We are all living longer, and when it comes to retirement, many of us yearn for a relaxed pace of life, warmer overseas climates, and, of course, security into our old age. With this, the lure of spending our golden years in a sunshine-soaked country becomes very tempting.
While retiring overseas is by no means a new concept, just take a look at the thriving expat communities across the world; it’s certainly an idea that is increasing in popularity. While the young are embracing the concept of the “digital nomad”, those approaching the end of their working lives are turning their gaze to foreign shores—especially when they catch wind of the financial advantages.
Thanks to technological advancements, we can now access a wealth of information and advice regarding our retirement options. This makes it easier than ever to research potential destinations, compare costs of living, and locate expat communities that could be right for us.
Not only that, but the cost of living in many countries is significantly lower than back home. We recently covered that the cost of living in Portugal is 26% lower than in the UK, and across the globe, retirees are seeking to make their money stretch and enjoy a better quality of life for less.
There are tax benefits to consider, too. Many countries won’t impose income tax on pensions or will offer tax breaks on investments. It’s definitely worth researching your destination of choice carefully as many will have additional benefits available to retirees.
If you’re living in the UK or USA, the relative affordability of homes in countries such as Mexico, Portugal, Panama and Spain means that you have the opportunity to live in your dream home for a fraction of the price. You’re also more likely to have equity left over which you can spend on enjoying your retirement.
One of the biggest barriers that previously stopped many from retiring abroad was losing touch with loved ones back home.
Thanks to advances in how we communicate, it is now possible to stay in close contact with those we love, whether it’s via social media or through catch-ups on Zoom. For those who are worried about making new friends in their chosen destination, it’s easier than ever, thanks to things like local Facebook groups and meetups being promoted online.
In many cases, those who are facing retirement start to think more carefully about healthcare provision. In many locations the cost or level of healthcare may be superior to what’s available in your home country, making it a worthy consideration.
So, if you’re looking for an opportunity to enjoy your golden years in a new location, now could be the perfect time to make it happen. With lower cost of living in many countries and the availability of modern communication tools, there’s never been a better time to retire abroad. By researching our destination of choice and taking full advantage of the benefits available to us, we can make our retirement dreams a reality.
Contact us today to find your dream home abroad.
