Is Saving For An Expat Retirement Justifiable?

Is retiring overseas the right decision?

For the past decade or so, waves of would-be expat retirees have saved, planned and dreamed about retiring to a sun-kissed overseas paradise, with a good proportion heading back home after a few years, wiser but poorer for the experience. Saving hard for a life in the sun seems to be de rigueur nowadays, but the truth is that becoming an expat isn’t for everyone, and self-knowledge on this issue can be very expensive to acquire.

It’s easier now to compare the costs of living in a dozen or so attractive retirement locations, due to the proliferation of annual surveys and studies, plus the endless adaptations of results found on expat-oriented websites. However, it must be remembered that the majority of these sites are simply advertorials linked with businesses attempting to persuade would-be expat retirees to not only buy into the dream but also into investments, real estate, services provided, insurances and financial advice firms. Checking on costs of living should only use independent surveys along with expat blogs and forums serving real-life expat communities.

Other points to take into consideration include extended family issues including adult children, grandchildren and even parents if an early retirement is being planned. Asking yourselves objectively whether family members look to you for emotional and even financial support isn’t easy, as a positive answer indicates overseas retirement might need to be delayed for several years or more. Even so, it’s your decision, your life and your future, especially if family members aren’t supportive of your projected move.

Checking on healthcare options in several of your preferred destinations is an essential, especially if you have ongoing health problems. Again, local expat forums are the best place as the posting give expat opinions of real-life experiences rather than surreptitiously pushing this, that or the other local overpriced private medical facility. Surveys also have their uses as they’re dealing with healthcare provision in specific locations, some of which have government-sponsored facilities available to registered expat long-stayers. Don’t choose a destination because it’s well-known as a medical tourism hub, as prices will be far higher than you’d expect.

Let’s face it, retiring overseas isn’t for everyone, even for those who’re stressed out and totally disenchanted with their countries of birth. Making a carefully-considered decision and giving it your all as regards positivity once you’ve arrived is the way forward, especially if your carefully-chosen haven is far less expensive than the home country.