Living abroad is an out-of-the-box decision for many people. But, those who’ve been accustomed to live as an ex-pat know that there are many benefits to this choice. For instance, a retiree can afford a more comfortable living arrangement abroad than in their home country. There’s also the prospect of travel and adventure, for those that prefer a more active lifestyle.
But like any major change, retiring abroad isn’t for everyone. Although you can get the best of both worlds, you need to know the pros and cons before making a decision. So, what are the advantages of living abroad as an ex-pat retiree?
Cheaper cost of living
If you’re from the UK or the US, you know already how drastically different the cost of living is compared to other countries. Of course, some countries are more expensive, but there are plenty of beautiful destinations where your money will go a long way. For a UK ex-pat, a primary source of funds is typically pension and savings. And according to https://tailormadepensions.eu, you can either transfer your pension funds or keep them in the UK while conveniently accessing the funds wherever you are in the world.
Depending on how much you have saved or invested, living off of your pension should be sufficient. Countries in Asia and in South America are cheaper, along with some select places in Europe. Of course, you need to look at currency exchange rates, taxes, and other fees that may apply when you access your pension from abroad or if you decide to go with a qualified pension transfer scheme. New and exciting experiences
One of the most exciting things about retiring abroad is experiencing new things. You can explore exotic destinations and make friends with amazing people. There’s also no shortage of accommodation available for ex-pats, as long as you stay within budget. Remember that while it’s cheaper, you need to control your spending to make sure your funds last.
Healthcare is more affordable
Healthcare is a necessity for any ex-pat retiring abroad. If you have special needs, look for a country where you know you can get access to essential services. Before you leave your home country, get health insurance that provides coverage abroad. Some countries have excellent ex-pat health services, so you may want to look into this as well. Singapore and Malaysia are two examples of countries where healthcare costs are reasonable, even for ex-pats.
A complete lifestyle change
A change of scenery and lifestyle is one of the main advantages of retiring abroad. For someone who lived in the city all his life, choosing to retire where you can be closer to nature is an attractive prospect. And for someone who wants to live out the rest of his life in comfort, retiring abroad is perfect. Who doesn’t want to live close to white sandy beaches and lush forests? You can completely change the way you live by choosing a new residence. If there are things you want to do such as learn a new language, immerse in cultural experiences, then retiring abroad is indeed the right move.