Maybe you’re so fed up with the way of life you know, you’ve been considering turning everything on its head by retiring as an expatriate. Even if your retirement is still several decades away, there are numerous things to do if you’re thinking seriously about retiring in another country.
Track Exchange Rates
Although this is factor will undoubtedly fluctuate somewhat between now and when you retire, it’s smart to be aware of how your hard-earned dollars stack up to the currency used in the place where you want to retire. Perhaps you haven’t thought too much about destinations yet. If so, start researching some of the cheapest places to retire. From Malaysia to Nicaragua, there are plenty of destinations where you can live well for less than you’re probably paying now.
You’ll find hundreds of books and websites dedicated to retiring abroad. In addition to looking for non-fiction titles packed with practical knowledge, seek out memoirs from people who readied themselves for adventure, boarded airplanes, and never looked back.
As you read, write notes about interesting points in the text and keep them all in one notebook. That approach saves you from having to highlight a book’s pages, and allows you to easily refer back to everything you learn over time.
If you’d prefer a more high-tech approach, depend on an online app like Evernote or even Google Drive to keep your notes together. As they become more extensive, use tags or other categorizing methods to keep everything as well organized as possible.
Talk to People Who Are Living Your Dream
Although it’s worthwhile to be proactive by reading books about retiring abroad, nothing compares to the insight you could learn by talking to someone who’s actually done it. Maybe you don’t know anyone who has, but that doesn’t mean you’re out of luck.
There are many online forums where people can ask questions about life abroad and offer tips to those who’re thinking about taking the leap. Your town might even host a retirement fair that informs people of their options. Speakers often give lectures at those events to educate attendees about what it’s really like to live in unfamiliar places during retirement.
Be prepared to hear a lot of differing opinions, and take care to approach everything with an open mind. You can’t assume another person’s experience is similar to the one you’d have if you took a similar approach. The important thing to do is become as informed as possible through first-hand perspectives so as to gain understanding about what’s likely to work, and which plans haven’t been as successful.
Avoid Retirement Investment Pitfalls
If you’ve already been thinking about where you want to retire, you’ve obviously been mulling things over long enough to start planning how to save for retirement. Being in the planning stages means you’ve taken an important step by desiring to learn. However, it’s important to be aware of the pervasive and ultimately harmful retirement pitfalls that could throw off your plan altogether.
These books can be a good place to start. “Fisher Investments Plan Your Prosperity” dispels common retirement myths and provides principles aimed at increasing the odds of achieving your retirement goals.. Learn about whether your portfolio can support the amount of cash flow you need, how to avoid common pitfalls, and more. Another book is “How Much Money Do I Need to Retire?” which helps you figure out what you can safely take out of your savings.
Visit Before You Move
Once you’ve narrowed retirement destination choices down to a few options, start saving up to visit them rather than just moving before seeing what life is like there. When you focus on learning those practical things, it’ll be much easier to justify the costs of the trips.
Hopefully these tips make you feel like you can transition from purely dreaming about retiring abroad to actually taking steps that may help you get closer to reality.