Planning your retirement abroad

Every one of us envisions the day we can finally retire from our hectic work and finally settle down for a much hassle-free and leisurely life. Retirement is something that we all look forward too . Retirement , if planned in advance can give you the satisfaction of actually ‘relaxing’ when you retire. . This planning becomes more important if you are thinking of retiring abroad.

Retiring abroad is an exciting prospect; it gives you the opportunity to begin a new phase in your life and experience new things. Careful planning can make sure that your dream retirement aboard turns out to be just the way you wanted it to be.  If you plan to retire abroad, make sure that you begin to save up money and invest in the right plan so that money won’t be an issue when you finally leave your job.

Money though extremely important, is not the only thing you need to take into consideration if you are planning to retire abroad. Deciding where you want to go, what are you exactly looking forward to when you are retired, making sure that your chosen country is able to meet your needs; the list is  a long one.

 Things to keep in mind, while planning your retirement abroad-

  • Plan ahead- You have decided that you want to retire abroad. Start planning well in advance; do not wait until the last moment. Decide where you want to go, which country would be the best for you. Consider the living costs abroad, compare countries .
  • Getting your finances in order- Retirement is not easy, especially if you are going abroad. Take the help of an expert, and see if your finances are in a good shape and whether they will be able to support you once you are out of your job. Make sure that you keep aside a part of your savings for your retirement. Invest in funds carefully, keeping in mind the current market trends. You don’t want to end up losing all your money and facing a crisis.
  • Tax queries- make sure that you are well-familiarized with the tax system in the country you plan to settle in. understand the financial situation in the country of your choice, before making the move.
  • Housing and other basic amenities- Find the right retirement community aboard, or if that’s not the plan check out the property prices and think carefully before deciding to actually buy a house abroad. Weigh your options; is it better if you live in a rented property for a while until you get adjusted and are in apposition to buy a house or do you think you have resources to gift yourself your dream home as well?
  • Insurance- Insurance is an extremely important aspect, you cannot choose to ignore. Your home country’s insurance plans won’t be applicable so make sure that you make proper arrangements for the same, like taking an international insurance or selecting one from the country you wish to go, after a thorough planning of course.

 

These are some of the few and important things you need to keep in mind, while planning to settle into your retirement abroad. But what matters is what you want. Make sure that whichever your destination, it’s the perfect place for you and your better half to spend a peaceful and a happy retirement.

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