Living Abroad

The idea to retire abroad can sound very appealing to many seniors. It might be the lower cost of living or the exotic landscapes or fulfilling a life-long dream that makes retirement abroad a popular trend these days. While it may sound daring and carefree, retiring abroad does have its challenges.

Try it for Size

Before selling your house and buying a one-way ticket to life on the beach, it’s a good idea to spend a few months living in your intended new home. You may have had a romantic honeymoon in Paris and always vowed to live there someday, but the reality of living in a foreign country can be quite different from visiting one.

Language barriers and other aspects of the culture can make for a slower transition than moving to a new location within the United States. Doing research about the customs and being familiar with the year-around climate is important. Taking a language class is also a good idea.

If you are moving with a spouse, be sure you are equally enthusiastic about the move. Moving can be stressful without the added concerns of an unhappy spouse. Again, the idea of getting away from it all can sound so appealing, but the reality of missing family holidays or grandchildren’s birthdays and milestones can be a different story.

Keep your Options Open

Let’s say you did all the research, learned some of the language, spent six months trying it out and now you and your spouse are sure that retirement living abroad is the perfect life for both of you. What happens if one of you becomes seriously ill? What do you do if there is a dramatic change in your finances? What if, despite your excellent planning, you get homesick after all?

Before you sell everything you own and put all your assets into life abroad, meet with a reliable financial counselor. Be sure to plan for some of these unexpected turns and have a back-up plan in case you need to move back to the United States.