If you’re planning on retiring somewhere overseas where the cost of living is low and sunny, tropical weather is in abundance, then you’re definitely not alone. After all, who wouldn’t want to leave their current surroundings for somewhere more idyllic, especially after toiling for so many years of hard labor?
However, before you go to gather up your life savings and pack your bags for the airport, you must realize that there are quite a number of very important things you need to handle first. Taking off without doing so may result in your dream of a heavenly and stress-free retirement in the tropics turn out to be a nightmare. To help you prevent such a worst-case scenario, we’ve provided the following checklist of those very same requirements.
Get International Health Insurance.
Retiring abroad – or even simply traveling overseas for an extended vacation – automatically places you out of your local health insurance’s coverage. This means that whatever happens to you outside the borders of your home, whether it’s a minor medical emergency or a major one, your health insurance will not be able to provide you the resources you need to receive the medical attention you deserve.
Even if your current insurance policy does have options for cross-border coverage, the different healthcare systems in other countries may simply refuse to recognize it. This could result in you being all alone to deal with a huge medical bill that even your generous retirement fund may not be able to cover. Worse, your perceived lack of insurance could also cause a delay in treatment, which could prove serious especially during medical emergencies.
To resolve this, get international health insurance immediately, especially from reputable insurance firms like Now Health International. This kind of health insurance goes beyond borders, ensuring that you’re covered no matter where you go or wherever you’ve decided to live out your retirement days. The fact that it’s recognized worldwide means that hospitals and healthcare providers will give you the best medical care available at the time of consultation or medical emergency.
Avail of this particular kind of health insurance and you’ll never have to worry about your health when it comes to enjoying your retirement in the tropics – or anywhere else you so choose. Visit their website to find out more about Now Health International’s offerings.
Determine what it takes to gain residency in your retirement destination.
If you want to make your retirement in another country a permanent one, then you need to study up on what kind of requirements you’ll need to become a permanent resident in your host country. Knowing this beforehand and being prepared for it could mean the difference between a smooth transition from tourist to resident, or a long, drawn-out process that could result in a nasty legal battle or even deportation.
Besides this, you should also take note of the laws your home nation has when it involves a citizen living in another country permanently. Contact your local government for more information about these laws.
Handle your housing needs in advance.
Decide on your housing options well before you make the permanent move to your new host country. Are you looking to buy property for your own or simply rent out a place? If you ask us, we recommend renting instead, as it’ll give you enough time and freedom to see if the location works out perfectly for you or if you need to relocate.
There’s also the fact that you may want to return to your home country every now and then. Renting can give you enough financial leeway to forgo selling the property you have in your home country. This way, you can easily return to your roots while enjoying the new life you’ve carved out for yourself. You can even start renting it out for some added passive income.
Get the vaccinations you need for your host country.
Whether you’re permanently moving to a new country or simply playing tourist, it’s always a good idea to go to the doctor and get the necessary vaccinations you may need before flying over there. Despite current medical breakthroughs, there are still serious and possibly fatal diseases that you can pick up overseas if you’re not careful. Some nations even prohibit entry if you don’t have the required paperwork proving that you’ve received a particular kind of vaccine. Play it safe and get all the vaccinations you need well in advance.
Check your financial status.
As you’ll be retiring to a new country, your nest egg will be something you want to keep a close eye on, as well as any passive income you may be generating. For example, you want to ensure that you’re not losing too much money from the currency exchange rate. Exchange rates after all impacts your ability to purchase and own goods in your new home country, and can also affect the total value of the wealth you’re going to be bringing over. Research beforehand to be completely sure, and try to interview other retirees in that country to get a complete picture.
Keep your expectations in check.
It’s a depressing thought, but it bears thinking: the reality of your retirement may not match up to what you were expecting it to be. As such, you may want to temper your expectations a bit, and simply take things in stride. If you don’t want to be exposed to such a rude awakening, test things out first by taking a long and extended vacation in your retirement destination. This will inure you to the quirks and foibles of your potential new host country, and hopefully lessen the culture shock some.
Conclusion
Don’t just rush headlong into retirement, even if you’ve saved up more than enough funds to spend comfortably for the rest of your days. By handling everything that needs to be taken care of beforehand and adhering to the above checklist religiously, you can ensure that the rest of your days will be just as smooth and as idyllic as you hoped it would be.
