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If you have a thirst for the exotic or a heightened sense of adventure, retiring abroad can be an alluring prospect. Successful ex-pats typically have practical reasons for choosing the country in which they retire. Often, these reasons equate to a better quality of life combined with a lower cost of living.

 

Before you sell your home to retire in Belize—or Bulgaria—consider renting in your chosen destination first. This gives you a better feel for the culture and climate, the various costs and what the community is really like once the tourist season has ended.

 

In addition to cultural considerations, there are other factors to consider when planning a happy retirement abroad—such as the quality and cost of healthcare and the tax implications.

 

A recent article from bankrate.com cites six issues to keep in mind when considering an overseas move:

 

  • Cultural concerns
  • Land ownership issues
  • Healthcare needs
  • Tax considerations
  • Banking logistics
  • Packing decisions

 

It helps if you’re already an experienced traveler with a passion for all things foreign and a curiosity about new cultures. If you’re not, however, try to be flexible and don’t simply attempt to recreate an American experience abroad:

 

"If you like to eat your early bird special at 5 p.m. and in Spain people don't eat until 10 p.m., you might feel a little bit strange” and you may want to reevaluate your dining schedule, according to Roseanne Knorr, author of The Grown-Up’s Guide to Running Away From Home.

 

Source: bankrate.com, "Six keys to retiring overseas"

 

Share with us: Are you considering retiring abroad? What are the biggest challenges you expect to encounter?

 

Be sure to read about MyRetirement member c5ac5b9’s experience planning his retirement in Fiji.