Expatify

Travel & Expat Lifestyle Magazine

Tips for Americans Planning on Overseas Retirement

mexicoClimate, welcoming people, cost of living, reasonable real estate costs, and good healthcare are all important considerations to anyone who wants to retire to another country.

Location:

For Americans, specifically, Latin America is one of the better areas in the world to find the best combinations of these factors. The best areas for American retirees in Latin America today are Medellín in Colombia, Cuenca in Ecuador, and La Barra in Uruguay. Panama and Argentina are also well worth exploring for possibilities. A standard cost of living in one of these areas would be from about $1200 to $2500 a month, depending on the type of housing and the area you choose.

If money is not a worry, then Switzerland has the best healthcare system, while Malaysia, France and Croatia also meet the requirements of American retirees.

Research:

Google is a great place to start. For example, look at personal blogs of people living in these countries right now.

Travel to the preferred countries—visit more than one, and walk the neighbourhoods of the cities you are considering. Stop at local cafes and restaurants, stay at a local hotel or better yet, a B&B. Visit more than one area, look at the local amenities, the local shops, find where you’ll buy your food, where the hospital is, and so on to get a really good idea of day to day living. Above all, talk to the locals.

Keep up to date: As time goes on, the preferred retirement locations change along with countries’ economic and political situations.

Money:

Visit the banks. When retiring overseas it is important to maintain a bank account in the States as well as open one in your host country, but make sure that the banks in your host country will be happy dealing with transfers and banking between your two accounts. You do not want to find yourself stuck with no way of gaining access to your account in the States, where your pension or any other earnings will be paid into.

Check with accountants to ensure your tax situation, especially with regards to death and inheritance is up to date. This can change overtime so check regularly for updates.

Health:

Check with local health insurers to discover what’s available. Your health insurance in the States may not cover you if you move overseas. Many times different options will include emergency care only or a graduated increase in cover and cost.

Make sure you will easily find all the medications you need while in your host country. Also educate yourself on what over the counter medicines are available, what you can bring from the States or what are easy substitutes.

Finally, don’t sweat the decision too much. Many retirees who chose to move overseas do not stay in one place but move several times. Be ready to be flexible. What may have been an ideal location at the beginning of your retirement may become less than ideal later—or you may get the big for adventure and decide you’d simply like to choose another location for a while!

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