Eight Factors to Consider When Choosing Where to Retire
Finding the Perfect Retirement Place Is Easy If You Consider These Criteria
Graduating from a routine of work and stress to a period filled with only personal time and leisure is the dream of any person who has had to work for the most part of his life. And that is why there are people who want to retire to a place other than what they have — a place where they could enjoy their harvest and live life to the fullest.
Whether you plan to take up permanent residence or just spend most of your time in that new place, your best bet is to draw up a checklist that would cover what you need to know and have before choosing that perfect location for you. The recent Annual Retirement Index recommends that you should think not just of the country and its location, but also how your options fare against several considerations.
Purchasing vs. Renting
It is entirely up to you if you want to rent a place indefinitely or if you’re looking at buying a property where you could re-plant your roots. Aside from money, you may want to consult your family or significant other (unless you’re all by yourself) before making a decision. Also, you have to consider how easy it is for you to rent or buy a property in your chosen location.
It was found that Ecuador is at the top of the list of countries where rental is very affordable, and where the beachfront properties are amazing. If you’d go for Nicaragua, you can own beach properties at a cost that is hard to match in other countries.
Discounts and Privileges
Look at the discounts and perks that the location offers to someone like you. People who reach a certain age are given substantial discounts on utility bills, medical expenses, restaurant bills, and several forms of entertainment. This example happens in Panama. Other countries in the Index also offer similar programs for more senior people, which of course is a big deal for any retiree.
Residence and Visa Requirements
Consider the ease in applying for a visa or acquiring permanent residence, regardless of your plan to stay temporarily or for good. It appears that Panama and Mexico come in highly recommended when it comes to this aspect. But in most countries, the applicant is normally required to present proof of “income” or funding and to open a new account in the country. You are allowed to stay anytime between four and ten years, depending on whether you would opt to get a permanent or residence visa.
Naturally, you need to factor in your day-to-day expenses in your new home. Cost of utilities, rent, transport, food, internet connection, and many others, should be well-noted and estimated against your budget. The Global Index shows that Cambodia has the lowest cost of living compared to the other countries considered for retirement.
Other alternatives are Nicaragua and Peru. Do remember that the cost of living should be never be overlooked because this would be from where most of your spending would come from.
Facilities and Lifestyle
You have to take stock of the various facilities available to satisfy your needs and lifestyle. The reason why you’re moving to a new location in the first place is to live the life that you’ve always wanted and at a cost that fits your budget. If you’re into sports, find out what’s in your vicinity while if you’re a beach buff, you’d want to get a location that lets you take strolls along the shore for as often as you’d like, it’s really up to you.
What’s the use of having the perfect property if the healthcare services are inadequate? If you’re one to need frequent medical attention, then select an area where the healthcare facilities are fully equipped and affordable, too. You should be looking at high-quality yet reasonably-priced services within minutes from your place of abode.
Do you want to live somewhere cold or in the tropics? It is best to consult your trusted physician first if you would be living in a climate that you’re not accustomed to. People may have a hard time adjusting up to the point of developing certain illnesses just because their bodies aren’t used to the change in weather and temperatures. Perhaps
You’re going to be a part of a different culture and way of life, so consider it for a moment and picture yourself being in a new neighborhood and environment. You wouldn’t live in isolation but be in a community of people who may not share your lifestyle. Of course you can only say that you’re living your retirement dream if you feel that you fit in and people welcome you with warmth and hospitality. Finally, if you’re bringing along your family with you, they have to be convinced about your plans of moving and wholeheartedly accept the arrangement.
Retiring to a different place is exciting and opens up so many great possibilities for you to start a new leaf. All it takes is to dream, plan, and go for it.
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