1. Choose a particular area.
This will basically involve making random choices of areas that you would wish to retire to. This would involve considering personal tastes and preferences as regards your previous lifestyle as well as the levels of your savings. You might also consider your preferred leisure style as well as your ideal weather conditions. It is therefore advisable at this step to come up with a list of preferable places and specific areas that you would consider to live in after you retire. This will help you narrow down the scope of choices to avoid too many choices that will just make the whole process too confusing.
2. Begin your research or survey.
This involves referring to the available information of the chosen places. There are readily available comparative analyses that have been carried out by statistical and financial analysis bodies over the internet. Take a look at the most fundamental factors that would make life comfortable. Such factors may include; economic status, crime rates, investment schemes, tax rates, climate, life expectancy, fiscal policies, and the necessary demands for permanent citizenship. These factors will help one to eliminate places that are unfriendly to foreigners as well as those that have undesirable financial characteristics.
3. Consider the cost of living
In this step, you compare you current cost of living with the one that you will encounter in the new place you are considering. This is a crucial factor especially if you intend to rely on your retirement benefits to meet the cost of living after you retire. This will demand that you spend adequate time comparing the tax rates, and the expenses on food, housing and travelling. It may also be of significance to consider the expenses likely to be incurred on preferred leisure activities. In this manner it is possible to compare these figures with your income you’re your investments and savings. This will enable you to come up with a much reduced list of countries that you can manage to keep up with the cost of living without struggling to make ends meet. It may also help you know whether you need to consider taking part time employment opportunities or break completely from any form of employment.
4. What is the distance from your friends and extended families?
In case you still have a few choices to pick from, it is worth looking at the proximity of these areas to family and friends. Usually, it is wise to maintain a good social tie between these two groups. Finding a town or country close to friends and family would be ideal for anyone planning to relocate. This will ensure that frequent visits are possible considering the minimum cost or travel.
5. Break the tie
In case two or more cities have the same or similar characteristic qualities that you admire, it is important to establish a way to separate the two in order to avoid any disagreements for instance in the case of a couple due to personal preferences. This would require digging deeper into the tying choices. For example, you may consider such factors as the available job opportunities, the national language used, cultural factors among others which will bring an overall difference and help you choose your place of retirement.