Many people dream of leaving the working world behind and starting a new life somewhere tropical during their retirement. However, only a small percentage of older folks manage to achieve that goal. That is because they don’t have the confidence to take a leap of faith. Also, in some instances, they struggle to understand the costs involved. With that in mind, the advice in this article should help to remove any misconceptions. It’s impossible for us to work out how much you need because we don’t know your ambitions. Even so, we can offer some excellent advice to help you put the wheels in motion.
Selling your home
Putting your house on the market is usually the first step you need to take. That means you might have to move in with family members for a while if you achieve a quick sale. The best thing about that method of raising cash is that you should have paid your mortgage by now. So, you will keep most of the money from the selling process. Of course, you’ll still have to pay agency fees, but they’re shouldn’t eat into your profit too much. With a bit of luck, you could have significant funds in your accounts if everything goes according to plan. In most situations, that will be more than enough to start your new life.
Buying a new property
The last thing you want to do is rent a new home in the sun. You need as much stability as possible, and so you should always look to buy. Considering that, it’s sensible to research the cheapest places to live with the best quality of life. In many situations, you can also fast-track the process of getting citizenship if you move abroad. The Nevis citizenship by investment scheme is an excellent example of how that works. When you buy a property on one of those West Indian islands, you receive a new passport automatically. However, you will technically have a dual nationality, and so you can still return home.
Paying for medical care
Unless you plan to move to Europe, hospital visits could become expensive. So, it’s important to research insurance cover in your chosen location. It’s often possible to find a policy that pays for any assessments and treatments without breaking the bank. However, sometimes you might have to pay for things yourself. That is where many people begin to experience issues. The best advice we can give is that you should fly home as soon as possible if you need urgent attention and you can’t afford the fees. As a dual citizen, you are still entitled to assistance in your native land.
You should now have a better understanding of the costs involved when moving abroad. If you have a substantial private pension, it’s possible you will achieve your goal. However, most people will have to sell their home to raise enough cash. That isn’t an issue if you’re 100% committed to starting a new life in a better climate. So, start planning today and try to put the wheels in motion.