Want to Retire Abroad? Here’s How to Do It

Photo by goodluz / Shutterstock.com

Are you ready to pack your bags and bid the U.S. farewell? Maybe you’re looking for a new adventure or you want to experience a different culture, a slower pace of life or a lower cost of living.

International Living magazine recently ranked the five easiest places to move abroad. They include:

  • Mexico
  • Panama
  • Costa Rica
  • Belize
  • Roatán

But before you pack up your stuff and head overseas, make sure you do your research. Money Talks News contributor Marilyn Lewis recently wrote about the “11 Places in the World Where You Can Afford to Retire in Style.”

She notes that if you choose right, you might find a new home where the cost of living is much lower and you can live on Social Security payments, or small savings.

Once you find a place, take some time to get to know it. Just as with dating, you want to get to know your new love before committing. Lewis writes:

When you choose a destination, wait before you purchase a home — no matter how low prices appear — until you’ve lived there a year, know the local real estate market, laws, taxes and can determine whether that’s where you truly want to live.

No matter where you want to retire, you’ll probably be much happier if you have saved and invested wisely. Even if you are getting a late start, there is still plenty of time to improve your situation. If you are expecting a refund on this Tax Day, put the money to good use by investing in a retirement plan.

As Lewis also notes, cutting spending right now is a great way to get yourself used to spending less in retirement:

Spending less than you earn is the magic sauce that enables people to save, live debt-free and rescue shaky retirements.

For more tips on turning around your retirement situation, check out “Ready to Rescue Your Retirement in 2017? Here’s How.”

Would you consider moving overseas? Share your thoughts below or on Facebook.

Find the right financial adviser

Finding a financial adviser you can trust doesn't have to be hard. A great place to start is with SmartAsset's free financial adviser matching tool, which connects you with up to three qualified financial advisers in five minutes. Each adviser is vetted by SmartAsset and is legally required to act in your best interests.

If you're ready to be matched with local advisers who will help you reach your financial goals, get started now.

Read Next
Why Cutting the Cord Can Be Confusing — and How to Decide If It’s for You
Why Cutting the Cord Can Be Confusing — and How to Decide If It’s for You

Streaming TV might sound like the antidote to sky-high cable bills, but cutting the cord is easier said than done.

12 Easy Ways To Make Make Money Online Without Leaving Home
12 Easy Ways To Make Make Money Online Without Leaving Home

If you’re hanging around the house a lot these days — and who isn’t? — use your time to make some extra cash.

10 Ways Retailers Trick You Into Spending More
10 Ways Retailers Trick You Into Spending More

Think you’re a savvy shopper? Find out how retailers persuade you to dig more deeply into your wallet.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Trending Stories