Many expats who are spending their period of retirement overseas now wish they had moved out earlier. Living in less developed countries in Latin America, Southeast Asia and Europe can be a lot better for retirees. They don’t have to bother about making strict budgets, filling complex tax forms, high cost of living, and insensitive corporate health care schemes. In most cases, when expats retire, they are able to save at least 50 percent of what they spend annually when they are living at home. Here are some of the benefits of living overseas after retirement.
Abundant Choices of Where to Live
You are free to choose where you want to spend the rest of your life. All you need to do is decide on the kind of climate that suits you and the kind of outdoor scenery you want to see when you step out of your home and look through your window. You are free to live in Central or South America, or move to the rapidly developing countries in Asia and Eastern Europe. Just make sure you choose a country where you can easily adapt to the culture and speak the national or local language, so you can enjoy building new relationships with locals.
Freedom and Time for Leisure
When you are living in the kind of home and environment you have always desired, you will have adequate time for all the leisure activities you like. For instance, you can spend time hiking in the mountains, walking on trails along the beach, or basking in the sunshine. You will have more time to chat with friends and family members and work on your favorite hobbies. The fulfillment you will derive, from living in the type of home that you have always dreamed of, will create a unique feeling of accomplishment and even make you feel happier and healthier.
More Money to Spend
As long as you select the right country and location, you will be able to enjoy a good standard of living at a lower cost. Your retirement income will be more than adequate and you will be able to hire someone to help you handle household chores. Then you can spend more time and money on traveling, going to the theater, and taking care of your health. For instance, in Latin American countries, you would not need to pay more than $10 to get your house cleaned up by a very courteous and hard working person.
Very Low Taxes
In addition to the low cost of living in many of the countries where you can spend your retirement, you will also enjoy very low annual property taxes. U.S. has one of the highest property taxes in the world. Using the same Latin American example, you may not need to pay more than $100 for a condo while in many states in the U.S. you could pay about thousands of dollars or more for property tax in the same type of home. Similarly, the cost of utilities like gas, electricity and water is about 200 times more in the U.S. than in most of the smaller Latin American nations.
Those are some of the benefits you will enjoy when you retire and move overseas. In addition to the freedom and financial benefits, you will also enjoy more affordable health care with simpler and more responsive public health care schemes that will provide fairly good quality service at a very small fraction of the price you will pay back home.