What will make you happier? Retiring in a place where it is always sunny and you can go to the beach regularly? Or somewhere you can huddle up to the fireplace and enjoy a nice warm cuppa? Either way deciding to move abroad can be a huge step once you retire and the thought of leaving your family and friends behind can be daunting. However, expat retirees have been found to have a better quality of life as it is proven to increase your overall health and happiness, the things that matter most.
Here are some of the reasons why:
The cheaper cost of living
Depending on the country you choose to live in, you can significantly reduce your cost of living. This means all of your hard-earned savings can be taken further and give you opportunities to do and buy more. After living in the UK, costs in other countries such as Spain and Mexico can seem considerably lower. This gives expat retirees a better opportunity to do the things they have wanted to do and not worry about their income. Choosing a job which is similar to your hobbies can also increase your overall happiness.
A lifestyle you choose
Opting to retire abroad not only reduces your cost of living but also gives you more control over the life you choose to live. You are more likely to feel happier when you are able to fulfil all of your desires. This could also mean you get to live in a place with the climate of your choice and do the activities you love. So whether you love to go scuba diving or go skiing, retiring abroad is a better way to integrate this into your lifestyle. This can allow you to create your own paradise and make your dream come true.
Embark new adventures
Moving to a new country can open you up to all new experiences that are waiting to be explored. Travelling around a brand new country will give you more exposure to new cultures and real-life experiences which you may have always been fascinated with and cannot learn from reading online. This is a great way to exercise your brain and always keep you active. You could even take advantage of this time to meet even more people and make new friends.
Family and friends will always be close by
The great news is that life as an expat has become easier. There are flights all around the globe so you are able to visit your family at any time, or they can even come to visit you. If that is not enough, the growth of technology means you can video call your loved ones at any time.
Using your pension abroad
The good news is your pension can be used as extra money if you decide to retire abroad. State pensions can be claimed across the globe and the way to do this is by transferring to a QROPS (Qualifying Recognised Overseas Pension Schemes). There may be tax implications depending on the country you choose to move to, so it's important to do your research. You can find out more here (https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme)
So there you have it. Retiring abroad can positively impact your well-being a great deal and may not be as difficult as you think. If you are considering a move abroad after Brexit, we recommend you keep up to date with the latest updates to see how this could affect you.
Moving abroad also implies currency requirements. That’s where we are able to help you, whether it is for buying a house, rent or even having your money transferred to your new bank account abroad.
Have any questions? Why not contact us today?
Posted in Expat Resources on Jan 9 2019