Have you got a retirement plan? A retirement plan is something many people overlook until it is too late. Your golden years should be anticipated; after years of working, it’s time to relax. Enjoy your life, and relocating for retirement is one of the best ways to accomplish that.
There are many ways to ensure your mind is at ease when relocating. Securing the best travel insurance for seniors will guarantee you can rest easy during relocation. Travel insurance is designed to protect against risks and financial losses while traveling.
Travel insurance guarantees that you are protected against any additional expenses. These expenses could include missed airline connections, loss of a passport, and loss of checked-in baggage.
Relocating for retirement may seem daunting at first, but it does come with many benefits.
Downsizing For Retirement
If you are looking for cost-saving during retirement, downsizing is an easy solution. One of the many benefits of retirement is not being the breadwinner for your immediate family. This allows you to downsize your home and the costs associated with a larger house.
A bigger financial cushioning would come in handy. Selling your larger house can create some financial stability for your retirement. Downsizing to a smaller home has the added benefit of reduced chores and household responsibilities.
Lower Cost Of Living
When relocating, consider the location costs involved. Ensuring your retirement fund lasts as long as possible can be challenging. Keeping costs as low as possible will ensure your stresses are limited. Relocation to a country with a lower cost of living will help you stretch your budget as a pensioner.
You do need to obtain a residence permit (retirement visa), allowing you to spend your retirement in a foreign country.
Thailand is a long-time favorite for expatriate retirees. As a retiree in Thailand, you will need to show an income of about 2 000 USD monthly or a Thai bank balance of 25 000 USD.
Some countries in Central America and Europe have been dubbed the best retirement countries. Portugal is a fantastic choice, with a low cost of living and being ranked high (fourth) on the global peace index.
Some alternates include Malaysia, Spain, and Costa Rica. These countries do have a low cost of living and also feature in the top 50 on the global peace index.
There are countries that offer retirement incentives like Panama, Greece, Malaysia, Portugal, Nicaragua, and the Philippines.
Starting A New Adventure
Starting a new adventure could lead to a happier, more rewarding retirement. Bringing down their cost of living is not a retiree’s only reason to change their location.
Now that you are finally retired, you have more spare time to devote to your interests. There might be places better suited to your interests.
Nobody wants to be doing strenuous physical labor in their golden years. Warmer climates remove the necessity of shoveling snow, high electricity bills, or heating bills. Warmer climates mean more sunny days.
Exposure to sunshine is shown to improve the quality of your sleep. Several studies show that a small amount of time spent in the sunshine daily could strengthen your immune system.
When spending more time outside in the sun, you increase the amount of vitamin D produced. This can ease the discomfort caused by chronic conditions. Sun exposure decreases pain by reducing stress and boosting moods.
Moving Closer To Family
You are retired now; what is next? Being close to your family can have many benefits. We are not just talking about physical health. Your mental health can be affected by retirement.
Being close to your family ensures you have an emotional support system around you. Many daily tasks need to be completed, even though you are retired. Help with general daily tasks can take a load off of your plate.
Keeping your brain healthy intact is difficult when you’re retired. By staying connected, you keep your brain active. Additionally, there are times when financial assistance is needed. Especially with the cost of medical care.
Better Or Cheaper Healthcare
Access to quality healthcare is always necessary, even more so later in life. Not every location has the same standard of healthcare.
Moving to a country or town with better healthcare standards can benefit you in more ways than one. This could mean less travel time to the right healthcare facility. As you may need to drive for many hours – moving to the countryside does not make sense.
The cost and quality of healthcare should be the main consideration when relocating for retirement.
There are many factors to consider when relocating for your retirement. Your needs and interests should always be the determining factors when deciding where to relocate to.
Whether you are looking forward to more family time or more time spent on your hobbies and interests, the most important thing to consider when retiring is your quality of life.