Most consumers look forward to their retirement years as a time that they can enjoy the company of their loved ones, do some travelling, and partake in most of the activities that they never had time for when they were working. Of course, the first step of your retirement planning should be finding the best annuity rate for your future retirement income. This will ensure that you get the most out of your pension as possible. Next, if you are keen to spend your golden years abroad, you will need to sit down and work out which destination is best for you and your financial situation. Many consumers dream of spending their retirement years abroad, either temporarily or permanently. It is possible to spend your years of retirement in a different location, but it will require some serious thought and preparation in order to ensure that you are comfortably able to afford it.
With this in mind, your first step in researching is to look into which countries are best suited for your plans. You should ensure that you are looking into countries where your money will stretch as far as possible. It might also be worth looking into those countries where you can enjoy a higher standard of living. As a general rule of thumb, you should tend to find that Southern European countries work out cheaper than in the north of the continent. There is also a myriad of other countries around the world which would prove to be even more affordable. It will really depend on what you want. You may have some areas that you have always wanted to visit or you may have always wanted to see certain landmarks or attractions. You might not care so much about your standard of living or you may want to live somewhere that is very inexpensive. Really, it is all up to you and your priorities.
It might benefit you to ensure that the countries of the European Union are on your research list. If you are already a citizen of the EU yourself, you have the right to roam and live in other countries of the Union. This kind of right to roam is all provided under EU legislation. If you are able to prove that you will not become a drain on a host nation’s social security system, you will be fully entitled to move and remain there. All you really need to provide is proof that you have a regular retirement income. This will help substantiate that you are financially stable and are able to remain self-sufficient.
If you are not sold on staying within the European Union, you may find that bureaucracy will become more stringent in other areas of the world. In this case, it is highly recommended that you check with the relevant embassy of High Commission before you make any final plans. This will help you better understand exactly what your move may entail.
If you do plan on making the move and know in which country you’d like to live, it is advisable to visit the area at least once or twice before committing to your move. There are a number of important things to look into while on these visits. You should look at the prices of the items that you use on an everyday basis. You should also look at the cost of purchasing property, if you intend on doing so. You could also look into what it would cost to rent a place to live if you aren’t sure you are up for buying property. These trips are your opportunity to really get a feel for not only what it would be like to live in the area but also what it would cost to either maintain your current standard of living or improve it. This is your opportunity to look into every relevant issue that you may face during your move. If you do proper research on these smaller trips, you will be more equipped for the final move. After these trips, you may decide you aren’t even ready for the move or may want to look into other areas. Either way these trips can be both fun and educational and can really serve to help you during the decision making process.
Most of us dream of living in a beautiful and exotic area during retirement. If your financial situation allows for such a move, there is no reason you shouldn’t take full advantage of your position. However, before jumping into any binding decisions, research the area and its costs to ensure that you are able to live the lifestyle you want during your retirement years.