Have you ever taken a dream overseas vacation and never wanted to leave? Well, maybe you don’t have to! More and more people are abandoning the idea of traditional retirement living to take their adventures abroad. While it can be an incredible experience, it also requires some homework to know if moving out of the country is right for you.
Consider your income source. According to an article published by Money magazine, about 550,000 Americans earn their Social Security income while living abroad. This is great for those concerned about what they’ll live off of. The cost of living in places like South America is substantially less than in the U.S, including income tax and home prices. On the flip side, buying a home on the French Riviera will cost you a pretty penny, so perhaps renting an apartment is more feasible.
Healthcare coverage is a major concern especially for people with pre-existing medical conditions. While Medicare can’t be used outside of the states, most countries have a universal healthcare system that can be very affordable depending on the level of care. Some countries such as Switzerland are considered elite in terms of both coverage options and providing the latest technology.
Are you ready to learn a new language? Some may find moving to an English speaking country less daunting as they’d rather skip the language barrier. For others, this can be an exciting way to be immersed in culture while being open to learning. Remember you’re not going to be a tourist anymore. It’s not a bad idea to take a foreign language class before you leave so you’re well prepared.
Embrace change. Don’t expect your new home to be what you’re used to. Now is the time to step out of your comfort zone, and savor the retirement you’ve dreamed of.