Your 5-step plan for retiring abroad
Have you ever thought about what would happen when it is time for you to retire? Let’s say you are currently on a ladder that only goes up. Most people are in their prime ages when they get promoted. This is usually at the same time when people decide to get married and even add a small and special someone into their lives. But just when you feel like you are finally getting settled in your life, you realize that you might not have the financial stability that you currently have.
Looking at the current economic situation, most people understand that to last their lives on their pension, they need to move to a country that suits them better financially. Sure, you can do that, but what’s the game plan? How are you going to do that exactly? To move forward with such a great project, you need to have your calculations done just right. We understand exactly where you are coming from, which is why we have the perfect 5-step plan for retiring abroad that can help you.
STEP 1 – CHOOSE THE COUNTRY
First off, you need to keep in mind just what country you are planning to move to. Your mom might be in Canada and you might be planning on moving back there, but if the exchange rate to your pension is not right, it will just bite you in the back. What you need to do is choose the country that is economically suitable for you. There are a lot of other things like medical facilities, gross monthly spend, language barriers and much more that you need to keep in mind. The minute you find a country that checks all the boxes, start planning.
STEP 2 – CHECK THE COUNTRY’S PENSION LAWS
You finally pick out the right country to move to and you have made all the preparations you possibly can, but just when you are all ready to retire and move, you realize that your country does not allow giving pension to former employees who move to the country of your choice. It can be because the country you are choosing to move to is not in good terms with your country. Always keep a backup plan for such situations.
STEP 3 – FIGURE OUT WHAT TO DO WITH YOUR BELONGINGS
All right, so you have handed out your retirement and you are now going to move. But what happens to your house that you bought with hundreds and thousands of dollars? Are you going to leave that behind? Of course not. There are two things that you can do with such things. You can sell it and if the real estate market is shooting through the roof, you might be able to get a good price. Along with your pension money, this can actually help a lot in moving to a new country. Who knows, you might get a better house due to the exchange rate. The other option is to rent out the house. By renting out, you can easily get a good amount each month even after your retirement, helping you survive.
STEP 4 – HEALTHCARE FACILITIES
It’s no rocket science that most people do not stay as healthy when they start getting old. This is where healthcare facilities of each country come in. How do you plan on paying the bills in case someone from your family or you fall ill? Well, there are tons of things that you can do. For starters, consult if your pension money is good enough for treatments there. Secondly, check out if you can pay through your retirement for international health insurance. If no other options are applicable, you will have to pay from your own pocket. This is where selling out the house can work or cashing in on the savings can work.
STEP 5 – WHAT ARE YOU MISSING? ASK SOMEONE
There are tons of retirement counselors out there who can assist you with your retirement move. These counselors are also great to talk to because they help you with tons of things that you might be missing out on such as social security issues and banking services.
In some cases, these counselors might help you set up the whole plan as you might be going wrong at some places. Who knows, maybe you have even selected the wrong country. This is where these professionals can help.
CONCLUSION
All in all, this amazing 5-step plan is foolproof and will help you easily move to a new country after your retirement for a prosperous life.
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