Saturday, May 23, 2015

Retiring Abroad

Continuing on the theme of where to retire, we have some friends who are considering retiring to Spain.  Neither of them are from Spain, although they both speak Spanish along with English and French.  Spain is attractive as it is warm, the food is good, there is a lot to see and do, and the cost of living is lower than the European average.  Is this a feasible alternative for people considering retirement?

There are some decent websites out there that cover various places to live - low cost Central and South American countries, European destinations, as well as exotic locations like Thailand.  The primary draws are a lower cost of living, better weather, and a more exciting different lifestyle.  These are the pluses but of course there are some minuses or risks to consider.

Lower cost of livingHow will you handle currency fluctuations between your pension and savings currency and local currency?
Better WeatherAny nasty weather like hurricanes? Is crime an issue?
ExoticHow much exotic can you and your spouse tolerate?  Can you handle any language issues?
May attract friends and family to visitMay attract friends and family to visit
May be a good base for travel during retirementIs the health care system good and affordable?
Family and friends are a long way away
What happens in 20 years when you are less mobile or handicapped?
Can you get resident status? Is the government stable?  Are there restrictions on property ownership?

So there is a lot to consider, but for some people, it is a viable option.  Think about it and as always, consult friends and financial advisors before making the final decision.

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