Retiring Overseas and What to Think About Before You Do
Anytime you leave a job you love after several years, it can be a huge change in your daily routine, but some individuals have bigger plans than others. No matter what your plans are, you know life as you know it is about to change entirely and that can be a little unsettling. However, this can be a very exciting time in your life, especially if you are making the dramatic change of moving to another county and here are some things to think about first.
One thing that retirees worry about is the amount of taxes they’ll be paying, since they won’t be earning new money during this time. It might be helpful to talk to a tax expert who lives in their country to destination to see how much the average daily cost of living is there, and what amount of taxes individuals typically pay on their house and property.
The cost of food is something to study, especially if it’s a place where everything has to be shipped in. Not only are going to pay the cost that the local stores charge you, but they are going to include the cost of transportation in those numbers. It’s important to account for everyone in your family and add this to your list of major bills each month when you’re planning your retirement budget.
It’s also necessary to think about the cost of public transportation versus owning and driving your own car in the new country. For example, if you live in the countryside, you may want to have a car; however, if you live in the city, public transportation might be more cost effective over time.
While you may not have to be a citizen to move to another country, you should understand how the difference of status affects you as a resident. Are there rules against income from other countries and accounts? From where will you get assistance if problems do come up in business transactions or just in general between you and native citizens? Backup in the form of legal help is a good tool to have on hand to deal with these issues, even though nobody plans on having problems overall.
The best way to truly enjoy your retirement in another country is to do all you can to learn their customs and assimilate into their local culture. This will help you to stand out less and be more relaxed in your daily dealings. Even if you show different ways, they will work more to understand you if you make an effort with them. Once you use all this information, you’ll find that not only are you more relaxed, but you’ll see that it’s worth planning to enjoy everything you’ve worked so hard for.