feeling of displacement is entirely natural and will be
experienced to a lesser or greater extent by all those who move abroad - but it is a feeling that
can be overcome by making an effort to meet new friends and establish new bonds with
people – which means that sociable types who find it easy to make friends and acquaintances
will find it far easier to retire abroad.

Those with a tolerance for alternative cultures and values will also find it easier to settle in an



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unfamiliar country where things are quite simply 'done differently'! Those who are resistant to
change and who plan on living abroad in an expatriate community where they hope to be
surrounded by familiarity will still have to encounter local people and accept local values,
therefore such people should really think seriously about whether they can adapt to a totally
new way of life. If they feel they cannot then they will be wasting precious resources moving
abroad only to discover that they hate it and have to return home!

This brings me on to my final point – having a Plan B! Sometimes people retire abroad and for
one reason or another they cannot settle and wish to move on or move 'back home',
alternatively some unlucky people are forced to return home as a result of a change in
circumstances. Therefore it is always important to have at least the rudimentary workings of
an exit strategy or a plan B in mind. If possible squirrel away a little money so that if the worst
comes to the worst you always have a way out or a way back home - even though statistics
show that the majority of those who retire abroad in an affordable and sun kissed location love
every minute of their life and never want to change it!




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