12 Things To Consider Before Moving Abroad After Retirement

So you want to change your lifestyle and retire in a foreign country? Hopefully, you are smart and have weighed all your pros and cons. It’s a dramatic change that could be a giant mistake or one of the most rewarding life changes you can ever make. So what will you make of it?

1. Moving Away From Family

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One of the biggest challenges that go through people’s minds debating becoming an expat is leaving their family behind. Many parents want to enjoy their golden years surrounded by their children and grandchildren. Packaging up and moving to a foreign country is a considerable sacrifice, knowing you won’t be around as much to watch your family grow. It’s essential to understand the family dynamic your decision will make.

2. Finding New Friends

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In addition to saying goodbye to your family for extended periods, expats will also say goodbye to their friends. Anyone who has tried to make new friends later in life knows it can be challenging. If having a large social group is essential, you should weigh the pros and cons of moving to a different country, where finding new friends takes some time.

3. Time Change

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Adapting to the time change will take a week, but some obstacles will come from a big time gap. If the time gap is exceptional, it may be hard to coordinate times to keep in touch with loved ones back home. Conversation over breakfast while they are at work could make staying in touch with your kids more complicated.

4. Cost To Travel Back Home

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Suppose you and your spouse are considering a move overseas. In that case, it may be safe to say that you have a better financial situation than your children or another family member. This also means you will most likely be traveling home for visits. These travel costs could add up quickly. It might be wise to budget those costs in your retirement plans.

5. Taxes in Other Countries

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Odds are, if you have done your due diligence, you have researched the taxes in your new country of choice. Former expats are adamant that you research every aspect of the taxing brackets you will fall into. Don’t let yourself be blindsided by unknown expenses when it is too late.

6. Quality of Life

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Retirement is all about the quality of life you will have as you relax and enjoy the next chapter of your life. Is retiring to a new country simply a financial move? Will you/can you afford to travel and explore the new corner of the world you live in? Will you miss your neighborhood staples like Target or your favorite restaurant? Factor in the qualities unique to the United States that you won’t find overseas. Will this lower your quality of life?

7. Adapting to a New Culture

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It would be best to visit your new home before committing to it so you can anticipate the culture shock you may find yourself in. It will help significantly if you speak the language but also observe how the citizens live their lives. Is it a culture you can find yourself adapting to? Factor in the local politics, social norms, and how they live their day-to-day lives.

8. Discrimination

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Piggy-backing off the previous post, you may find yourself running into some discrimination. Some foreigners don’t want people to come and move into their country. Unfortunately, discrimination must be considered when you make a significant move. Personal experience: I was spit on by an older man in Rome for simply being an American. It wasn’t cool.

9. Travel vs Re-location Costs

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For most people considering a retirement overseas, the allure of the move is that they can travel in their remaining years. But, some ex-pats advise these wanderlust couples to sit down and figure out how much money it will cost to move versus staying put and going on three or four vacations a year. It might be cheaper to stay home and travel whenever you want.

10. Citizenship Difficulty

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There are some countries where it will be easier to get retirement benefits, but it is important to know which ones those are. One retiree said there was much more red tape and bureaucracy to deal with to get his retirement pension. Once again, being knowledgeable and current on local laws is vital to a relaxing life overseas.

11. Understand the Challenges

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As stated before, it is crucial to understand the challenges a move to another country can have. Still, it’s also important to be patient with the challenges. Roll with the punches, and enjoy learning about your new home. It would help if you found your new grocery store, new restaurants, and places to buy home goods. Please don’t get frustrated; feeling comfortable will take some time.

12. Homesickness

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Are you ready for the inevitable loneliness and homesickness you will most likely have? I recently moved across the States, and it’s been a year, and I can tell you the feeling hasn’t gone away yet. Just be prepared to miss almost everything about your home town.

12 Frugal Meals People Eat Even When They’re Rich. Do You?

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When money isn’t a problem, people tend to indulge in all sorts of luxuries they couldn’t afford when they didn’t have excess money to spend. However, sometimes, even when money is easy, there are food items you can’t say “no” to. Here are some of the most addictive, economical meals you can eat, even when money is no issue.

12 Grocery Store Luxuries That People Love To Treat Themselves With

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Sometimes, grocery shopping can be a chore. It can feel like just one more thing to get done during the week, so you don’t have to worry about it during the weekend. When money is tight, it can be even more overwhelming to try and get the best deals on food until you get to that one item you can’t resist. We all do it, splurging on that one food item we can’t do without. To that end, here are some of the most luxurious food choices people must have.

12 Dream Treats People Would Splurge on if Money Were Infinite

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Imagine a reality where your bank account was bottomless and financial constraints vanished. What would you choose to splurge on? Here are 12 dream treats members of an online forum would throw their money at if money were no object.

10 Frivolous Things People Spend Their Money On When They Could Be Saving

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Are you spending your money frivolously on stupid things when dealing with a tight budget, or saving more for emergencies? We all do. Door Dash and Uber Eats? Need I say more? Between the higher menu prices, delivery fees, and tips, you can spend $35 on a single sandwich! It’s absurd, and yet so many people do it. Worse, they know it’s a waste of money but will continue using the services. I’m guilty of using the delivery apps myself. Someone recently asked on an online forum for other examples of dumb things people waste their hard-earned cash on, and these are the top-voted responses.

Lovingly Limiting Loans: 10 Wise Ways To Set Money Boundaries With Family

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Family ties are undoubtedly some of the strongest bonds in our lives. We share laughter, create lasting memories, and support each other through thick and thin. However, navigating boundaries can be complex when it comes to financial matters. Here are 12 wise ways shared by members of an online forum to set monetary limits with family members.

 

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