Six benefits of retiring abroad
If you’re thinking of retiring abroad, there’s plenty of research to do to find out if a life overseas is right for you. We’ve created a list of some of the best benefits of moving abroad in your later years to give you some things to consider.
Cheaper living
Whether you want days by the pool or time to explore new cities, some destinations abroad are far more cost-effective than the UK—despite the Pound suffering Brexit losses.
Some of the top destinations where you get more for your money are Malta, Cyprus, Portugal, and Spain. Of course, not every country is going to give you more expendable income; if you want to be a resident in Monaco you may find it a more expensive experience, and places like Italy and Germany are likely to work out much the same as the UK. Country cost site Numbeo gathers data from users so you can see how much you’ll expect to pay for things in comparison to other countries.
If you want a bigger house or just want to stretch your retirement budget, moving abroad can be a great way to have a little more money to spend – especially if you get a great exchange rate.
Better health
It’s no secret that we feel better when we’re surrounded by sunshine, and many people escape Britain for some winter warmth each year. One of the best things about retiring abroad is you can choose the country that has the best climate for the majority of the time. Don’t worry if your favourite location has a few months of cold or blistering heat – plan to visit family at home during that time or take a vacation elsewhere so you can enjoy the best of both worlds.
People that live in sunny locations tend to have a more active lifestyle; whether it’s pursuing water sports like surfing, swimming, or kayaking, or something on land like walks along the coast. Being near the water is also thought to be great for our mental health too. There’s plenty of ways to get active during your retirement years, and what better place to do it than somewhere beautiful overseas?
It’s worth noting that some of the health care systems in other countries can be excellent but do look into whether you’ll need health insurance to keep you covered.
Change of lifestyle
A change of pace can’t be underestimated. If you want to escape life in the city for a sunny climate and beach BBQ’s then retiring abroad could be the perfect excuse. Retiring overseas means you can design your new life whichever way you want it. If you want to immerse yourself in another culture and live life like the locals do with a new language, you can find plenty of places where expats are few and far between, meaning you can get an authentic taste of life in another country. Meanwhile, if you want to spend your days somewhere beautiful with other English-speaking expats around, there are well-established expat communities in lots of countries that you can choose from. So, if you want to have more time to focus on your hobbies, spend quality time with a loved one and enjoy the lifestyle you’ve always hoped for, or just have a change of scenery and a fresh start, you can create a lifestyle that suits you perfectly.
Choice of homes
What would your perfect house be like? Wherever you want to move and no matter your budget, you’re likely to find there’s a choice of unique homes abroad that might be perfect for you. What’s more, there’s a lot of accessible homes overseas for those who have health problems and may want a more accommodative property.
When you look at purchasing a property, it’s important to consider how your exchange rate may impact the amount you pay. For instance, a £300,000 spending budget when the Pound to Euro (GBP/EUR) exchange rate is residing at 1.08 might give you around €324,000, while £300,000 when the GBP/EUR rate is at 1.13 would mean you could receive around €339,000. Although a few digits may not seem like much, it can make a significant difference in how much currency you get for your money. Speak to one of our currency experts about your foreign exchange requirements beforehand to ensure you’re making the most of your funds.
Live a (seemingly) longer life
Although you may not get more years out of your life, you may feel that time passes differently when you live abroad. Neuroscientist David Eagleman who heads up the Centre for Science and Law and is an adjunct professor at Stanford University, suggests that time seems to pass more quickly as we age because the world becomes more familiar and our brains don’t have to work so hard to store information.
He suggests: ‘The more detailed a memory, the longer the moment seems to last. The reason it feels like time is speeding up as we age is that the world becomes more familiar. The more familiar the world becomes, the less information your brain writes down, and the more quickly time seems to pass.’
If Eagleman is correct, moving to an unfamiliar destination overseas that your brain doesn’t already know could affect your perception of time, and how you experience it. So, if you feel the years are flying by, perhaps it’s time for a relocation somewhere new to give your brain some extra work and allow your perspective of time to lengthen.
Tick off the bucket list
Have you always wanted to see elephants in the wild, snorkel along the Great Barrier Reef, ski in The Alps, have a road trip around all the wineries in France, start a new hobby, or perhaps just wanted to live in another country? If you’re retiring and considering your options, the world is your oyster and a great opportunity to tick off some of those long-standing bucket list items.
We’ve helped plenty of expats move their money overseas for general living costs or to buy a property in their retirement years; to discuss how we can help you make the most of your money, call +44 (0)20 7989 0000.