There is no denying the fact that reaching retirement can be a very exciting stage of one’s life. After all, you have worked for goodness knows how many years to reach this point; why shouldn’t you now look forward to enjoying all of the leisure time that is at your disposal. Better still, why not really take the plunge and decide to retire abroad. Whilst this mentality is all very well and perfectly understandable, you might just want to take a step back for a minute and read this list of common mistakes people often make before retiring abroad.
1. Neglect to Find out the Average Cost of Living
This really is an exceptionally common mistake for people to make before retiring abroad. People may have been so overzealous to physically get to their new destination, they completely failed to do some basic homework beforehand. So, it really isn’t brain science: all you need to do is to research the average cost of goods and other living expenses online; or even better, visit the destination you are intending to move to and ascertain the average cost of living this way. Then, you will need to sit down and carefully work out how much it is likely to cost you to live in your new destination. It sounds so simple, I know, but a shockingly large number of people fail to complete this imperative task properly.
2. Not Acquiring Correct Legal Documentation for the Move
This is another very important thing to do before you decide to retire to another country. Perhaps the very best way around this dilemma is to physically ring the Embassy or High Commission of the country you are looking to retire to. They will ascertain the country you are coming from and advise you of the documentation (e.g. visas and living permits etc.) that are required for you to remain in their country. NEVER take another person’s word for it when it comes to preparing your official documentation (e.g. friends and family)! It is always far safer to verify these vital details for yourself.
3. Making Presumptions about the Weather
Hands up all of you who generally just tend to think that the weather is always much better the farther south you go? Do you picture unbroken sunshine and hardly any rain at all? This can be a very inaccurate presumption to make. Of course, usually temperatures will rise the farther south you head towards the Equator, however, you need to bear in mind that rainfall can vary significantly and heat can becomes a huge problem for people over retirement age. It is therefore imperative for you to research the general climatic conditions for the exact place you are looking to retire to.
4. Failing to Research Cultural and Legal Factors
Never simply presume that the culture and laws will be the same for the country in which you are looking to retire to; and further, that this new country will be 100% accepting of the cultural traditions and beliefs you look to take with you. You need to do your homework here, too, and find out what the cultural differences are between your two countries; as well as the type of legal system that is in operation in the new destination. Only once you are fully aware of all of these factors will you be able to truly decide if this new country is right for you.
5. Failing to Secure Suitable Accommodation Before You Go
It is not wise to simply arrive in the country you are retiring to without having sorted out your accommodation beforehand. This could mean that you are left stranded for a time and this is far from ideal for people who are over retirement age especially. It would definitely be a good idea to arrange a visit before your final move to sort out the rental of an apartment or villa etc. If you are looking to buy a property in this new country, take this one step at a time and get a real feel for the new country first.
If you do your utmost to avoid making any of the 5 mistakes laid out above, you should be able to ensure a far smoother move as you look to retire abroad in an exciting new country.