• International Insurance Blog

  • Monday, July 24, 2017

  • Retiring Abroad

    Filed Under:
    Author: Anupama

“When the same pension amount can get you more and better quality of living abroad then why not?” is the question many in the retirement age groups are asking themselves and making the move. In most cases the children and grandchildren have also moved out of the country and living closer to them seems to make more sense. These are some of the reasons that retirees are heading abroad for a relaxed and leisure life. The Hastings couple in their 60s is one such example who moved from UK to the sunny beaches of Spain. “We can walk to the beach in 20 minutes, the bills are half what they were in England and our dustbins get emptied every day,” say the couple. 

According to AOL Money & Finance, Panama City, Malta, New Zealand, Uruguay and Mexico are the top 5 cities for retirement. The results were based on the following parameters: living factors in safety, infrastructure, climate, culture, real estate and special benefits, like discounts for retirees.

There are a few catches here and there that one should be aware of before making the plunge. New Zealand may be the ultimate best place to retire abroad, but getting a residency permit there isn’t easy for mature adults, even for those who are financially well off. On the other hand, countries like Malta and Spain welcome retirees with special visa schemes that make settling in easy. Roughing it may be an exciting adventure for a while, but it can get old fast. For your own well being, make sure the location where you plan to spend your later years can provide modern conveniences and high quality medical care.

When looking for a retirement spot, consider how similar locals’ way of life is to your own and whether or not you’ll need or want to learn the language. One another last point to be considered is the cost of living vs. inflation. Low cost of living may attract the retirees to places like Mexico or Philippines. Unfortunately, high inflation can quickly shoot down dreams of cheap luxuries as retirees in Greece and Portugal can tell you. If you’re looking into a developing country, consider the rate of inflation carefully or you may soon find the country is developing right out of your price range.

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