Planning To Retire Abroad? Here’s 4 Things You Need To Know!

Moving abroad for your retirement can be a fantastic way to spend your golden years, enjoying the sun, great food and a more relaxed lifestyle. 

Plus, it can be a great way to spend quality time with friends and family throughout the year for a week or two at a time. 

However, there are some considerations to make sure the move will be viable and also that it becomes what you had envisioned.

Decide Where You’re Moving

Firstly, you need to decide where you’re moving. There are plenty of things to consider in order to make sure that it’s the right fit for you, so when you’re planning where to move, make sure you ask yourself these questions:

• Healthcare: what are healthcare services like and how much do they cost? You need to be aware if you need health insurance, particularly if you have any healthcare complications.
• Cost of housing: whether you are looking at buying or renting, you must look at the cost of housing to ensure that it’s viable for you. Considering how physically accessible the properties are as well is important as you get older.
• Accessibility: how easy is it for family and friends to travel to see you? You need to think about how much it would cost to have people visit and also think about how close it is to airports/transport links.
• Driving: will you need to retake a driving test in order to drive where you want to move?
• Pets: if you have pets will you be able to take them with you, and will it be a suitable climate for what they’re used to?
• Learn a language: will you need to learn a new language? Often if you’re moving to popular ex-pat locations in Europe most people will speak English, however if you’re moving somewhere more remote or unique, then the language element will need to be considered.
• Cost of living: what is the cost of living like? Think about local transport costs, going out for food and drinks, activities etc. Think about additional financial expenses that you might not have in the UK or pre-retirement.
• Community: what is the older community like in the area? Will there be activities for you to meet people and build a group of friends there?

Tax

It’s definitely advised that you speak to a professional about the tax implications of moving abroad. 

Depending on where you currently live, you may need to pay UK tax on your pension income, or potentially tax to the country you’re moving to, with each place differing quite significantly. 

So, we’d recommend speaking to a tax specialist for the country you’re moving to, to make sure you’re fully aware of what you need to sort before you move.

Pensions

Something else you need to look at is your pension. If you have a private pension or you have other retirement arrangements, e.g. money in property, then this won’t likely be as much of an issue. 

However, if you have a state pension, it might be slightly different. You can usually claim your UK state pension abroad if you’ve contributed enough National Insurance over your career, but this is something to consider.

Immigration and Documentation

Lastly, you need to think about the visa requirements of moving abroad and to make sure you have the right documentation. You should check living guides to find out about your rights and to make sure that you can live there. 

In the UK there are companies like immigration lawyers in London who support people moving to the UK, so you can look for similar companies abroad who will know all of the specific details for the place you’re moving to.

UK Retirement Savings Map Shows Who's Saving and Who's Not Saving for Retirement

Dreams of a comfortable retirement are going to turn into a nightmare if you don't save money today. It's hard to believe many people are saving little to nothing in their workplace pension plans. Lately, there is a discussion going on in the media concerning this very issue.

In the infographic below you can see how the different regions in the UK are saving money for retirement. It's not very encouraging to see the neglect that many workers are taking to their retirement pension plans. Saving little to nothing seems to be the norm and not the exception. Check it out.

Credit: True Potential, A UK based company providing an online investment service