Retiring Abroad? Checklist On How To Prepare To Retire Abroad
There are some individuals who can fly by the seat of their pants and take a journey pretty much unprepared. However, if you are like most folks, you need a little more planning and preparation before making any kind of major decision – especially a move to retire abroad. That’s why we’ve come up with this simple retiring abroad checklist.
While retiring is an adventure, you probably don’t want to be too spontaneous. That’s when being prepared comes in handy. Of course, you cannot always be prepared for every little thing or big thing that life may throw your way but you can do your best to plan in advance.
Retiring Abroad Checklist
If you are retiring abroad, here is a checklist of things to know and on how to prepare properly before you go.
You may also want to check these out too:
- Moving Abroad – 100+ Helpful Resources, Guides and Websites
- The Rise of the Digital Nomad [How To Have An International Lifestyle]
- Money Transfer Information For Retired Expats
Prepare Your Finances Before Moving Abroad
It seems that no matter what you do in life, finances are always there to either make or break your decision. If you are planning on retiring abroad there are some important factors you will need to look into first.
First, you will have to ask yourself if your savings and retirement funds are sufficient for the new home and lifestyle you are about to take. For some individuals, it is only a matter of how much is incoming and how much is outgoing. However, for retirees, many forget to plan ahead for things like fun and adventure.
Don’t forget, you are retiring and chances are you will want to enjoy this journey in your life. You will probably want to take classes, join clubs, travel a bit, and eat out more than cook in too. Make certain that you take a good hard look at your finances and include fun and leisure.
Don’t forget about important financial issues such as taxes and healthcare in your new retirement community as well.
If you want some ideas on how to bring bring in a little extra money whilst living abroad, check out this article on becoming a digital nomad.
Important Documentation For Retiring Abroad
Find out what, if anything, you need to move abroad. There are many documents you may be required to obtain such as:
- Driving licenses
- Birth certificates
- Marriage certificate
- Educational and employment records
- Proof of vaccination and medical records
- All insurance policies
- Estate documentation such as living wills
Give yourself months in advance to obtain all the necessary paperwork and documents required.
Insurance Needs For Retiring Abroad
You need to find out what is required for all your new insurance needs before you head abroad. This includes insurance for your
Make certain that you have the appropriate amount of insurance necessary for the country in which you will live.
Banking Needs When Retiring Abroad
Make certain that your old bank is aware that you will be moving abroad. Set up bank accounts in your new place of residence. Take some time to figure out if you will have need to transfer money abroad from time to time and explore and investigate the different options and fees. Compare and contrast before you go abroad so that you know how much it will cost you ahead of time.
You can use this handy money transfer calculator.
Let your credit card company know that you will be moving abroad and make the appropriate changes or arrangements.
Once you have these basic principles in place, you will feel more prepared than ever for your new move abroad.
We wish you all the best for your big move – have fun!