Retirement should be a joyous time of life; you are finally free from the bonds of your nine to five and can do whatever you want, whenever you want. However, this freedom is only to be had at the expense of your wallet, and that can be a scary thought. We try our whole lives to save and plan for retirement, and just when we think we are finally ready to make the jump and actually do it, something happens in the economy or some sort of financial hit expectantly arises and we aren’t so sure we can actually follow through on retiring. Have you ever thought of the financial benefits of retiring outside the country? Here are some amazing benefits and tips to retiring overseas and making your money stretch enough to keep you comfortable and secure.
Low cost of living
Every country has a different monetary exchange rate. If you choose to retire in a county whose exchange rate favors the American dollar, you could potentially double, or even triple your retirement. This will allow you to be able to live in the best parts of the country you reside in, so you won’t have to worry about any security issues. You would be able to afford to live like a high profile celebrity if you wanted to.
Access to affordable healthcare
One of the biggest concerns people have and perhaps the main reason why so many are hesitant to retire is the cost of healthcare after they stop working. Here in the states, of course there is always Medicare, but that is only an option for you to utilize once you turn 65. If you retire sooner than 65, you could be spending a big portion of your retirement check on health insurance or medical bills. In other countries, private health insurance can be significantly less than it is here; and the coverage is extremely comparable to what we have stateside. Medication can also be significantly less expensive in other countries than it is in the US.
Retiree incentives
There are a lot of foreign countries that thrive off of tourism. By retiring abroad, you are essentially a long term tourist, and they want to make sure they treat you right and make you happy. There are some countries that offer discounts to retirees on anything you can imagine. By doing this they are able to stimulate their economy and also provide you with all the goods and services you want and need.
The financial benefit of choosing to retire abroad can be life changing. You could potentially retire sooner than you planned, and not have to worry about money another day in your life. There are some careful things you need to consider before officially making the jump, like how long you can stay on the visa you get, the exchange rate of your money, and how your money is taxed; everywhere is different. Retirement can be scary financially, but it doesn’t have to be if you know where to go.