Things to Consider when Retiring Overseas

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. Even when you’re planning on life changing quite a bit, it’s still a bit unsettling once you’re home and not following that same old routine you have been for years. 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.

Ideally, as a retiree, you’ll have the use of most of your money and won’t be paying a large amount of taxes. You’ll want to talk to a tax expert who lives in the country you’re thinking of moving to before you make any official plans, so you know what the daily average cost of living is, as well as annual taxes people pay on homes on property.

The cost of food is something to study, especially if it’s a place where everything has to be shipped in. The price of transportation is also going to be included in whatever they charge you in local stores for the food you buy. When making your larger bill list for the month, you may need to include this expense, depending on how large your family is.

When thinking about your monthly costs, transportation is another item to think about in terms of whether you want to own and drive your own vehicle or simply pay for public transportation. City living could allow you to use public transportation conveniently, but rural country living may not allow for this.

It may not be your first thought, but you should consider how you’ll be treated differently by the local laws as a resident versus a citizen who is native to the country. Are there rules against income from other countries and accounts? Who do you seek help from if you feel you’re being discriminated against by 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.

For those who want to move to another country, it’s wise if they learn the local customs and how to assimilate with their people. With this knowledge, you’ll understand how to mix in, relax and stand out less from those who were born there. Even if you show different ways, they will work more to understand you if you make an effort with them. All of these items together will make your retirement that much better, that much more relaxed and that much more to look forward to.

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