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Things to Consider when Retiring Overseas

Anytime you leave a job you love after several years, it can be a huge change in your daily routine, but some individuals have bigger plans than others. Despite planning for these changes, some people find it quite unsettling since they feel they’re on unfamiliar ground. However, this can be a very exciting time in your life, especially if you are making the dramatic change of moving to another county and here are some things to think about first.

Ideally, as a retiree, you’ll have the use of most of your money and won’t be paying a large amount of taxes. You’ll want to talk to a tax expert who lives in the country you’re thinking of moving to before you make any official plans, so you know what the daily average cost of living is, as well as annual taxes people pay on homes on property.

The cost of food is something to study, especially if it’s a place where everything has to be shipped in. Not only are going to pay the cost that the local stores charge you, but they are going to include the cost of transportation in those numbers. Depending on how large your family is, you may need to make this one of your larger planned bills for each month.

When thinking about your monthly costs, transportation is another item to think about in terms of whether you want to own and drive your own vehicle or simply pay for public transportation. For example, if you live in the countryside, you may want to have a car; however, if you live in the city, public transportation might be more cost effective over time.

It may not be your first thought, but you should consider how you’ll be treated differently by the local laws as a resident versus a citizen who is native to the country. Are there going to be issues with the transfer of money from one account in your old country to your new account in that country? Who do you seek help from if you feel you’re being discriminated against by native citizens? Backup in the form of legal help is a good tool to have on hand to deal with these issues, even though nobody plans on having problems overall.

The best way to truly enjoy your retirement in another country is to do all you can to learn their customs and assimilate into their local culture. You’ll be far better able to relax during your days and stand out much less from those who natively live there. While they may identify you as a stranger to the country, by making yourself approachable and putting this effort forth, they will work harder to teach you. Once you use all this information, you’ll find that not only are you more relaxed, but you’ll see that it’s worth planning to enjoy everything you’ve worked so hard for.

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