10 Reasons You Should Retire Abroad & 10 Arguments For Staying Put
Close To Retirement?
If you're close to retirement or already retired, you may be mulling over the idea of moving abroad. Many aspects make this prospect tantalizing, such as living in a warm climate with a lower cost of living and making new friends. However, the trade-off of moving away from your social network and the potential difficulty of adapting to a new lifestyle and culture is enough to turn some people off. To help you weigh your pros and cons, here are 10 reasons you should move abroad for retirement and 10 reasons to stay put.
1. Better Cost Of Living
Many countries have a much more reasonable cost of living than the US. Moving to South America, for example, you would be able to afford a beautiful apartment in a paradise environment that you'd never dream of owning in the US.
2. Adventure
If you're an adventurous soul, the idea of moving abroad is no doubt attractive. Not only are you getting to immerse yourself in a different culture, but you'll also get to have all kinds of new experiences and travel opportunities you otherwise wouldn't.
3. Avoiding Winter
One of the main reasons many of us northerners take vacations in places like Cancun is to escape the horrendously long, drab winter months. Moving down south for retirement, you can sip iced tea on the beach, enjoying this paradise climate all year long.
4. Add Some Spice To Your Relationship
For many couples, retirement is an opportunity to stoke the flame of their love that has been neglected in their busy lives. Embarking on a new adventure may add that little something your relationship needs.
5. More Affordable Healthcare
Every American knows the pains of paying for healthcare in the US. In other countries, taking your credit card out every time you go to the doctor is unheard of. Even if you get slapped with added fees for being a foreigner, you'll still likely pay less than you would at home for the same quality of care, if not better.
6. Improved Quality Of Life
Say hello to stress-free living! Many countries seem to operate at a slower pace. Depending on where you choose to retire, your life can feel like a never-ending vacation, with frequent beach days and plenty of activities to keep you busy, but not too busy!
7. Tax Benefits
Some countries offer tax benefits to retirees, meaning your retirement income may be only lightly taxed or not taxed at all. In the US, up to 85 percent of your retirement income is taxable, so this can be a deciding factor for many retirees.
8. Language Learning
Moving abroad presents a wonderful opportunity to learn a new language. Not only does this open a whole world of communication, but it's also great for your memory and cognition.
9. Cultural Enrichement
Living abroad allows you to immerse yourself in a different culture, exposing you to different foods and traditions. This helps you grow as a person and makes your life more interesting and colorful.
10. Stronger Sense Of Community
It's not uncommon for your social network at home to feel a bit stagnant or disjointed at this age, as everyone has different priorities. Expat communities in other nations are often incredibly tight-knit and welcoming, making it easy to foster deep connections quickly.
Now that we've covered some of the most compelling reasons for spending your retirement abroad, let's talk about why you might opt for staying right where you are.
1. Proximity To Family
Perhaps the most common reason people give for staying home is they want to be close to their family. This is particularly true if you have grandchildren or one on the way.
2. Familiarity
While the excitement of getting exposed to a new culture is enticing, it's also challenging and a little scary. There's something nice about knowing everyone in your neighborhood and being able to walk the streets with your eyes closed, always knowing exactly where you are.
3. Healthcare
While healthcare in other countries is cheaper, for some people, nothing beats homegrown healthcare. Many of us have been going to the same trusted doctor for years or even decades. Especially if the country you're thinking of moving to speaks a different language, it's terrifying to go to the hospital, putting your life into someone else's hands when you can't even understand what they're saying.
4. Safety
While many other countries have very safe retirement communities set up, outside those gates, there could be a world of chaos. The US is known for having a relatively stable government and functioning emergency services.
5. Legal Protection
In the US, senior citizens enjoy legal protections and rights like the Employee Retirement Income Security Act and the Older Americans Act that give them access to retirement benefits. Other countries may not be able to offer the same.
6. Economic Stability
The US has a stable and strong economy compared to other nations. This allows for greater financial security and lowers the risk of financial hardship.
7. Foreign Bureaucracy
For many, the headache of dealing with foreign bureaucracy is enough to turn them off from considering a move. The hurdles you may have to jump through to buy property or become a permanent resident can be challenging.
8. Language Barriers
While many retirees delight in the opportunity to learn a new language, for others, it can be seen as a negative. Not being able to communicate with people in a foreign land can be nerve-wracking and frustrating.
9. Cultural Differences
Just like language poses a barrier, so does culture. While immersing yourself in different ways of life can be enriching, living permanently in another culture can also make you feel like an outsider, making it challenging to truly be a part of the community.
10. Social Security
Depending on where you want to move to, social security benefits may not be available, especially if you're a non-US citizen. Make sure you check the list of countries the Social Security Administration can send money to and notify the administration that you're moving.
